Q-1. IS PAGDI OFFICIAL NOW?
ANS:- YES. THE MAHARASHTRA RENT CONTROL ACT,1999 HAS LEGALISED THE RECEIVING OF ANY
PAYMENT OF PAGDI.
Q-2. WAS IT LEGAL THEN IN 1960?
ANS:- AS PER BOMBAU RENT ACT, IT WAS ILLEGAL TO TAKE AS WELL AS PAY PAGDI.HOWEVER, AS
PER MAHARASHTRA RENT CONTROL ACT,1999,PAGDI HAS BECOME LEGAL.
Q-3. IF IT WAS NOT OFFICIAL THEN WHAT IS THE COST OF PURCHASING FOR THE TENANT?IS IT
NIL?(SINCE NO DOCUMENT CAN SUPPORT THE TRANSACTION OF PAGDI)
ANS:_ IF MONEY IS NOT PAID OFFICIALLY THEN COST OF ACQUISITION WILL BE TAKEN AS
NIL.HOWEVER, IN CASE SOME AMOUNT HAS BEEN PAID OFFICIALLY,THEN OFCOURSE,HE CAN CLAIM
THE COST OF ACQUISITION ALONG WITH INDEXATION.
Q-4. IS HE LIABLE FOR CAPITAL GAINS TAX AT ALL?
ANS:-AFTER 1994, THE AMOUNT RECEIVED ON SURRENDER OF TENDANCY IS SUBJECT TO CAPITAL
GAINS TAX DEPENDINGS UPON THE HOLDING PEROD.IF THE TENANCY PERIOD IS LESS THAN THREE
YEARS THEN THE CAPITAL GAINS SHALL BE SHORT TERM CAPITAL GAINS AND SHALL FORM A PART
OF THE TOTAL INCOME OF THE ASSESSEE.HOWEVER, IF THE TENANCY PERIOD IS MORE THAN THE
THREE YEARS THEN THE SAME SHALL BE TREATED AS LONG TERM CAPITAL GAINS AND SHALL FORM
A PART OF THE TOTAL INCOME THERETO SUBJECT TO DEDUCTIONS UNDER SECTION 54EC, 54F ect.
SECTION 54EC:-
THE ASSESSEE CAN INVEST AN AMOUNT UPTO RS.50 LAKHS IN NHAI/ RECL BONDS
WITHIN 6 MONTHS FROM DATE OF TRANSFER OF TENANCY RIGHTS.SUCH INVESTMENTS
AMOUNT(UPTO RS.50 LAKHS) CAN BE CLAIMED AS AN EXEMPTION UNDER SECTION 54EC OF THE IT
ACT, 1961. HOWEVER, THE INTEREST EARNED ON SUCH BONDS THEREAFTER, WHICH MAY RANGE
BETWEEN 6% p.a. to 7% p.a. IS TAXABLE.
ASSESSEE CAN INVEST IN PURCHASE OF A RESIDENTTIAL HOUSE PROPERTY WITHIN
ONE YEAR BEFORE OR TWO YEARS AFTER THE DATE OF TRANSFER OF TENANCY RIGHTS OR
CONTRUCT A RESIDENTIAL HOUSE PROPERTY WITHIN THREE YEARS FROM THE DATE OF SUCH
TRANSFER OF TENANCY RIGHTS OR HE CAN PURCHASE FROM A BUILDER, AN UNDER-
CONSTRUCTION PROPERTY BEFORE THE RECEIPOT OF THE OCCUPATION CERTIFICATE BY THE
BUILDER AND THE INDIVIDUAL MUST ALSO RECEIVE POSSESSION OF THE SAME WITHIN THREE
YEARS.THE ASSESSEE MUST NOT OWN MORE THAN ONE RESIDENTIAL HOUSE OTHER THAN NEW
ASSET ON THE DATE OF TRANSFER.ALSO , THE ASSESSEE CANNOT, WITHIN A PERIOD OF THREE
YEARS AFTER THE DATE OF TRANFER, TRANSFER THE NEW RESIDENTIAL HOUSE PROPEERRY AND
CANT PURCHASE ANY OTHER RESIDENTIAL HOUDE PROPERTY FOR FURTHER PERIOD OF TWO YEARS
FROM THE DATE OF POSSESSION OF THE NEW HOUSE.
IF THE ENTIRE SALES PROCEEDS. IS NOT INVESTED INT THE NEW HOUSE PROPERTY, THEN THE
EXEMPTION UNDER SECTION 54F SHALL BE ALLOWED ON PRO-RATA BASIS AS UNDER.
