|QUERY:||Our Housing Society is going for redevelopment by purchasing TDR in the name of society. Builder has offered us 1 crore as corpus fund and 1 crore for members fund @ 1 lakh each. We are 105 members I want to know the exact provision of I. T. Act and whether we need to pay Income Tax on such amount please quote any judgments if any?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Housing Society, redevelopment, Transfer of TDR|
From the facts, it is clear that Hsg. Soc. is going for redevelopment. For which the society has purchased TDR. The said TDR it wants to give for development. For which the developer/builder gives Rs. 1/- crore to society as corpus fund and Rs. 1/- lakh cash to the members of the society.