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Section 56(2)(x) is described as applying only when immovable...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed income.
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Section 56(2)(x) is described as applying only when immovable property is actually received during the relevant previous year. Execution and registration of a redevelopment agreement, without completed construction, possession, or enjoyment of permanent alternate accommodation, creates a contractual right to future accommodation rather than receipt of immovable property. Allotment of such accommodation in exchange for relinquishment of tenancy rights is characterised as a reciprocal commercial exchange, not a transfer without consideration. The discussion further states that the charging deeming fiction requires strict construction and should not be extended to this redevelopment arrangement.
Section 56(2)(x) is described as applying only when immovable property is actually received during the relevant previous year. Execution and registration of a redevelopment agreement, without completed construction, possession, or enjoyment of permanent alternate accommodation, creates a contractual right to future accommodation rather than receipt of immovable property. Allotment of such accommodation in exchange for relinquishment of tenancy rights is characterised as a reciprocal commercial exchange, not a transfer without consideration. The discussion further states that the charging deeming fiction requires strict construction and should not be extended to this redevelopment arrangement.
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