Question ID :
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 ??
Answer ID :
Jan 14, 2020
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
CA Shrawan Suthar on
Jan 17, 2020