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Proceeds from Redevelopment of old Building

This query is : Resolved 
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(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
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CMA.Palani Arumugam

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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.
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