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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 August 2013 yes it amounts to transfer and capital gain is attracted.
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)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

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