Income tax
This query is : Resolved
08 October 2012
A LANDLORD ENTERED INTO DEVELOPMENT AGREEMENT WITH BUILDERS ON 6/3/2005 AND RECIEVED TOKEN AMOUNT THE LAND BEING SURPLUS LAND AND REQUIRE TO COMPLETE GOVT FORMALITIES TO START CONSTRUCTION WORK AND THEREFORE THE BUILDERS HAS GIVEN THE BALANCE AMT BY CHEQUE IN THE YEAR 2009 & 2010 AND ALSO CONSTRUCTED FLAT IN KIND IN THE YEAR 2012 THE FOLLOWINGS POINTS TO BE ANSWERED
1) IN WHICH YEAR LONGTERM CAPITAL GIAN ARISE WHETHER 2005 OR THE YEAR IN WHICH CONSIDERATION RECVD
2) WHETHER THE FLAT RECVD CAN BE CLAIMED U/S 154 BEING INVESTMENT IN RESIDENTIAL UNITS
1) IN WHICH YEAR LONGTERM CAPITAL GIAN ARISE WHETHER 2005 OR THE YEAR IN WHICH CONSIDERATION RECVD
2) WHETHER THE FLAT RECVD CAN BE CLAIMED U/S 154 BEING INVESTMENT IN RESIDENTIAL UNITS
Amol S Joglekar
(Expert)
08 October 2012
01. Under the developement agreement kind of cases, the "possession" plays a PIVOTAL role. 02. The exemption u/s 54 can very well be claimed subject to however the time conditions set in the same section.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Foriegn assets disclosure
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
