catchwords: redevelopment
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Whether Amount Received By The Members Of The Society On Transfer Of TDR Is Liable To Income Tax?
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.
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Whether Capital Gain Exemption Can Be Claimed In Exchange Of Property?
n case of development of property the capital gain arises as per terms of the agreement. Generally, the agreement provides that the developer has right to enter and construct on the land of owner and owner parts with land only on receipt of certain portion of building to be constructed. Till then possession of land is not parted with. In such case, the amount received is to be treated as advance.
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What Are The Capital Gains Implications Of Redevelopment Of Property?
In case of development of property the capital gain arises as per terms of the agreement. Generally, the agreement provides that the developer has right to enter and construct on the land of owner and owner parts with land only on receipt of certain portion of building to be constructed
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Are the sums offered by the builder for redevelopment of our co-op hsg society taxable?
No. If no ‘cost of acquisition’ is attributable to the development rights, the gains arising on their transfer are not assessable in either the hands of the society or in the hands of the members.