Tax implication on sale of redeveloped house
This query is : Resolved
HITESH KUKREJA
(Querist)
13 June 2014
suppose Building of Mr X was in redevelopment after the possession(ie after completion of building) of flat Mr X want to sell the flat and wanted to purchase new flat against that..
nw my query is:
1)Can Mr X sell is redeveloped Flat??
2)If yes than what will be the tax implication
and
if NO than why??
you can also give reference of any case law or explain by any example...
nw my query is:
1)Can Mr X sell is redeveloped Flat??
2)If yes than what will be the tax implication
and
if NO than why??
you can also give reference of any case law or explain by any example...
Rupesh Jain
(Expert)
13 June 2014
he can sell his house .
for tax his owner ship is below 3 years then gain will taxable as Short term Capital gain other wise long term capital gain. if he invest the money in new house the he take exemption from capital gain.
for tax his owner ship is below 3 years then gain will taxable as Short term Capital gain other wise long term capital gain. if he invest the money in new house the he take exemption from capital gain.
Rupesh Jain
(Expert)
13 June 2014
he can sell his house .
for tax his owner ship is below 3 years then gain will taxable as Short term Capital gain other wise long term capital gain. if he invest the money in new house the he take exemption from capital gain.
for tax his owner ship is below 3 years then gain will taxable as Short term Capital gain other wise long term capital gain. if he invest the money in new house the he take exemption from capital gain.
HITESH KUKREJA
(Querist)
18 June 2014
ok sir
thank you.
thank you.
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