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What is the tax impact on gains from redevelopment?- Property Hotline
Posted
August 11, 2016
Views
1,171
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August 11, 2016
1,171
8
1
0.77%
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5:03Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Co LLP.
Question: I live in a society that has conveyance, OC and permanent water connection. The society plans to go into redevelopment. I want to know if the members should pay tax if they earn any profits on the redevelopment i.e. via saleable flats etc.
Answer: Under redevelopment what you are getting is new flat in exchange of old flat. Capital gains arise on transfer, exchange, etc. Hence there will be capital gains but presumably the value of new flat will be more than value of old flat, the capital gains will be exempt u/s 54. However, if you get anything in addition to the flat, the same is taxable
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