Browsing Tag

Income from Other Sources

3 posts
ITAT Mumbai has given major relief to homebuyers by holding that stamp duty value on the date of allotment, and not registration, must be considered under Section 56(2)(x) when part payment is made through banking channels at the time of booking.

Stamp Duty Value on Date of Allotment to be Considered, Not Registration Date – Big Relief for Homebuyers

ITAT Mumbai has given major relief to homebuyers by holding that stamp duty value on the date of allotment, and not registration, must be considered under Section 56(2)(x) when part payment is made through banking channels at the time of booking.
In a landmark order, the Maharashtra State Co-operative Appellate Court has upheld the removal of 50 defunct members from Irla CHS records, ruling that membership automatically ceases upon transfer of interest during redevelopment.

Society Told to Pay ₹11.38 Crore as Income from Redevelopment

In a major relief to housing societies, ITAT Mumbai has ruled that a Goregaon co-op society need not pay ₹11.38 crore tax on a 2015 redevelopment agreement that never materialised. The Tribunal held that notional stamp duty value does not constitute real income for the society.
“Bought two flats for ₹2.25 crore in 2007. Received tax notice for ₹5.80 crore in 2020 just because stamp duty value jumped. How a single DVO report and the 10% tolerance rule saved both brothers from a massive tax bill — the full story.”

Bought Flats For ₹2.25 Crore, Received IT Dept Notice of ₹5.80 Crore

“Bought two flats for ₹2.25 crore in 2007. Received tax notice for ₹5.80 crore in 2020 just because stamp duty value jumped. How a single DVO report and the 10% tolerance rule saved both brothers from a massive tax bill — the full story.”