Income Tax notice to MMRDA and Mhada for violation of charity clause

          By Accommodation Times News Service In its scrutiny of charitable organizations that have sought tax exemptions, the Income Tax department has served notices to the state’s two urban development organizations-Mumbai Metropolitan Region Development authority (MMRDA) and Maharashtra Housing and Development Authority (MHADA). The Mumbai Metropolitan Region Development Authority, which is engaged in many

INCOME TAX ON SALE OF AGRICULTURAL LAND

By Accommodation Times News Service By CA VIMAL PUNMIYA Amendment in definition of Agriculture land By Finance Bill-2013-14 By the provision of “Sec.2(14) Capital Asset”, Rural agriculture land was exempt from capital gain. For being rural agriculture land, land must be satisfied certain condition laid down in section 2(14).The Finance Minister

Income Tax on Sale of Agriculture Land

By Accommodation Times News Service By CA VIMAL PUNMIYA Amendment in definition of Agriculture land By Finance Bill-2013-14 By the provision of “Sec.2(14) Capital Asset”, Rural agriculture land was exempt from capital gain. For being rural agriculture land, land must be satisfied certain condition laid down in section 2(14).The Finance Minister amended this conditions through

Income Tax Exemption if house construction not completed within 3 Years?

Accommodation Times Bureau CA Rajesh Bhimrajka & CA Suchi Kothari Allowability of exemption u/s. 54F if builder does not complete construction of house within three Years? Realty has been one of the major investment options during the last decade. The investments in realty have grown by leaps and bounds during the last 10

Firm is not entitled to exemption under S 54 of Income Tax Act

Firm is not entitled to exemption – A firm is not entitled to exemption under section 54 – CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.). Tax authorities must determine extent of appurtenant land - The expression ‘land appurtenant thereto’ under section 54 has also a

Income Tax Dept keeping close watch on realty sector

Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects. “The focus of the Income Tax Department is real estate developers as the department has received many

TDR comes within perview of Section 50C of Income Tax : Tribunal

Brief : It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as per s. 53A of the Transfer of property Act is

Section 50C of the Income Tax Act not applicable in business asset

Section 50C of the Income Tax Act not applicable in business asset Background The assessee was engaged in the business of property development and the activities of the assessee were treated as business. The assessee has obtained power of attorney from the owner of the property (primarily land) and the same was shown

Income Tax Exemptions : U/S 80-IB (10)

HOW TO AVAIL OF MAXIMUM BENEFIT U/S 80-IB (10) THE INCOME TAX ACT. [ In respect of undertaking(s) engaged in the development and construction of Housing Projects(s)] By Vimal Punmiya (CA) Posted on 15th May 2002 Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of

Workshop on 80IB of Income Tax and Accounting Standards for Real Estate Development

Workshop on 80IB of Income Tax and Accounting Standards for Real Estate Development Knowledge Series II The Workshop was successfully held, for detailed information on 80IB of Income Tax and Accounting Standards for Real Estate Development you can now purchase the handbook for (INR) Rs. 800.00 only. Overview : Recently, many developers