Case Law Details
Case Name : Income Tax Officer Vs Mrs Hajra I Memon (ITAT Mumbai)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
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Whether conversion of tenancy rights into ownership right falls under the realm of ‘transfer’ as envisaged in section 2(47) of the Act.
The assessee was accepted as a tenant by the co-owners and as per the well settled law on this issue the tenancy cannot be equated with the ownership. The ownership is the bundle of rights but rights of the tenants are limited. Admittedly, the assessee’s tenancy was converted into ownership and that can be the subject matter of the capital gain as it is a ‘transfer’ within the meaning of section 2(47) r.w.s. 45 of the I.T. Act.
INCOME TAX APPELLATE T...
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Hi respected, I have a query here plz help me better understand.
I am over to 30 years of age and he have leaved in a property for more than 50 years, to the best of my knowledge ever since I was conscious inhalf to understand we have never been paying rent also we filled out land tax untill, as our landlord never known. now after all these years some unknown bulder person claiming to be the landlord and is asking us to vacate, how does it stand on indian law, could we claim. Needed advice
Important . capital gains on conversion fo tenancy into ownership