Exemption under section 5(1)(iv) affirmed for members whose cooperative is merely lessee, subject to verification. Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments ... Summary
Exemption under section 5(1)(iv) affirmed for members whose cooperative is merely lessee, subject to verification.
Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments so that substantive legal ownership vests in the members, the exemption under section 5(1)(iv) applies; Wealth-tax Officers must scrutinise tenant co-partnership societies to verify that the society is merely lessee and members are the real owners before allowing the exemption.
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