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.
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?
CAclubindia
