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.
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.
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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