Flat against tenanted property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2016 Dear sir,
I am owner of a building with tenant. I had made agreement with builder for redevelopment of property. Builder will give me 3 flats. Now, is there any capital gain liable to me? If yes on which amount as I had made agreement of 3 flat with nil value and paid stamp duty.
kindly advise me.
Thanking you.

Amol S Joglekar

Amol S Joglekar (Expert)
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28 July 2016 Transfer includes EXTINGUISHMENT. By doing redevelopement, your earlier property is getting extinguished and a new property is being built. So there will be capital gain. The full value of consideration for the transfer of old property will be the value of new property which you will be getting.... Tell me on which value did you pay the stamp duty in spite of the fact that the value is shown NIL in the redevelopement agreement?

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