Hello Experts
i had a rented commercial premises, way back from 1975.
the building got delapidated and was demolisehd 3 years ago.
bmc had taken all the measuremetns of my premises before demolishon.
now the landlord is willing to pay me to let go off my tenancy rights of the property.
how will be the proceedings treated ? will i have to pay ltcg ?
please advise.
thank you.
How the rent income was treated.
If declared u/h. IFHP; then the proceeds received from developer will be treated under long term capital gain.
apologies, a small typing mistake changed the meaning of the sentence. now corrected. please check and advise.
OK.... You have tenancy right in a commercial premises. So, when you give up the right for any consideration, it will be considered as LTCG.
thank you for your prompt response sir.
it is vey helpful.
is it the same treatment for residencial property as well ?
or is it, that only commercial proerty comes under ltcg ?
Any property, the gain is over TENANCY right..
CAclubindia
