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Is the extra area built taxable?- Property Hotline
Posted
December 22, 2016
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December 22, 2016
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3:51Now PlayingExpert: Suresh Surana, Founder, RSM Astute Consulting.
Question: Building is being redeveloped and is getting an additional area. It has now been made into three smaller flats instead of one. Development is self and not through a builder. Is the extra area built taxable?
Answer: It is the case of self-development. You are not entering into a development agreement with the developer which amounts to some exchange of the existing area and getting area. So there is no transfer involved. Transfer of capital asset to be there for capital gain tax. Case of self-redevelopment as builder/ developer is not involved. Basically there will be no tax implications.
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