Got more carpet area after property redevelopment? No income tax on extra carpet area if it meets a key condition

Homeowners can avoid income tax on additional carpet area received through property redevelopment. This is possible under Section 54 of the Income Tax Act, provided the new property is acquired within specific timelines. A recent ITAT ruling confirmed that even separately paid-for extra space can be included in the tax exemption calculation.

from Tax-Wealth-Economic Times https://ift.tt/nX8DPuf