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Sale of property under redevelopment

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 August 2011 Dear Friends,

A society is under redevelopment and each member will receive 20% extra space from the developer. If the member wish to sell his 20% extra now and get the money, will it be taxable as capital gain, if yes then whether short term or long term and what will be the cost of acquisition. Please note that the original property is held for more than 10 years.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
27 August 2011 IT IS A CASE OF EXCHANGE A MEMBER IS RECEIVING PROPERTY IN EXCHANGE OF OLDER ONE
THE AMT WILL BE LTCG

CA MANOJ GUPTA
JODHPUR
09828510543
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