Tenanted Property Redeveloped

Rishab (A.C.A.) (155 Points)

17 August 2010  

An Assessee was a tenant & was residing in a tenanted property, the said property has been redeveloped by a Builder and the said tenant has been allotted a Flat in the new building on Ownership basis.

Is the Assessee liable to pay any tax for the allotment of Flat against the tenanted property?