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Samkit Maniar  |180 Answers  |Ask -

Tax Expert - Answered on Jun 17, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more
Masoom Question by Masoom on Jun 14, 2024Hindi
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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

Ans: The cost of your house prior to redevelopment will be split in the proportion that you have received 4 flats and thereafter cost will be arrived and then indexation will be applicable accordingly which will inflate your costs. Will require the details of when the flat was bought and at what rate to answer in detail.

Please reach out to your CA as well before moving ahead.
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