housing society

The assessee co-op housing society gave permission to a developer to construct 2 floors and 8 flats on the building belonging to the society by using the TDR / FSI available to the developer. In consideration, the developer paid Rs. 26 lakhs to the assessee and Rs. 66 lakhs to its members aggregating Rs. 92 lakhs. The AO took the view that the assessee had relinquished its right “to load TDR and construct additional floors” and as there was no cost of acquisition, t.. Full Article

# As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (‘DCR’), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the following manner: Full Article

In a path-breaking judgment, the Bombay high court has held that even a single dissenting member of a cooperative housing society cannot be thrown out by a builder based on a mere development agreement with the society and a majority of the flat owners in it for redevelopment of the building. Full Article

CASE LAW DETAILS Decided by: HIGH COURT OF DELHI,  In The case of: VIPIN MALIK (HUF) v. CIT,  Appeal No.:,  ITA NO. 1241/2007, Decided on: AUGUST 7, 2009 RELEVENT PARAGRAPH The appellant/assessee, which is a HUF, sold its agricultural land for Rs.14,28,400/ – in September, 1995 giving rise to a long term capital gain of Rs.9,67,412/ [...] Full Article

CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCHES `E’, MUMBAI, In The case of: The Jai Hind Co-op Housing Society Ltd. V.ITO, Appeal No.: ITA NO. 88/Mum/2006,  Decided on: December 17, 2008 RELEVENT PARAGRAPH 7. We have the rival submissions and perused the records. During the year under consideration the assessee society had claimed as [...] Full Article

Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Muslim, has one more quarter to turn to for help. The model bye-laws framed by the state government under the Maharashtra Cooperative Societies Act hold that a person does not require a no objection certificate (NOC) from the society at the time of transfer of a flat. Full Article

Many co-operative housing societies collecting transfer premium from the transferee would heave a sigh of relief by the Mumbai High Court decision dated 17th July, 2009. So far the income tax authorities in the State of Maharashtra and the Mumbai Tribunal were following the Mumbai Special Bench Decision in the case of Walkeshwar Triveni CHS wherein it [...] Full Article