Browsing Tag

Section 56(2)(x)

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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 major win for homebuyers, the Maharashtra Real Estate Appellate Tribunal has directed CCI Projects to pay delay interest at SBI MCLR + 2% to two allottees in the Rivali Park Winter Green project, setting aside the MahaRERA order that had rejected their compensation claim. The Tribunal ruled that unilateral extensions of possession dates by the promoter are invalid and that buyers do not waive their rights by continuing payments.

Stamp Duty Value Much Higher Than What You Paid? This Mumbai Homebuyer Just Saved ₹31.76 Lakh in Tax

“Bought a house below stamp duty value? This Mumbai man saved ₹31.76 lakh in tax because the difference was brought under 10% with DVO valuation. Full case study on how homebuyers can protect themselves from Section 56(2)(x) tax demands.”
ITAT Mumbai has remanded a ₹14.44 lakh stamp duty addition for fresh adjudication after ruling that the assessee was denied proper opportunity and hearing in a hastily completed reassessment.

Tenant’s New Flat in Redevelopment Taxed?

Tenant’s new flat in redevelopment taxed? Landmark ITAT order that every Mumbai tenant whose building is going for redevelopment must read carefully.
“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.”
ITAT Mumbai rules that Section 56(2)(x) additions cannot be made without DVO valuation when stamp duty value is disputed due to title defects or encroachments.

Bought Property at Lower Price Due to Legal Issues? Stamp Duty Value Can’t Be Applied Blindly

ITAT Mumbai rules that Section 56(2)(x) additions cannot be made without DVO valuation when stamp duty value is disputed due to title defects or encroachments.