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How tax is calculated for property availed from Govt? – Property Hotline
Posted
June 23, 2016
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37
June 23, 2016
37
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3:14
4:44Now PlayingBe Un Confused
Expert – Jayesh Kariya, Tax Expert
Question: I have a land parcel in Cochin that is being taken over by the government for road widening. The government is giving me another property in place of the land. Is this transaction taxable?
Answer: The transaction of compulsory acquisition would be considered as 'transfer' and subjected to capital gains tax.
If the property given by the Government is a residential house, then consideration is assumed to have been reinvested and hence exemption under section 54F available.
No exemption from capital gains tax if any land or commercial property is received from the Government.
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