THE CO-OPERATIVE SOCIETY ENTERED INTO DEVELOPMENT AGREEMENT WITH THE DEVLOPER IN FY 2014-15. THE SAID AGREEMENT REGISTERED IN FY 2014-15 AND STAMP DUTY DETERMINED VALUE AT RS.6.17 CR. BASED ON COST OF NEW CONSTRUCTION AND LEVIED STAMP DUTY. SOCIETY DID NOT RECEIVED ANYTHING FROM DEVELOPER. BUILDING MEMBERS VACATED IN 2017. DEVLOPER PAID HARDSHIP COMPENSATION TO EXISTING MEMBERS AND GAVE PERMANENT ACCOMODATION TO MEMBERS IN THE YEAR 2021. CAAN ITO TAX 6.17 CR. STAMP DUTY VALUE IHE HANDS OF SOCIETY IN FY 2014-15? IN FACT EXISTING MEMBERS HAVE OFFERED CAPITAL GAIN TAX ON ACQUIRING OF NEW FLAT AND CLAIM EXEMPTION U/S.54.…
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I am a tenant in a cessed building in Matunga East - Mumbai. If I surrender my tenancy & get a payment from the landlord - is that subject to taxes? If yes - what would be the tax %? What would be the implication if I invest the money in a residential property? Will i get exempted from taxes on account of the same?
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My late mother and I had signed purchase agreement for flat in MUMBAI in mid 90's . She and late father both passed away in 2000s. The share certificate clearly shows my 50 % ownership on it. Step mother is now isolating me and fraudulently attempting to transfer name based on an altered probated will and has been collecting rental income since 4 years on this flat because I am residing overseas on work and was not present during the will probate. Society committee has been issued legal notice by my lawyer to not permit any name transfer of my…
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My father in law stayed in tenanted property since 1958 in Vile Parle Mumbai. Flat size was 232 sq ft. Developer built 300 sq ft as per regulation and further 121 sq ft. 232 was free and we were to pay for additional 189 sq ft. PAA was registered in Aug21. Completion certificate Feb23. We want to sale in Jan24. Will it get classified as STCG or LTCG. Can date of signing the PAA be taken as date of acquisition and stamp duty value on that date as cost of acquisition. Completing 24 months from PAA registration date. Thanks
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The founders of a Start-up company sold 51% of their equity stake in a company to a strategic buyer in FY 2023-24. The total consideration for transfer of shares was agreed at Rs. 25 crores As per the terms of the deal, the founders are required to stay with the company for next 5 years after which their balance stake would be purchased. The founders are eligible for an additional consideration of Rs 5 crores at the end of the third year provided the revenue projections as per business plan are met. While filing the tax return for 2024-25, and…
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A private limited company sells 26% of its shares to a person who purchases the solar power generated by the company. Can the shares be sold at face value, as the shares will be bought by the sellers on termination of the contract
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Amount received on sale of shares received as ESOPS will be taxed as capital gain or any other head? If Capital Gain then what exemptions/deduction are available under sub sections of 54. Except 54F. Important points (1) Shares are of unlisted company (2) More than 24 months old (3) No amount paid during exercise of option.
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Assessee is an individual . he has purchase the plot in the year 2002 for Rs. 6 lakhs in the name of the wife and sold the same on 5.04.2017 for Rs. 66 lakh . The sale proceeds were kept in the capital gain account scheme in the name of wife . Assessee due to bad heath is expired on 17.10.2022 when he was of 71 years of age . The widow and three married daughters the of the assessee had no knowledge of this bank account and they came to know this in the month of July 2023.…
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When a Society building containing various is demolished due to a Development Agreement ( typical in Mumbai ), does it not amount to "Relinquishment of asset" u/s 2(47)(i) - The asset is physically not there now and a new asset (new house may be bigger) will be given.
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Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
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capital gain, development agreement , society