Question And Answer
Subject: Redevelopment Taxable in the hands of Society
Querist: CA RAJNI
Answered by: Reply of the Expert is awaited;
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Date: April 17, 2024
Query asked by CA RAJNI

Hello ,


In one of the CHS’s case , redevelopment agreement entered into between Society and Builder. Redevelopment agreement got registered and builder had paid stamp duty on the same. Subsequent to this , department has sent notice to Society claiming that since the agreement is entered into between society and builder and society has benefitted with the sum of Rs……( Value of Development agreement)
in the form of new construction, enhanced area and
rental expenses in the existing property as per the agreement which is
otherwise taxable under the head Income from Other Sources.

Whether the said valuation of redevelopment agreement is liable to be taxed in the hands of Society especially in case where property is still not vacated by the members.

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Answer given by
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