Question And Answer
Subject: capital gains tax
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Date: November 3, 2022
Query asked by HEMANT JOSHI

will capital gains tax be levied on redeveloped flat if construction is delayed to 5 years by developer from date of surrender of tenancy rights for no fault of the assessee.? if so, how to avoid it? does the additional carpet area given by the developer free of cost in the redeveloped flat incur any kind of tax or stamp duty ?

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It is pertinent to note that tenancy right is not a house property, Therefore, the assessee cannot get the benefit of section 54 of the Income-tax Act, 1961. However, tenancy right is still a capital asset, therefore, the asseessee can get the benefit of section 54F of the Act, subject to satisfying the other conditions.

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