Browsing Tag

Income Tax

9 posts
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.

Can A Residential Flat Used As Clinic Claim Capital Gains Exemption, Meant for Commercial Property?

ITAT holds that using a residential flat as a clinic does not make it eligible for Section 54F exemption, but directs fresh consideration under Section 54.
Should capital gains on a flat be calculated from the allotment letter date or registration date? ITAT Mumbai says allotment letter date prevails, giving major relief to homebuyers in a key order.

Allotment Letter Date or Registration Date: ITAT Mumbai Clarifies Key Rule for Capital Gains Tax on Flats

Should capital gains on a flat be calculated from the allotment letter date or registration date? ITAT Mumbai says allotment letter date prevails, giving major relief to homebuyers in a key order.
A cancelled property deal, Rs 40 lakh in cash deposits, and a developer who went silent — how an Ambernath woman finally won her tax battle at ITAT Mumbai.

Property Deal Gone Wrong: Rs 40 Lakh Cash Deposit Lands Ambernath Woman in Tax Trouble

A cancelled property deal, Rs 40 lakh in cash deposits, and a developer who went silent — how an Ambernath woman finally won her tax battle at ITAT Mumbai.
A loving addition of a wife's name to a property deed led to a shocking ₹70 lakh capital gains tax notice nearly 10 years later—despite the husband declaring the full sale. ITAT Mumbai remands the matter for verification, offering hope to avoid double taxation in this relatable family tax cautionary tale.

Added Wife’s Name in Property Out of Love? Got ₹70 Lakh Tax Notice

A loving addition of a wife’s name to a property deed led to a shocking ₹70 lakh capital gains tax notice nearly 10 years later—despite the husband declaring the full sale. ITAT Mumbai remands the matter for verification, offering hope to avoid double taxation in this relatable family tax cautionary tale.
Bollywood star Preity Zinta has sold her 11th-floor apartment in Bandra for ₹18.50 crore. The luxury residence was part of a redevelopment deal for her original 1999 property in the 'Parishram' building.

Preity Zinta Wins Big: ₹10.84 Crore Tax Addition Deleted in Quantum Park Flat Sale Controversy

In a landmark ruling, the Income Tax Appellate Tribunal has fully exonerated Preity Zinta in a ₹13-crore “circular transaction” case linked to the 2016 sale of her Quantum Park flat, ruling that the funds were part of genuine loan restructuring and not unaccounted income. The actress gets complete relief after a decade-long fight with the tax department.