property redevelopment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2010 I am planning to give my property(I have inherited it) for redevelopment.Area is 3000sq meters( approx)The property was built in 1905 .Builder will demolish the existing structure and take the bricks,wood etc.Builder is planning to construct a block of apartments. I would like to know the tax implications if -
1) I were to accept only a lump sum payment
2)I were to accept a apartment (Of about 2000 sq meters)and a sum of money from the builder.
Will I have to pay long term capital gains tax on the value of the apartment?Can I avail exemption under section54?

Guest

Guest (Expert)

12 February 2012 Experts... Pls reply

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Sabyasachi Mukherjee

Poojitha Raam Vinay

Mukesh Singh

Krishna Kumar A

Subscribe Now

property redevelopment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive

CA Final

Accountant