Taxability of Real Estate transactions

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Interest on borrowings • Revenue expenditure • Allowable u/s 57 or u/s 24 of the Act • Balance interest can be taken as allowable deduction for calculation of capital gains • CIT v. Mithlesh Kumari (1973) 92 ITR 9 (Del) Addl CIT v. K.S.Gupta (1979) 119 ITR 372 CIT v. Mithreyi Rai (1989) 152 ITR 247 (Ker( Ker) Vasanji Sons & co Pvt Ltd (1975) 99 ITR 148 (Del)
Developers of Real Estates • Transactions take place over years. – Pre-launch – Booking of apartment – Buyer’s s agreement – Sale deed • When income to be recognised in the hands of the developer
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Taxability of Real Estate transacti
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Reference to Valuation Officer •
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Section 142A • To estimate the va
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Section 50C • Value for the purpo
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Questions • Whether AO can refer
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Consequences of higher valuation by
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Understatement of consideration •
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Consequences • K.P. Verghese v. I
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Conclusion • AO can refer such ca
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Exemption U/s 54 Capital Gains > Co
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Profit on sale of capital asset oth
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Exemption U/s 54F Net consideration
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Cost of plot • Whether cost of pl
Page 31 and 32: Purchase of more than one house •
Page 33 and 34: 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: Mode of Computation of Capital Gain
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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