M/s.T a Partnership firm with two partners is a tenant in an old property . The 2 Partners are also residing in the said tenanted property. The landlord who is also a builder wishes to demolish the property and construct a new building. The builder has agreed to give tenancy of equal area in the newly constructed building to M/s T.
whether the demolition of the old property will amount to relinquishment of the tenancy u/s.2(47) and will be liable to capital gains tax.
Dear Ganpat
Demolition of old property will not amount to reliquishment of Tenancy u/s 2(47) and will not be liable to CG tax,
Dear Ganpath,
It might amount to relinqishment of Tenancy rights, but brother where is the "sale consideration.........."
What amount will be taxed???
Mr.Ganpat...
Agree with Mr.Amit kumar and Mr.Amir brother
I think capital gain will not arise in this case....
The firm gets the tenancy in the new building from old building thats all.....
Yes, there is no Capital Gain arises Because there is no consideration.
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