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sale of tenancy right akin to sale of building
23-Oct-2023 (In Landlord/Tenant Law)
I am planning to sell tenancy right. I wanted to know whether the sale can be considered as sale of building for claiming exemption under section 54EC of Income tax Act
This is my response to you:
1. If you do sell your tenancy rights and there is a an obvious capital gains then you are obliged to pay taxes for the same;
2. Now, if you choose to reinvest the same in bonds within six months then you can gain exemption under section 54EC of IT Act;
3. Consult a local lawyer with your whole facts and then take steps forward.
1. If you do sell your tenancy rights and there is a an obvious capital gains then you are obliged to pay taxes for the same;
2. Now, if you choose to reinvest the same in bonds within six months then you can gain exemption under section 54EC of IT Act;
3. Consult a local lawyer with your whole facts and then take steps forward.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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