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Question ID : 40541

Tax implications to members on redevelopment of society

Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??

Posted by shraddha on Jan 14, 2020

Filed Under Capital Gains

Answer ID : 80346

You have earned capital gains tax during the current year but are not liable to pay any tax since you are claiming exemption u/s 54. as the value of redeveloped flats is so high that you will end up paying no tax

Posted by CA Shrawan Suthar on Jan 17, 2020