ITAT: Sale of redeveloped flat led to long term cap gains

Mumbai is witnessing a plethora of redevelopment projects, under which flat owners get new redeveloped flats. When this new flat is sold, litigation arises on whether the ‘new flat’ should be treated as a long-term capital asset, which typically gives rise to lower taxes, as opposed to short term capital gains, which are taxed at the applicable slab rate.

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