Capital gains on sra property

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Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2018 Would like to know if the property which comes under Slum Rehabilitation Authority scheme is sold after 10 years of lock in period, will it be taxable under capital gains? The sale price is below Rs. 50 lacs. The assessee is a senior citizen who is not liable to tax.

If capital gains is payable, I would like to know what would be the cost of acquisition to be taken as it was allotted by the govt under the said scheme.

CA Suresh Jain

CA Suresh Jain (Expert)
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09 April 2018 The amount of capital gain is taxable. The cost of acquisition shall be NIL presuming that the allottee has not paid anything and allotment is after April 1, 2001. If the allotment was in alienation of any right or ownership held by the assess than cost of acquisition shall be equal to the value of such alienation.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2018 Thank you for the reply. The allotment was before 1st April 2001. Would it be taxable under the normal provisions of long term capital gains?

Can you let me know where I would find the provisions for the impact of such SRA property sale implications?

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