catchwords: housing project
What Are The Capital Gains Implications Of Redevelopment Of Property?
In case of development of property the capital gain arises as per terms of the agreement. Generally, the agreement provides that the developer has right to enter and construct on the land of owner and owner parts with land only on receipt of certain portion of building to be constructed
Are the sums offered by the builder for redevelopment of our co-op hsg society taxable?
No. If no ‘cost of acquisition’ is attributable to the development rights, the gains arising on their transfer are not assessable in either the hands of the society or in the hands of the members.