Transfer premium of housing societies
This query is : Resolved
12 September 2016
Transfer premium received by housing societies shall be considered as balance sheet item or income and expenditure item ???
13 September 2016
The CAP /limit is set by the respective States on the charging of Transfer premium.
The premium accepted over and above such CAP / limit is taxable under income tax.......so this is Revenue receipt.
The premium accepted within the CAP /limit is not taxable under income tax...... treat this as capital receipt
The premium accepted over and above such CAP / limit is taxable under income tax.......so this is Revenue receipt.
The premium accepted within the CAP /limit is not taxable under income tax...... treat this as capital receipt
13 September 2016
You are most welcome.
14 September 2016
sir i want to know under which section we can claim exepmtion of transfer premium ?????
14 September 2016
https://taxguru.in/income-tax/transfer-fees-received-cooperative-housing-society-exempt-incometax-principle-mutuality.html
https://timesofindia.indiatimes.com/city/mumbai/Housing-society-need-not-pay-tax-on-transfer-fees/articleshow/45802317.cms
https://taxheal.com/taxability-of-premium-received-by-society-on-transfer-of-plots.html
please go through the links
https://timesofindia.indiatimes.com/city/mumbai/Housing-society-need-not-pay-tax-on-transfer-fees/articleshow/45802317.cms
https://taxheal.com/taxability-of-premium-received-by-society-on-transfer-of-plots.html
please go through the links
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