| Question And Answer | |
|---|---|
| Subject: | Tax clarity on sale of redeveloped flat – ltcg or stcg |
| Category: | Income-Tax |
| Querist: | Ajay Sinha |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | capital gain |
| Date: | June 29, 2024 |
My parents had a small flat 250 sq ft carpet area. I got it from parents after the demise in 2017 as I am legal heir.
My only sister gave her release deed relinquishing her stake in March 2019.
Flat went for redevelopment in August 2019 based on the Permanent Alternate Accommodation Agreement.
During the redevelopment, I gifted the same under construction flat (before possession) to my wife in March 2022.
New flat possession received in March 2024 in wife’s name (484 carpet area).
Question: If wife sells it in june 2024, will it be LTCG or STCG?
When should wife sell for LTCG?
Mumbai based flat and it is ownership based and not pagdi.
Reply of the Expert is awaited. Please check back later
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