Max Life Penalised Rs55 Lakh
IRDA has levied a penalty of Rs55 lakh on Max Life for...
Apart from auto, most of the sectors rallied last fortnight
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.