Rules for sale of redeveloed property

Sonali kelkar (Querist) 04 April 2017 This query is : Resolved
I have been a tenant in pagdi building in mumbai.the bldg. Has gone for redevelopment and we have signed a temporary alternate accomodation with the developer.however I wish to sell the flat once the new flat is handed over and purchase a flat in another locality.will i need to pay capital gains or do i have to hold the flat for two years.please advice which income tax section to follow.

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Adv. Yogen Kakade (Expert) 05 April 2017
Consult a tax expert

Rajendra K Goyal (Expert) 05 April 2017
Discuss with tax consultant.

Hemant Agarwal (Expert) 02 June 2017
1. "Capital Gains" exemption is applicable "only" if property "was" purchased using own funds. This should have been recorded in the Income Tax returns of earlier years.

2. Here since the Pagdi-Tenant, is receiving property due to "compensation factor" without inputting his own funds, the "Capital Gains" exemption cannot be claimed.

Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com

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