Value of FSI and TDR not to be included in Land Value u/s 50C of IT Act

Generally, the provisions of Indian tax laws provide that transfers of immovable property must be at a fair valuation. However, the Income Tax Appellate Tribunal (‘ITAT’), Mumbai Bench, has ruled, in Income-tax Officer v. Shri Prem Rattan Gupta, that the value of TDR and FSI cannot be the subject mattter of section 50C of the Income Tax Act, 1961.

Section 50C of ITA not applicable to transfer of Immovable Property held through Co.

In Irfan Abdul Kader Fazlani vs. ACIT (ITAT Mumbai) (Entire order available here) the assessee was the shareholder of a company called Kamala Mansion Pvt. Ltd (KMPL). KMPL owned flats in a building known as Om Vikas Apartments, located at Walkeshwar Road, Mumbai- 400 026. The assessee sold the shares for a sum of approximately  Rupees Thirty Seven Lakhs and Fifty One Thousand Only and capital gains were offered on that basis. The AO & CIT(A) held that by the sale of shares in the company, the assessee had in actual fact transferred the immovable property belonging to him, and it was merely an indirect way of transferring the flats, for lesser consideration

Good WILL Hunting- The Importance of Making a Will - Sample Will Format

How to make a Will document & Sample Will Format:

No one escapes death
The least we can do is prepare for it
Image taken from here

You love your family? Then what are you doing about it? Do you want to leave your wealth and let your loved one’s fight with each other to get their shares. Such cases are very common. I don’t want to take names (<cough>Ambanis).

When a will is not made, the property of the deceased is distributed in accordance with the laws of succession which may not be as per the wishes of the Testator (The person who makes a will), and also such cases frequently land in court or are settled after long negotiations. The end result – separations among your once "undividable" relatives and a waste of all of their time, money and efforts. A common mistaken belief is that