Redevelopment of Propertry

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Dimpy (Querist)
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07 April 2022 Hello

Property purchased in 1990
Went under redevelopment in Jan 2022
Assuming we will receive the OC in 2024

Case no. 1- In the year 2021-22 – No capital gain tax
Case no. 2 - In the year 2024-25 – again no capital gain tax as redeveloped property is received within 3 years.
Case no. 3 - So now only capital gain will be taxable in the year in which the redeveloped property is sold.
In case no. 3- Cost of Acquisition will be indexed cost of purchase taking base year as 2001 till 2022.

Am I right?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 April 2022 Yes, you are right, indexation done upto the year of sale.
No time limit for redevelopment of property.

Pooja Yagnik

Pooja Yagnik (Expert)
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08 April 2022 Are you considering Getting new flat against old flat as sale of Capital Goods? Or are your selling the same property once it's developed?

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