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Income Tax - Highlights / Catch Notes

Home Highlights June 2017 Year 2017 This

The consideration received by the assessee on sale of ...

Income Tax

June 8, 2017

The consideration received by the assessee on sale of development right which was acquired under Development Control Regulations is not assessable for capital gain tax. - AT

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  1. Taxability of surplus on sale of Development Rights – This is LTCG, but, does not entail any capital gain tax, as there was no cost involved with the assessee's CHS - AT

  2. Levy of GST - sale of Transferable Development Rights (TDR)/ Floor Space Index (FSI) received as consideration for surrendering the joint rights in land in terms of...

  3. Levy of service tax on TDR / Transfer of land development rights - as the appellant has not acquired any land development right from DCPC, then how the appellant can...

  4. Applicability of Section 50C of the Act - sale of development rights are not subject to section 50C i.e stamp valuation - AT

  5. Sale of hotel development rights - Capital gains - Section 45 read with section 47(v) - transfer of the capital assets from a wholly-owned subsidiary company to its...

  6. Depreciation on intangible asset representing acquisition of business contract - assessee has also acquired contractual rights which, no doubt, is a valuable commercial...

  7. Depreciation on the non-compete rights - the commercial right thus acquired by the assessee unambiguously falls in the category of an 'intangible asset' - AT

  8. Nature of capital gain - long term vs short term - recognition of consideration given by earlier agreement of development rights in land in the later registered document...

  9. Levy of GST - taxable supply or not - sale of Transferable Development Rights (TDR)/ Floor Space Index (FSI) received as consideration for surrendering the joint rights...

  10. Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said...

 

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