banner_ad

Transfer premium of housing societies

This query is : Resolved 
Profile Image

Profile Image

(Querist)
12 September 2016 Transfer premium received by housing societies shall be considered as balance sheet item or income and expenditure item ???
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
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
Profile Image

PRATIKSHA

Profile Image

PRATIKSHA (Querist)
13 September 2016 ya sir understood. thank you so much.
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
13 September 2016 You are most welcome.
Profile Image

PRATIKSHA

Profile Image

PRATIKSHA (Querist)
14 September 2016 sir i want to know under which section we can claim exepmtion of transfer premium ?????
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details