{"id":32868,"date":"2023-02-21T11:09:05","date_gmt":"2023-02-21T05:39:05","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=32868"},"modified":"2023-02-21T11:09:05","modified_gmt":"2023-02-21T05:39:05","slug":"receipt-of-unit-on-re-development-and-capital-gain","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/receipt-of-unit-on-re-development-and-capital-gain\/","title":{"rendered":"Receipt of unit on re-development and capital gain"},"content":{"rendered":"<p>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.<\/p>\n<p>He has not claimed any depreciation on the same.<\/p>\n<p>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 the new premises against the original holding of area 800 sq ft each along with monthly rental of Rs. 25000\/- for each flat for 18 months as a compensation.<\/p>\n<p>Whether the assessee is liable to pay any capital gain tax as well as income tax on the above transaction.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[24,565],"class_list":["post-32868","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-capital-gains","qa_tag-re-development"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/32868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32868"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32868"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=32868"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=32868"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=32868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}