Case Law Details
Case Name : ITO Vs Kirit Raojibhai Patel (ITAT Mumbai)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Mumbai
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ITO Vs Kirit Raojibhai Patel (ITAT Mumbai)
Sale of transferable development rights did not attract capital gains tax since the cost of acquisition for the same did not exist.
Held: AO held that transferable development rights (TDRs) arising out of an existing land was an immovable property, the transfer of such TDRs amounted to transfer of a long term capital asset, and hence assessee was liable to be taxed for the consideration received on them under the head “Capital gains.” Assessee had challenged the additions made to his income before CIT (A). CIT (A) held that the sale of TDR...
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Author Bio
During 2023-24 my land has been taken by the Municipal Corporation under compulsory land acquisition scheme for the use of public and issued TDR. So please let me know weather the sale of TDR is taxable under income tax act in this compulsory land acquisition scheme.