Property Background Original MHADA property was exchanged for alternate accommodation in Ghatkopar (East), Mumbai. (before 2000) Property was later transferred to the current owner through inheritance.(in 2008) The property underwent redevelopment through a formal development agreement. (in 2014, further with Supplementary deed 2020) The owner received a new flat in the redeveloped project as permanent alternate accommodation.(in Mar 2022) The redeveloped flat was subsequently sold in June 2024. Now we are now having two CG scenario :- Scenario A : Capital Gain on Sale of redeveloped Flat Event: Sale of property (redeveloped flat) in June 2024 (AY 2025-26). Full Value of…
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I am the owner of the flat in Mumbai (along with the property card now transferred in my name- transferred by inheritance.) Our building is now going for redevelopment and under the Development Agreement, we will be getting certain hardship compensation - the question is weather this hardship compensation will be taxable and will be subjected to TDS provisions.
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when commercial property is recd on redevelopment of a commercial complex ; 1] what is tax effect if new area is same ? or more ? 2] what is tax effect if new shop is given in another building ?
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Dear Sir, In Brief: Builder approached for reconstruction of our existing flat, out of 34 members 29 got convinced. In our flat there are 3 types of apartment a) 40 Sq.yards (14 flats out of 34) b) 55 Sq. Yards (04 flats out of 34) c) 72 Sq. Yards (16 flats out of 34) Now, builder has proposed offer of 100Sq. Yards flat to every house owner, we have an objection stating if 40 Sq.yard owner is getting 100 Sq.yard then accordingly we should get flat size of the 180 Sq.yard. We have also given solution of giving us 2…
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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…
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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…
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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 ?
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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.
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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
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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…
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Capital gain on Sale of flat alloted under redevelopment (Income Tax)