Answers On Topic: redevelopment
  Taxation pursuant to redevelopment
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

  CAPITAL GAINS TAX ON REDEVELOPMENT OF COMMERCIAL PROPERTY IN MAHARASHTRA AND STAMP DUTY PAYABLE ON EXTRA AREA RECEIVED
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

  Redevelopment of Pagdi System Building
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

  Redevelopment Taxable in the hands of Society
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

  Sale of Tenanted Redeveloped flat
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

  redevelopment taxation
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

  Redevelopment of society – Old Flat in the bldg demolished and new one constructed
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

  Pagdi flat redevelopment
Hello, I have been staying in my pagdi flat since 50 yrs which is currently going for redevelopment. Total flats are 8. 2 flats of landlord, 1 of me, 4 flats in one name which are commercial and 1 flat also commercial. Total 8 flats occupied by 4 owners. My area is 750sq ft. What should be the majority for it to go for redevelopment considering 4 flats is of 1 owner? How much additional area will i get? Thanks


► Read Answer

  Pagdi flat made ownership after redevelopment.
My pagdi flat  where I was residing since 1997made ownership after redevelopment. we signed documents for alternate accommodation and other in 2014. Possession  on after development received  in June 2021.Now while selling of this flat what will be the acquisition date for gain tax.


► Read Answer

  HUF, Redevelopment
Hello Sir, HUF possesses a flat in a co.op.hsg.society of total 21 flat owners. With the consent of 20 owners, society is going for a redeployment. KARTA of HUF has neither signed Irrevocable Consent Letter nor the M.O.U. Shockingly, without the consent of KARTA of HUF, the society had given the possession of the premises to the redeveloper and it had demolished all the flats. What actions should be taken by KARTA and on whom? Please urge you to treat it as most urgent and guide me? Thanks & Regards, Deepak


► Read Answer