Answers On Topic: development agreement
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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Development Charges. Can a developer force me to pay development charges.I haven't taken possession of my flat as O.C. not received by developer
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Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed Registered Development Agreement , where in the description of property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of Development of the property. Assessee is not engaged in…
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capital gain, development agreement , society