Browsing Tag

redevelopment tax case

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In a pro-justice move, MahaREAT condoned delay in a homebuyer's appeal, recognizing MahaRERA's error in awarding possession instead of the requested refund, and will now hear the matter on merits to prevent injustice on technical grounds.

Got Extra Carpet Area in Redevelopment? No Income Tax — If Conditions Are Met

In a key ruling involving CA Divyesh Ramniklal Muni, ITAT Mumbai held that extra carpet area received in redevelopment is not taxable if purchased at a documented cost and Section 54 conditions are fulfilled.
In a major redevelopment-taxation ruling, the ITAT Mumbai held that redevelopment benefits belong to flat owners, not the society. The Tribunal rejected the Income Tax Department’s ₹4.97 crore capital gains demand.

Income Tax Tribunal Rules: Redevelopment Gains Not Taxable for Housing Societies; Crucial Shield for Flat Owners

In a major redevelopment-taxation ruling, the ITAT Mumbai held that redevelopment benefits belong to flat owners, not the society. The Tribunal rejected the Income Tax Department’s ₹4.97 crore capital gains demand.