Proceeds from Redevelopment of old Building
This query is : Resolved
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
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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