19 April 2013
One of My client's Shop(Which was on Paghdi System) went for redevelopment. Now Builder is Offering New shop on Ownership Basis without any consideration.
As per Definition of Transfer, Transfer of Tenancy right will be considered as transfer.So my entire agreement value will be capital gain.
Now my question is from which date i need to Invest to claim exemption u/s 54F ---- from date of Agreement or From date of Possession???
Date of Agreement : 01/03/2013 Date of Possession : December 2014
According to me, in my opinion, no capital gain arises, since there is no consideration that you are receiving.
and it is not the TDS that you are transferring the TDR is being transferred by the society. so, for you it is like hiring a contracter and asking him to reconstruct your building.
then the date of transfer of the asset will be the date of transfer of the rights to the builder. so, the time limit has to be calculated from the date of agreement and trf of the rights.
since, it will be like the asset was sold off and then a new under construction property was purchased.
CAclubindia
