Understanding Tenancy Rights under Section 50C of the Income Tax Act
The issue surrounding tenancy rights and their treatment under the Income Tax Act, particularly Section 50C, has recently gained attention…
Income Tax liabilities of owners of land/building on executing Development Agreement.
By K. K. Ramani (Advocate) The taxation of stakeholders in development of land or building carried out through the builders,…
Rent in a Redevelopment Project is not taxable: ITAT Mumbai
By Staff Reporter IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI KULDIP SINGH, HON’BLE JUDICIAL MEMBER…
Applicability of Chapter XXC of Income Tax to Housing Society, Additional FSI & TDR
By Vimal C. Punmiya, Chartered Accountant 1. Before delving into the applicability of provisions of Chapter XXC and Taxability of…
No Capital Gain Tax On Society Redevelopment
By Legal Bureau Kushal K. Bangia vs. ITO (ITAT Mumbai) – In principle, though the scope of “income” in s.…
Non-Occupancy charges received by Housing society not taxable
By Legal Bureau Assessee has challenged the addition of Rs.30,914/- made by the Assessing Officer on account of non-occupancy charges…
No Capital Gain Tax On Housing Society Redevelopment
By Legal Bureau Kushal K. Bangia vs. ITO (ITAT Mumbai) – In principle, though the scope of “income” in s.…
Consideration for permission to use TDR / FSI not chargeable to tax: ITAT Mumbai
By Legal Bureau The assessee co-op housing society gave permission to a developer to construct 2 floors and 8 flats…
No TDS is to be deducted on the amount reimbursed by the Developer to the Society
By Legal Bureau TDS on receipt. Whether tax shall be deducted at Source (TDS) from Corpus Money, Allowances, Compensations, Reimbursement…
Service tax on free area given to members of society in redevelopment project
By CA Pathik Shah In Mumbai, many building are becoming older than 35 to 40 years and such building require…