Content
BOOK 1-RERA
1. Introducing RERA 2
2. Terminologies Defined 11
3. Registration of Real Estate Project 18
4. ESCROW Account 18
5. Duties of Promoter 30
6. Rights of Allottees 33
7. Duties of Allottees 43
8. Registration of Real Estate Agent 44
9. Obligations and Functions of Real Estate Agent 50
10. Real Estate Regulatory Authority 52
11. Appellate Tribunal 63
12. Offences and Prosecution 63
13. Adjudication of Compensation 67
14. Interest and Refunds 70
15. Miscellaneous 72
16. Form of Applications as per Maharashtra Rules 75
17. Model Agreement 88
BOOK 2-BENAMI
18. Background and Happening of Benami Act 123
19. Determination and Identification of Transaction Being Benami 130
20. Principles Emerging From Decided Cases 142
21. Benami Property 154
22. Benamidar and Beneficial Owner 156
23. Character of Property Acquired/Held in Relative's Name 168
24. Property Held in a Fiduciary Capacity 177
25. Power of Attorney Transactions 182
BOOK 3-ACQUISITION OF REAL ESTATE
26. Modes of Acquiring Real Estate 193
27. Title of Real Estate 216
28. Ownership of Real Estate 222
29. Acquisition or Transfer of Immovable Property in India by a Person Resident Outside India 232
30. Acquisition or Transfer of Immovable Property Outside India by Person Resident in India 240
31. Registration of Real Estate-Pre-requisite to Acquisition 243
BOOK 4-INCOME TAX CONSEQUENCES OF REAL ESTATE TRANSACTIONS
PART 1-PROPERTY INCOME CHARGEABLE AS HOUSE PROPERTY INCOME
32. Chargeability of Income from House Property 259
33. Ownership as Condition Precedent 269
34. Property Used for Business or Profession Carried Out by Owner and Chargeability of Annual Value 276
35. Annual Value – General 281
36. Taxability of Annual Value of Property Owned by Partner and Occupied by Firm for Business/Property Owned by Firm Itself 288
37. Annual Value of Unsold Flats 290
38. Annual Value of a Let Out Property 293
39. Annual Value of Self-occupied Property 309
40. Ad-hoc Deduction From Annual Value 315
41. Deduction for Interest on Borrowed Capital 318
42. Other Issues 333
43. Tax Planning in Respect of Property Income 337
44. Deduction in Respect of Interest on Loan Taken for Residential House Property [Section 80EE) 340
PART II-NATURE OF INCOME FROM LETTING OUT OF PROPERTIES AND TDS ISSUES
45. Nature of Income from Letting Out of Properties-Head of Income Controversy 343
46. Rental Income Held to be Income From House Property 349
47. Income Not Chargeable as Property Income but Held Chargeable as Business Income 377
48. Rental Income Held to be Income From Other Sources 398
49. Income from Construction and Management of Shopping Malls, Business Centres and Departmental Stores-Property Income or Business Income 405
50. Letting Out Premises for Business 414
51. Rental Income From Letting Out Building With or Without Amenities 419
52. Composite Letting of Building and Implications of Section 56(2)(iii) 423
53. Taxability of Lease Transactions 432
54. Tax Deduction at Source Under Section 194-1 443
55. TDS on Rent Payment by lndividuals/HUFs in Certain Cases [Section 194-IB) 461
PART III-TAX IMPLICATIONS OF TRANSFER OF IMMOVABLE PROPERTY
Section A- Transfer
56. Provisions Relating to Transfer under Income Tax Act 466
57. Sale as Mode of Transfer 475
58. Exchange as Mode of Transfer 480
59. Relinquishment as Mode of Transfer 485
60. Extinguishment as Mode of Transfer 489
61. Where Transfer Held to Exist 491
62. Agreement to Sale with Possession of Immovable Property 499
63. Acquiring or Transfer of Flat Via Membership of Housing Society or Via Shares of Company 517
64. Lease as Mode of Transfer 520
65. Mortgage as Mode of Transfer 526
66. Transactions Not Regarded as Transfer 535
