Tenant co-partnership co-operative housing societies - Whether legal ownership in flats can be said to vest in individual members themselves and not in co-operative society

Tenant co-partnership co-operative housing societies - Whether legal ownership in flats can be said to vest in individual members themselves and not in co-operative society https://www.taxtmi.com/circulars?id=4420 The Board advised that where purchasers pay for flats during construction, receive possession, form a co operative society which is thereafter allotted tenancy rights corresponding to flats purchased, the legal ownership of those flats can be regarded as vesting in the individual members. For purposes including assessment of income from house property and attachment and recovery of tax, the individual members should be treated as the legal owners rather than the society. en-us Tue, 25 Mar 1969 00:00:00 +0530 Sat, 09 Aug 2008 10:29:00 +0530 TaxTMI RSS Generator Tenant co-partnership co-operative housing societies - Whether legal ownership in flats can be said to vest in individual members themselves and not in co-operative society https://www.taxtmi.com/circulars?id=4420 The Board advised that where purchasers pay for flats during construction, receive possession, form a co operative society which is thereafter allotted tenancy rights corresponding to flats purchased, the legal ownership of those flats can be regarded as vesting in the individual members. For purposes including assessment of income from house property and attachment and recovery of tax, the individual members should be treated as the legal owners rather than the society. Circulars Income Tax Tue, 25 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4420