Capital Gain
This query is : Resolved
abdul kasim
(Querist)
29 October 2020
Hi All
I tried to find answers for query but couldn't find so posting query.
one of our client have 2 rooms in south Mumbai Chawl, their owner give chawl for development and in new building developer ready to give all tenants 300 Sq.FT 3 room Block. No agreement was done , but only oral commitment from developer.
Now the question is whether this transaction attracts Capital Gain ? if yes, how to calculate that. one thing to remember that our client will not receive any fund only block instead of 2 rooms in chawl.
kindly respond with related sections, case laws etc.
I tried to find answers for query but couldn't find so posting query.
one of our client have 2 rooms in south Mumbai Chawl, their owner give chawl for development and in new building developer ready to give all tenants 300 Sq.FT 3 room Block. No agreement was done , but only oral commitment from developer.
Now the question is whether this transaction attracts Capital Gain ? if yes, how to calculate that. one thing to remember that our client will not receive any fund only block instead of 2 rooms in chawl.
kindly respond with related sections, case laws etc.
CA R SEETHARAMAN
(Expert)
30 October 2020
If both are residential property claim section 54 capital gains exemption considering market value of the property allotted.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Working on Gold wastage during Melting of old gold jewellery
- Advances to related party
- Form 144 TDS Return Validation Error – Mandatory Fields
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
