taxability on sale of property under tenancy rights/pagadi s
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2010
Say I am occupying a house on tenancy rights besis or more commonly known as pagadi system. I sell this house. What is the taxability scenario in this case?
28 April 2010
Sale of tenancy rights is taxable under the head capital gains.
28 April 2010
Tenancy right is a capital asset. Its transfer,therefore, attracts provisions of capital gains tax. Cost of acquisition has to be determined under section 55(2) (a) (i) or (ii) of the Income tax Act,1961.
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