{"id":26992,"date":"2022-05-20T17:47:25","date_gmt":"2022-05-20T12:17:25","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=26992"},"modified":"2022-05-27T06:52:35","modified_gmt":"2022-05-27T01:22:35","slug":"capital-gains","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/capital-gains\/","title":{"rendered":"CAPITAL GAINS"},"content":{"rendered":"<p>IN THE CASE.. MOTHER OF THE ASSESSEE RECEIVED RS 5000000\/- FIFTY LACS FROM THE BUILDER AS SHE AGREED TO REDEVLOP THE PLOT WHICH STOOD IN HER NAME&#8230;THERE WAS NO SALE OF PLOT..ONLY PARTING OF TDR FSI..THAT TOO TO THE TUNE OF 25% AND THE REMAINING 75% WAS RETAINED BY HER&#8230;AMOUNT WAS RECEIVED BY HER&#8230;THE THREE LEGAL HEIRS HAD TO EXECUTE DEVELOPMENT AGREEMENT..ITAT MUMBAI HAS GIVEN AT LEAST 10 JUDGEMENTS THAT SUCH INCOME IS NOT CAPITAL GAIN AS THERE IS NO SALE&#8230;INCOME TAX OFFICER DISAGREES..ADDED BACK AS SALE OF PLOT AND ADDED 1.14 CR IN THE CASE OF ONE LEGAL HEIR..IN THE CASE OF SECOND LEGAL HEIR ALSO 1\/3 RD AMOUNT HAS BEEN ADDED AS CAPITAL GAINS INCOME&#8230;DOUBLE TAXATION ON THE SAME INCOME&#8230;WHAT SHOULD BE THE POSITION&#8230;NOW THE CASE HAS COME UP BEFORE THE FACELESS AUTHORITY OF APPEALS&#8230;WHAT DEFENCE SHOULD I TAKE&#8230;<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[598,24],"class_list":["post-26992","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-amount-received-from-builder","qa_tag-capital-gains"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/26992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=26992"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26992"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=26992"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=26992"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=26992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}