CAPITAL GAIN Query
Mr.X became tenant of the shop (purchased under pagri system) in the year 2003, in the year 2011 he became owner of the shop on account of redevelopment (registration & possession in 2011) in the year 2011.
Query:-
1) Whether any capital gain arises on tenant becoming owner of the shop on account of redevelopment (As ownership is completely transfered in the assessee’s name)? If so, whether short term or long term & what is the base?
2) Now as Mr.X is the owner of the property, wants to sale the above shop whether there will be short term or long term capital gain, because he became owner in the year 2011, but he was tenant of the same shop since 2003.
IF POSSIBLE GIVE CASE LAWS....
CAclubindia
