Section 50C does not apply to “rights” in land & building like tenancy rights

Kishori Sharad Gaitonde vs. ITO (ITAT Mumbai) The assessee, a tenant in a flat, sold tenancy rights for Rs. 30 lakhs and offered long-term capital gains on the basis that the said sum was the consideration. The AO took the view that as the market value adopted the Sub-Registrar was Rs. 33,11,200, the said market value had to be adopted as the consideration More...

by admin | Published 7 years ago
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By admin On Thursday, April 1st, 2010
2 Comments

Stamp Duty is applicable on purchase of property in public auction

The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule More...

By admin On Thursday, December 3rd, 2009
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The Builder is obliged to give the Occupation Certificate

The Occupation Certificate (OC) is an important document for those purchasing flats under the MOFA (Maharashtra Ownership Flat Act), and must be acquired before possession of property. Consumer courts will support More...

By admin On Tuesday, November 24th, 2009
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Transfer of leased premises sans business ends taxpayer’s right in capital asset

Income from transfer of a leased premises amounts to extinguishment of taxpayer’s right in the capital asset and therefore taxable as ‘Capital Gains’ under the Income-tax Act Recently, the Mumbai bench of More...

By admin On Saturday, October 24th, 2009
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HC upholds 1980 land ceiling verdict

A five-judge bench of the Bombay High Court upheld a 1980 ruling by a three-judge bench on holding of land in Maharashtra under the Agriculture Land Ceiling Act. The ruling means that while deciding whether a person More...

By admin On Wednesday, October 21st, 2009
2 Comments

HC: Minority of Tenants Cannot Oppose Redevelopment

A minority of tenants cannot stand in the way of redevelopment of a property if 70% of the tenants have given their approval for it, the Bombay high court has ruled. Justice DB Bhosale recently ordered 17 tenants More...

By admin On Saturday, October 17th, 2009
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Govt cannot acquire Private land without the owners approval

The Supreme Court (SC) has held that the government can’t use its “extraordinary” powers to deprive an owner of his land as it would violate the citizen’s Fundamental Right. The Court chided the More...

By admin On Tuesday, August 11th, 2009
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Property Tax

REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 5242 OF 2008  More...

By admin On Thursday, July 30th, 2009
1 Comment

Madhuvihar Co-operative Housing Society & Ors.

CASE NO.: Appeal (civil) 3233 of 2006 PETITIONER: M/s Jayantilal Investments RESPONDENT: Madhuvihar Co-operative Housing Society & Ors. DATE OF JUDGMENT: 10/01/2007 BENCH: Arijit Pasayat & S. H. Kapadia JUDGMENT: J More...

By admin On Thursday, July 30th, 2009
1 Comment

Gist of recent judgments – 9th March 2000

Compulsory acquisition of immovable properties by Government of India under Chapter XXC of Income Tax Act  The Government believed that the parties were under-selling immovable properties in order to save more More...

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