Long Term/Short Term Capital Gain on Sale of Redevelop Flats

This query is : Open

raj (Querist)
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30 March 2009 Hello,
My Father owned an old tenanted (pagdi) property since 1973. That building went into redevelopment in 2006 by the landlord of the building.
My father was alloted a new flat in exchange of old tenanted property in the year 2008. He sold that property on the 25th March 2009.
Will be liable for Short term capital gains or Long Term.
Please reply with previous cases ruling the same.
Thanx...

veena

veena (Expert)
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21 December 2009 According to me, the asset sold is house flat and not the tenancy rights. As the asset is hold for less than 3 years it will be STCG. If u have paid any sum for acquiring the flat u can claim as cost of flat.