Latest Judgements on Income Tax related matters in Redevelopment process

legal1By Sammer Sanghvi & Co

Accommodation Times News Services

 

SUMMARISED JUDICIAL PRONOUCEMENTS ON INCOME TAX RELATING TO REDEVELOPMENT OF PROPERTIES
Finally, the judicial pronoucements on income tax relating to the subject of redevelopment of properties are summarised hereunder :

1. The Mumbai Tribunal in the case of Raj Ratan Palace Co-op. Hsg. Soc. Ltd. Vs. DCIT (ITA No. 674/ Mum/2004) has held that mere grant of consent by the land owner (Society) to the developer to consume TDR on the Society’s Plot does not amount to transfer of land/or any rights therein and therefore the compensation paid by the developer to the members of the society cannot be taxed in the hands of the Society





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