Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
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The article examines whether a flat allotted on surrender of tenancy rights was taxable as income under the residuary receipt provision or constituted consideration for transfer of a capital asset entitling the taxpayer to residential property exemption. On the facts, documentary and statutory verification established genuine continuous tenancy and rejected a sham finding. The surrender of tenancy rights was held a transfer of a capital asset, the flat allotment constituted consideration for that transfer and therefore attracted capital gains treatment rather than residuary income taxation. The investment in the allotted residential flat met the conditions for exemption under the residential property exemption provision.
The article examines whether a flat allotted on surrender of tenancy rights was taxable as income under the residuary receipt provision or constituted consideration for transfer of a capital asset entitling the taxpayer to residential property exemption. On the facts, documentary and statutory verification established genuine continuous tenancy and rejected a sham finding. The surrender of tenancy rights was held a transfer of a capital asset, the flat allotment constituted consideration for that transfer and therefore attracted capital gains treatment rather than residuary income taxation. The investment in the allotted residential flat met the conditions for exemption under the residential property exemption provision.
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