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TAX EXEMPTION ON REDEVELOPMENT
Man earns Rs 75 lakh by redeveloping property inherited from mother, pays no income tax, receives notice, wins case in ITAT DelhiProperty owner inherits mother’s land, converts it into freehold, DDA grants mutation, redevelops it, gets Rs 75 lakh from builder, pays no...- ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claimBuilder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent ...
- Are you an NRI who sold an under-construction property? Here's what actually counts as your “Date of Purchase” for capital gains calculationNRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term ca...
- Can I claim LTCG exemption in same year if I buy a property before selling existing one?ET Wealth Reader's Query: Will buying an apartment before selling the existing one still allow me to claim long-term capital gains exemptio...
- Man surrendered tenancy rights for Rs 11 crore flat in redevelopment project; Income Tax dept issued notice but ITAT Mumbai ruled in his favour. Here's whyA Mumbai tenant received a Rs 11 crore apartment for giving up tenancy rights during redevelopment. The Income Tax department questioned th...
- Got more carpet area after property redevelopment? No income tax on extra carpet area if it meets a key conditionHomeowners can avoid income tax on additional carpet area received through property redevelopment. This is possible under Section 54 of the...
- Homebuyer sold redevelopment rights, got flats and Rs 1.6 crore, claimed Section 54 tax exemption, got notice from tax dept: He fights and wins case in ITAT MumbaiThe Income Tax Appellate Tribunal in Mumbai has made a noteworthy ruling regarding property redevelopment, stating that any extra space bou...
- Homeowners, not housing society, must pay capital gains tax on sale of development rights to builders, rules ITAT MumbaiThe Income Tax Appellate Tribunal Mumbai has ruled that individual homeowners are liable for capital gains tax when their housing society s...
- NBCC’s Kidwai Nagar project caught in GST crossfire between ministriesA GST demand on NBCC's escrow fund for the Kidwai Nagar redevelopment project has sparked a conflict between the Urban Development and Fina...
- Big relief for flat owners: No income tax payable if you get a new flat in exchange for old, rules Mumbai ITATA recent Mumbai ITAT ruling offers relief to homeowners in redevelopment projects. The tribunal held that receiving a new flat in exchange ...
- GoM meet in Goa: No further exemption in GST for long term land leaseThe Group of Ministers meeting in Goa decided against further GST exemptions on long-term land leases by private entities and sector-specif...
- Mumbai realtors ask state for GST reduction, Input Tax Credit on redevelopmentThe GST Council recently recommended reducing the tax rates while withdrawing the Input Tax Credit (ITC).
- Will realty get a push in Budget 2017?With the world's largest economy now being headed by a real estate industry insider, hopefully the industry will get the due recognition it...
- Should you downsize your home to fund your retirement?Often people concentrate so much on building this one asset that they forget to save enough for other important goals, like retirement.
- Supply chain scenario likely to alter with GST: PwC ReportBroadly, it is anticipated that GST will replace current complex central and state indirect taxes to create a seamless indirect tax at thre...
- Assocham calls for creating municipal bond market in IndiaChamber president Rana Kapoor has said India will need to invest $835 billion to meet its urban infrastructure requirement between 2013 and...
- Facing a big hit, property owners may move court against retrospective tax in MumbaiThe new capital value-based property tax system that comes into effect from April 2010 will impact more than two lakh properties in the cit...
- A welcome shift to investment-linked tax breaksIt is welcome the DTC Bill has rationalised tax incentives for infrastructure projects, so as to boost efficiency and transparency.
- Query Corner: TaxOur expert helps you Understand the Complexities of Tax In This Weekly Column. Email to etquerytax @indiatimes.com
- Query corner: TaxOur expert helps you understand the complexities of tax in this weekly column. Email to etquerytax@indiatimes.com
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