Question And Answer
Subject: Year of transfer in case surrender of tenancy right under redevelopment
Querist: Vrushali Ghoderao
Answered by:
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Date: February 21, 2023
Query asked by Vrushali Ghoderao

Hello sir,

Question – Which year should be consider as a year of transfer, in case of transfer of tenancy right(Pagadi system) under redevelopment of building ?
( Here tenant entered in Permanent Alternative Accommodation with developer and mentioned that tenancy will be surrender only on receipt of new flat.)
Which date shall be consider as per Income tax act to take it as a transfer date?

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The year of surrender should be taken as the year of transfer. Furthermore, benefit under section 54 of the Income-tax Act, 1961 (Act) will not be available to the tenant. Section 54F of the Act may be applicable subject to the satisfaction of other conditions.

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