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Capital gains tax & exemptions

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Querist : Anonymous

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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.
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Rajesh Kumar

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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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