re development

First of all, you can't be a tenant and an owner of the property at the same time. A tenant pays rent for the occupied property to the owner of the property. Provisions of Capital Gains shall not be applicable on you if you are the tenant of the property even though he gives you a better property to live after redevelopment.

However, if you are the owner of the property, provisions of Capital Gains as per section 45(5A) will be applicable on you as rightly explained by @ Sandeep Ahuja