My query is simply pertaining to a normal case where a society goes for redevelopment and enters into a Development agreement with the builder and members get larger flats for the same in the new construction. Query: Will section 45(5a) be applicable where we have to take the transfer date of the CC of the new flat as the year of declaring the cap. gains OR do we have to declare based on the date of signing the development agreement between society and developer OR the date when the member signs the agr for Permanent alternative accommodation with the developer…
► Read Answer
Sir, It would be really great if you could address my below issues: Facts are below: PART-1 Society goes for redevelopment and enters into a Development agreement in Feb 2013 (Registered agr with Stamp duty paid) with the developer. The existing old flats are all prior to 2001 and old. In April 2014, the developer enters into an agreement with each member for Agreement for Permanent alternative accommodation (Registered agr with Stamp duty paid) and member has to hand over their flats to the developer in 25th april 2014. (normal compensations of allowances, rent etc are all given) The New…
► Read Answer
i hold tenancy rights to a commercial premise the tenancy is in the name of my partnership firm the entire building is going for re-development due to notice issued by MHADA under clause/rule 79 will my firm be liable to any tax due to conversion of tenancy to ownership of the property ?
► Read Answer
Sir, I am holding commercial premises on tenancy basis. Developer is offering ownership and other benefits like corpus rent and extra area pursuant to redevelopment. Wanted to know tax implication pursuant to redevelopment and on sale of new premises.
► Read Answer
RESPECTED SIR GOOD EVENING I WANT TO KNOW THAT WHAT IS INCOME TAX IMPLICATION ON REDEVELOPMENT OF COMMERCIAL PROPERTIES AS PER THE INCOME TAX LAWS 2024 CAN I GET DETAILED INFORMATION ON ENTIRE PROCESS REGARDING TAX IMPLICATION THAT IS CAPITAL CAINS ON REDEVELOPMENT OF COMMERCIAL PROPERTIES
► Read Answer
Hello, I am staying at Malad Mumbai in Chawl System which was built in the year 1959, on the Pagadi system. There are Fifteen double Rooms. It is built by One Mr. Asnudas Jhaveri in his Wife's name Gomibai Asnudas Jahveri. The Couple Has a Total of Six children four Son and two daughters as per my knowledge, currently As per my Knowledge One Son and Children of all other siblings and children of this children that is great grandchildren are there. It id expected that currently there should be all together twenty-five to thirty heirs of This Asnudas Jhaveri…
► Read Answer
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…
► Read Answer
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
► Read Answer
My Mother had a Flat (460 sq,ft) on Ownership basis since 1984. Building went into Redevelopment in the Year 2014. Builder paid Stamp Duty only on Construction Cost Rs 1760/ sq.ft.(as the Law Prevailed in 2014), whereas Fair Market Value & Stamp Duty Value was 8600/ sq.ft Now which Value I Have to Take for Capital Gain Tax Calculations I have sold the Flat in August 2023. from 2001 as base rate or stamp duty paid value or market value as on 2014 (agreement yr)
► Read Answer
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.
► Read Answer
Capital gains on redevelopment