Fine Print

Max Life Penalised Rs55 Lakh

IRDA has levied a penalty of Rs55 lakh on Max Life for...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Strong Upmove

Apart from auto, most of the sectors rallied last fortnight

 

Moneylife Long...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Money Received by CHS from Additional FSI, TDR Not Taxable

The Bombay High Court (HC), in a recent judgement, has given a major relief for cooperative housing societies (CHSs) which have redeveloped their properties. The HC said that additional floor space index (FSI) or transfer of development rights (TDR), generated by change in development control regulations, is not a case of sale of development rights embedded in the land.

 

In Mumbai, hundreds of CHSs have buildings that have become old and dilapidated. The CHSs lack finance and technical expertise to repair the buildings and, therefore, seek the developer’s help to rebuild at his own cost and pay compensation to the CHS members in the form of corpus, rent and/or a larger area.

 

CHSs and the income-tax department have been locked in controversy regarding the taxability of such receipts. In this case, Sambhaji Nagar Cooperative Housing Society was asked to pay tax on Rs2.23 crore it received from the developer.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)