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2013 (12) TMI 235 - ITAT MUMBAIWhether transfer of transferable development rights (by way of additional floor space index) chargeable to tax under the head "Capital gains" – The society in which the assessee has acquired the flat became entitled to the right to allow the usage of additional floor space index (FSI) of an area equivalent to existing floor space index - The transferable development rights were sold to the builder for a consideration - Held that:- Following Jethalal D. Metha [2005 (1) TMI 595 - ITAT MUMBAI] - Even though the transfer of transferable development rights amounts to transfer of a capital asset - The same cannot be subjected to tax under the head 'Capital gains' - There is no cost of acquisition in acquiring the right which has been transferred – Decided against Revenue.
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