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Mumbai redevelopment: Tax implications on surrendering 400 sq ft?

T S Khurana |473 Answers |Ask -Follow

Tax Expert - Answered on Mar 12, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Raj on Feb 18, 2025Hindi

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i have a flat in mumbai which has gone for redevelopment. out of total area i am surrendering 400 sq feet to builder. will my money be liable for Income tax

Ans: Yes. You are liable to pay Income Tax for the portion you are surrendering to the builder. Sale Consideration will be considered as value of developed area on stamp duty rate, you have retained after its Redevelopment.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Dear Sir I have received 4 flats from Developer in exchange of giving our house for redevelopment. Now I want to sell one of my flat which according to deal will 51 lakhs. The purchaser is only able to give me 6 lakhs in cash & rest 45 lakhs he will arrange in loan from bank. hence kindly advise me will the amount I receive be taxable. Also note as we have received my flats against redevelopment there is no valuation mentioned on Registration papers. Kindly advise will I have to pay tax on 45 lakhs

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