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How to avoid income tax in redevelopment? - Property Hotline
Posted
June 30, 2016
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399
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June 30, 2016
399
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2:52Now PlayingBe Un Confused
Expert: Vinay Singh, Tax & Legal Expert
Question: Our society is being redeveloped. The developer asked us if we wanted to purchase extra carpet area over & above the carpet area everyone will get free of cost. I wish to do so. For these two years I will receive 7 lakh as rent from the developer. Should I pay income tax if I invest the rent I receive entirely to purchase the extra carpet area?
Answer: While the reconstruction happens, you will also be staying in a rented home. So if you’ll use that rent to pay yours then you will not have to pay tax. But if that rent is less than the rent which you are receiving then you may get to pay the tax. There is no way that you will not pay rent and invest the money in buying a flat and saving tax.
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