If a property under the pagdi system went for redevelopment , then at what time we will consider that tenants have surrendered their tenancy right and will be liable to pay tax under capital gains .
will it be at the time when redevelopment will get started or at the time of receipt of new property?
Menu
Surrender of tenancy right under the pagdi system.b
Replies (2)
Though the right will be relinquished at the time of getting agreement registered, but the taxability will arise only at the time of getting possession.
Good news is, the capital gains will be nil, because of the reinvestment in new house property u/s. 54F of IT act.
You are lucky to have got ownership flat in lieu of tenancy flat. There is no law for it and so several unscrupulous builders don't do it and force tenants to remain tenants only. This result of corrupt politicians & criminals in construction industry.
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
