Answers On Topic: Tenancy rights
My Great Grandfather property in Matunga, Mumbai was send to redevelopment in 2007 and my father got one flat of 1BHK including Extra FSI as a land lord in 2023. Now, We want to sell that flat immediately, What will be Tax Implications? Can we get Deduction in Sec 54, 54EC and Sec 54F? Will there be Index Cost of Acquisition? If yes how can we compute same?
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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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Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold …
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Tax Implications on Sale of Flat after PAA Agreement