Question ID : 40541

Tax implications to members on redevelopment of society

Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??

posted by shraddha on Jan 14 2020 12:00AM