Flat in redevelopment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2013
I have handed my flat to the builder in lieu of agreement for redevelopment of the entire society. My queries are as follow:-
1) Is it a deemed sale, if yes is it liable to be taxed as Capital Gain?
2) Corpus Fund received on redevelopment, is it taxable?
3) Rent received for alternate accommodation, is it taxable?
4) Rent is received for alternate accommodation, but I have another flat and the rent received from builder is unutiised, then is it liable to Tax?
Thank you.
1) Is it a deemed sale, if yes is it liable to be taxed as Capital Gain?
2) Corpus Fund received on redevelopment, is it taxable?
3) Rent received for alternate accommodation, is it taxable?
4) Rent is received for alternate accommodation, but I have another flat and the rent received from builder is unutiised, then is it liable to Tax?
Thank you.
06 August 2013
yes it amounts to transfer and capital gain is attracted.
2,3,4 are taxable.
2,3,4 are taxable.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2013
Sir any section relating to above (if any)
07 August 2013
yes refer sec 45, 2(47),47 etc as it is an extinguishment of rights in flat for consideration therfore capital gain is attarcted.
there are many cases u can buy ref books on taxes updated1 for details.
there are many cases u can buy ref books on taxes updated1 for details.
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