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How to declare compensation on redeveloped property?- Property Hotline
Posted
October 6, 2016
Views
239
October 6, 2016
239
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4:32Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I inherited a property which underwent redevelopment. We were paid compensation in cash, which once paid was deposited in a capital gains account and was used to buy another property. Should I declare this amount as personal income if it is deposited in a capital gains account with a nationalised bank?
Answer: If only cash was received as compensation and you have invested that in a residential property, you can claim set off in respect of the capital gains. The CGAS account is a temporary parking place for your long term gains till you acquire a property. Since you have utilized the funds, there is no question of tax.
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