Section 8-Special Situations Vis-a-vis Transfer and Convers ion
67. Taxability of Gains from Transfer of Immovable Property 546
68. Insurance Claim on Destruction of Property 574
69. Conversion of Capital Asset into Stock-in-Trade 580
70. Tax Consequences of Transfer of Immovable Property Held as Stock-in-Trade 587
71. Contribution of Property to Firm/AOP/BOI 592
72. Transfer of Capital Assets on Dissolution of Firm/AOP/BOI 596
73. Compulsory Acquisition of Immovable Property 611
74. TDS on Compulsory Acquisition of Immovable Property [Section 194LA] 633
75. Distribution of Assets by Company in Liquidation 634
76. Taxation of Capital Gain Treating Land and Superstructure as Separate Assets 640
77. Taxability of Capital Gain in the Hands of Co-Sharers Where Ancestral Property Sold by Co-sharers 644
78. Property Taken on Rent, Thereafter Acquired and Subsequently Sold-Taxation of Capital Gains 647
Section C-Tax Relief in Respect of Gain Arising from Transfer
79. Deduction Under Section 54 650
80. Transfer of Land Used for Agricultural Purposes [Section 54B] 666
81. Compulsory Acquisition of Land and Building [Section 54D] 671
82. Investment in Specified Bonds [Section 54EC] 674
83. Deduction of LTCG Arising from Transfer of Long-term Asset Where Investment Made in Units of Specified Fund [Section 54EE] 682
84. Determination of and Amount of Exemption Under Section 54F [Section 54F] 684
85. Transfer of Assets on Shifting of Industrial Undertaking from Urban Area [Section 54G] 700
86. Transfer of Assets on Shifting of Industrial Undertaking from Urban Area to Special Economic Zone [Section 54GA] 705
87. Capital Gains from Transfer of Residential House in Certain Cases [Section 54GB] 707
88. Extension of Time for Acquiring New Asset or Depositing in Capital Gain Accounts Scheme [Section 54H] 711
89. Capital Gain Accounts Scheme 712
Section D-Other Issues Connected with Owning or Transfer of Immovable Property
90. TDS on Property Transactions [Section 194-IA] 717
91. Taxing Value of Property Received in Kind in the Hands of Individual or HUF in Certain Cases 720
PART IV-IMPLICATIONS OF SECTION SOC ON REAL ESTATE SECTOR
92. Deeming Full Value of Consideration in Case of Land or Building or Both 730
93. Applicability of Section SOC in Varying Situations 739
94. Rights in Property and Applicability of Section SOC 748
95. Extension of Scope of Section SOC to Purchaser 753
96. Reference to Valuation Officer Vis -a-Vis Section SOC 760
PART V-LAND DEVELOPMENT AGREEMENTS (LDA), TRANSFERABLE DEVELOPMENT RIGHTS AND TAX RELIEF FROM HOUSING PROJECTS
Section A-Land Development Agreements and Transferable Development Rights
97. Land Development Agreements Scheme 784
98. Relevant Provisions 78S
99. Point of Time of Taxation of Gain Arising Due . to Land Development Agreement (LDA) 794
100. Accrual and Nature of Gain under Land Development Agreement 804
101. Year of Chargeability of Gain Under Land Development Agreement 81S
102. Landmark Land Development Agreement Decisions 819
103. Issues Allied to Land Development Agreements 831
104. Sale of Transferable Development Rights (TDR) 833
10S. Sample Land Development Agreements 836
Section B-Tax Relief from Housing Projects
106. Deduction in Respect of Profits from Housing Projects [Section 80-IBA] 855
107. Case Law Generated Principles as to Profits from Development of Housing Projects 861
BOOK 5-GST PERSPECTIVE
108. Overview of GST 880
109. Levy and Collection of Tax 888
110. Supply-Meaning and Scope 893
111. Levy of Tax on Reverse Charge Basis 903
112. Tax Deduction at Source 917
113. GST on Construction and Real Estate Development Transactions 920
114. GST on Works Contract Service 934
115. GST on Renting and Leasing of Immovable Property 939