Bandra-East middle Income Group: Locked In a Battle

Untitled

By Accommodation Times Bureau

The residents of six societies of  Bandra-East middle income group (MIG) housing are engaged in a battle with the income tax (I-T) department. Each of the six societies received a principal sum of Rs 30-200 crore  from the builder. Every flat owner, besides getting a bigger apartment for free, got compensation between Rs 50 lakh and Rs 1 crore. This prompted the I-T department to issue notices to individual flat owners and their housing societies.

The Bandra MIG redevelopment project is the Mumbai’s biggest project.

“This is double taxation,” said a resident’s representative,that’s why the societies have now challenged the department and managed to obtain a favourable I-T tribunal decision in one case and also a high court stay, in another.





Similar Articles

Leave a Reply

Top