Capital gains tax & exemptions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2015
Q.1
I am a tenant of a residential flat since 1991.
Now, the Landlord has entered in to a JV with a developer.
The both has offered me compensation against surrender of my tenancy.
The compensation amount is about 10 lacs.
What will be my Tax liability on the said amount.
Q.2
Also I bought a flat 11 months ago and has taken Housing Loan. Can this compensation amount of 10 lac be adjusted against the cost of Flat, which I bought 11 months ago.
Q.3
If I buy a new Flat within 3-4 months , Can this compensation amount of 10 lac be adjusted against the cost of Flat
If possible some case laws be arranged.
I am a tenant of a residential flat since 1991.
Now, the Landlord has entered in to a JV with a developer.
The both has offered me compensation against surrender of my tenancy.
The compensation amount is about 10 lacs.
What will be my Tax liability on the said amount.
Q.2
Also I bought a flat 11 months ago and has taken Housing Loan. Can this compensation amount of 10 lac be adjusted against the cost of Flat, which I bought 11 months ago.
Q.3
If I buy a new Flat within 3-4 months , Can this compensation amount of 10 lac be adjusted against the cost of Flat
If possible some case laws be arranged.
Rajesh Kumar
(Expert)
11 September 2015
Yes. Benefit under Section 54 is available to you with respect to the flat purchased earlier.
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