Proceeds from Redevelopment of old Building
This query is : Resolved
CA Arun Kumar Tiwari
(Querist)
01 June 2010
My Client Flat is going for Redevlopment. Under Redevelopment Scheme builder is providing following benefits to the client:-
- Advance against acceptance
- Final payment on Date of Agreement for redevelopment signed
- One Flat when development will complete
In true sent it is not a transfer. Kindly tell me how the receipts (Including Flat) will be taxable under income tax act
Regards
Arun Tiwari
- Advance against acceptance
- Final payment on Date of Agreement for redevelopment signed
- One Flat when development will complete
In true sent it is not a transfer. Kindly tell me how the receipts (Including Flat) will be taxable under income tax act
Regards
Arun Tiwari
CMA.Palani Arumugam
(Expert)
01 June 2010
In my opinion, the receipt is not a capital gain, because there is no transfer.
It is only a capital receipt, hence there will not be any tax either on the payment received or on the new flat.
It is only a capital receipt, hence there will not be any tax either on the payment received or on the new flat.
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