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Conversion of tenancy to ownership
We are 10 tenants in kolkata which is 65 year old building. Tenants & landlord have agreed for conversion from tenancy to ownership @ Rs.1000 sq feet approx while circle value showing apr Rs. 4500. Huge diff. We had complain to IGR but all in vain. if we do registry then file it return then will get notice from IT for sure as per our CA. pls help
Replies (2)
Quick Summary
Generally tenant do not declare the transaction in ITR as it is not sell transaction. But the landlord will get notice which he has to clarify about the old tenants encroachment. For you there is no alternative.
I guess u are mistaken. we are paying cheque to landlord & he is selling to us. since we are more than 30 years old tenant, we are getting at discounted rate.
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