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Remuneration from developer for redevelopment property – Property Hotline
Posted
May 12, 2016
Views
306
Likes
3
Engagement
0.98%
May 12, 2016
306
3
0.98%
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5:10Now PlayingJD Bhattacharjee, Thane called to Magicbricks Now and asked that his late father had a flat which has come up for redevelopment. As remuneration, apart from a flat he will be receiving certain amounts towards rent from the developer. The payments have been made by me in stages since December 2012. The Occupation Certification is, however, awaited. Will the remuneration receivable from the developer in respect of the developed flat and sale proceeds of the flat, if any at a later date be taxable? Can the aforementioned amounts be appropriated against the amounts paid by me for the purchase of the new flat?
Tax expert Jayesh Kariya answered that remuneration received from the developer is in the nature of compensation for property under redevelopment and hence this is not an income taxable in buyer’s hands. The sale proceeds received from the immediate sale of developed flat would be subjected to the short term capital gains and accordingly taxable @30%. Tune in to the video to know the full answer:
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