Deemed ownership expanded to include allotment under housing schemes, part-performance possession, and certain transaction-based property rights. Amendment substitutes clause to extend deemed ownership for tax purposes to three categories: members allotted or leased buildings under house-building schemes; persons allowed possession in part performance of qualifying property contracts; and persons acquiring rights in or with respect to a building through specified transaction-based transfers (excluding short-term month-to-month leases). These categories are treated as owners for income-tax purposes, recognising allotment, part-performance possession, and certain transaction-derived rights as creating taxable ownership interests.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed ownership expanded to include allotment under housing schemes, part-performance possession, and certain transaction-based property rights.
Amendment substitutes clause to extend deemed ownership for tax purposes to three categories: members allotted or leased buildings under house-building schemes; persons allowed possession in part performance of qualifying property contracts; and persons acquiring rights in or with respect to a building through specified transaction-based transfers (excluding short-term month-to-month leases). These categories are treated as owners for income-tax purposes, recognising allotment, part-performance possession, and certain transaction-derived rights as creating taxable ownership interests.
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