I am an OCI holder and a US Citizen. I bought a house in India on 2007 for 25 lacks. After tenants refused to leave the premises without major compensation, I made an agreement with a property developer on 2010 who will take care of all the tenants and demolish the existing house, build a new flat building, and will give me a flat in that building. He completed a project and I got the possession letter from the developer in 2014. I have also completed the flat mutation with Kolkata Corporation in the same year. Landowners do not have to go through the registration process for their flat in exchange of their land. For property tax purpose Kolkata corporation made my flat valuation as 52 lack. I have been paying property Tax on that basis.
My First question is - as the landlord I got a flat in exchange for my house. Is there any Capital Gains tax implications here?
My Second Question is - If I sell my flat for 60 lack today, what will be the Capital Gain Tax or any other mandatory Tax, Service fees etc. that I will be responsible for as a Seller?
Thanks a lot.
CAclubindia
