Answers On Topic: Re development
My Mother had a Flat (460 sq,ft) on Ownership basis since 1984. Building went into Redevelopment in the Year 2014. Builder paid Stamp Duty only on Construction Cost Rs 1760/ sq.ft.(as the Law Prevailed in 2014), whereas Fair Market Value & Stamp Duty Value was 8600/ sq.ft Now which Value I Have to Take for Capital Gain Tax Calculations I have sold the Flat in August 2023. from 2001 as base rate or stamp duty paid value or market value as on 2014 (agreement yr)
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Assessee is a doctor. He has purchased four residential flats having area of 800 sq. ft each in the year 1986. He started his medical profession in these flats by combining the all 4 flats, with the permission from the local authority for using the same for commercial purpose and paid the municipal taxes as applicable to commercial units from 1992. He has not claimed any depreciation on the same. The housing society in which these flats are situated is under re-development scheme and the developer offered the assessee 4 commercial units having area of 1000 sq ft each in…
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Dear Team, My building went in re-development in 2013 and the flat was given back to us in 2016 within 3 years. I received a letter from income tax under sec 148 that i need to pay tax on the construction cost which is around 35 lacs as per the stamp duty document. How would this be taxed as there is no real transaction ,it is just that i got my redeveloped flat back from the builder. Please guide on what should i reply to the department. Regards.
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Hi All, my dad was a tenant and the redevelopment agreement was signed then. He passed away and consequently it was transferred to my mom. She signed the PAA in 2019 and we finally have sold the flat in 2022. what can be the cost of acquisition in this case. its very confusing answers that i am reading. Appreciate your help here
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redevelopment taxation