Taxability of Real Estate transactions

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Purchase of more than one house • Benefit restricted to only one house KC Kaushik v. ITO (1990) 185 ITR 499 (Bom) • KG vyas v. ITO 16 ITD 195 ( ITAT- Mum) • The controversy and the judicial precedents above was on section as it stood before amendment by The Finance Act, 1982 where benefit was restricted to “a a house property for the purpose of his own residence”
Purchase of more than one house • The General Clauses Act, 1897: Section 13(2): “words in the singular shall include the plural, and vice versa” • The article “a” is not necessarily a singular term. It is often used in the sense of any, and when so used it may be applied to more than one individual object- National Union Bank v. Copeland 4NE 794 • Two adjacent flats; Held allowable; D. Anand Basappa v. ITO (2004) 91 ITD 53 (Bang.) • Held allowed only for one flat; Gulshanbanoo R. Mukhi v. JCIT (2002) 83 ITD 649 (ITAT- Mum) • Held: Not allowable except in the case of adjacent & contiguous flats; ITO v. Mrs Sushila M. Jhaveri 107 ITD 327 (ITAT- Mum. SB)
Page 1 and 2: Taxability of Real Estate transacti
Page 3 and 4: Reference to Valuation Officer •
Page 5 and 6: Section 142A • To estimate the va
Page 7 and 8: Section 50C • Value for the purpo
Page 9 and 10: Questions • Whether AO can refer
Page 11 and 12: Consequences of higher valuation by
Page 13 and 14: Understatement of consideration •
Page 15 and 16: Consequences • K.P. Verghese v. I
Page 21 and 22: Conclusion • AO can refer such ca
Page 23 and 24: Exemption U/s 54 Capital Gains > Co
Page 25 and 26: Profit on sale of capital asset oth
Page 27 and 28: Exemption U/s 54F Net consideration
Page 29 and 30: Cost of plot • Whether cost of pl
Page 31: Purchase of more than one house •
Page 35 and 36: Execution of sale deed • Payment
Page 37 and 38: Section 54F • Pre condition that
Page 39 and 40: Non residential use of house • Ho
Page 41 and 42: Collaboration agreement • Whether
Page 43 and 44: Payment for SFS/ CGHS flat • Whet
Page 45 and 46: Construction with in 3 years • As
Page 47 and 48: Transformation of an asset • Asse
Page 49 and 50: Death of the assessee • Legal hei
Page 51 and 52: Farm House • Whether a farm house
Page 53 and 54: Capital asset acquired u/s 49 • E
Page 55 and 56: Capital Gains Scheme • Funds give
Page 57 and 58: Section 54GA • Shifting from urba
Page 59 and 60: Agricultural Land • What is agric
Page 61 and 62: Implications • How the distance t
Page 63 and 64: Agricultural land Section 10(37)
Page 65 and 66: Issues Section 54B • Exemption on
Page 67 and 68: Conversion of capital asset into st
Page 69 and 70: Transfer of capital asset • By pa
Page 71 and 72: Transfer by Firm to the Partner Sec
Page 73 and 74: Admission of a partner • Partner
Page 75 and 76: Admission after revaluation • Rev
Page 77 and 78: Section 45 (4) • Whether transfer
Page 79 and 80: Family settlement • Bona fide set
Page 81 and 82: Mode of Computation of Capital Gain
Page 83 and 84:
Developers of Real Estates • Tran
Page 85 and 86:
Agreement • Agreement to sell may
Page 87 and 88:
Recognition of Revenue & Expenses I
Page 89 and 90:
Reliable estimates possible Total R
Page 91 and 92:
Advance money received Section 51 -
Page 93 and 94:
Treatment of advance • Cost of ac
Page 95:
Presentation by Mr Sunil Arora aror
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Taxability of Real Estate transactions

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