AMOUNT OF INVESTMENTS X CAPITAL GAINS.
NET CONSIDERATION
IF THE ENTIRE AMOUNT OF SALES PROCEEDS IS NOT INVESTED IN THE PURCHASE OR
CONSTRUCTION OF THE RESIDENTIAL HOUSE PROPERTY BEFORE THE DUE DATE OF FILLING OF
RETURN OF INCOME UNDER SECTION 139(1), THEN THE AMOUNT OF CAPITAL GAIN OR THE NET
CONSIDERATION AS THE CASE MAY BE, IS REQUIRED TO BE DEPOSITED IN AN ACCOUNT UNDER
CAPITAL GAINS ACCOUNT SCHEME.-
accommodationtimes.com
ANS:- YES. THE MAHARASHTRA RENT CONTROL ACT,1999 HAS LEGALISED THE RECEIVING OF ANY
PAYMENT OF PAGDI.
Q-2. WAS IT LEGAL THEN IN 1960?
ANS:- AS PER BOMBAU RENT ACT, IT WAS ILLEGAL TO TAKE AS WELL AS PAY PAGDI.HOWEVER, AS
PER MAHARASHTRA RENT CONTROL ACT,1999,PAGDI HAS BECOME LEGAL.
Q-3. IF IT WAS NOT OFFICIAL THEN WHAT IS THE COST OF PURCHASING FOR THE TENANT?IS IT
NIL?(SINCE NO DOCUMENT CAN SUPPORT THE TRANSACTION OF PAGDI)
ANS:_ IF MONEY IS NOT PAID OFFICIALLY THEN COST OF ACQUISITION WILL BE TAKEN AS
NIL.HOWEVER, IN CASE SOME AMOUNT HAS BEEN PAID OFFICIALLY,THEN OFCOURSE,HE CAN CLAIM
THE COST OF ACQUISITION ALONG WITH INDEXATION.
Q-4. IS HE LIABLE FOR CAPITAL GAINS TAX AT ALL?
ANS:-AFTER 1994, THE AMOUNT RECEIVED ON SURRENDER OF TENDANCY IS SUBJECT TO CAPITAL
GAINS TAX DEPENDINGS UPON THE HOLDING PEROD.IF THE TENANCY PERIOD IS LESS THAN THREE
YEARS THEN THE CAPITAL GAINS SHALL BE SHORT TERM CAPITAL GAINS AND SHALL FORM A PART
OF THE TOTAL INCOME OF THE ASSESSEE.HOWEVER, IF THE TENANCY PERIOD IS MORE THAN THE
THREE YEARS THEN THE SAME SHALL BE TREATED AS LONG TERM CAPITAL GAINS AND SHALL FORM
A PART OF THE TOTAL INCOME THERETO SUBJECT TO DEDUCTIONS UNDER SECTION 54EC, 54F ect.
SECTION 54EC:-
THE ASSESSEE CAN INVEST AN AMOUNT UPTO RS.50 LAKHS IN NHAI/ RECL BONDS
WITHIN 6 MONTHS FROM DATE OF TRANSFER OF TENANCY RIGHTS.SUCH INVESTMENTS
AMOUNT(UPTO RS.50 LAKHS) CAN BE CLAIMED AS AN EXEMPTION UNDER SECTION 54EC OF THE IT
ACT, 1961. HOWEVER, THE INTEREST EARNED ON SUCH BONDS THEREAFTER, WHICH MAY RANGE
BETWEEN 6% p.a. to 7% p.a. IS TAXABLE.
ASSESSEE CAN INVEST IN PURCHASE OF A RESIDENTTIAL HOUSE PROPERTY WITHIN
ONE YEAR BEFORE OR TWO YEARS AFTER THE DATE OF TRANSFER OF TENANCY RIGHTS OR
CONTRUCT A RESIDENTIAL HOUSE PROPERTY WITHIN THREE YEARS FROM THE DATE OF SUCH
TRANSFER OF TENANCY RIGHTS OR HE CAN PURCHASE FROM A BUILDER, AN UNDER-
CONSTRUCTION PROPERTY BEFORE THE RECEIPOT OF THE OCCUPATION CERTIFICATE BY THE
BUILDER AND THE INDIVIDUAL MUST ALSO RECEIVE POSSESSION OF THE SAME WITHIN THREE
YEARS.THE ASSESSEE MUST NOT OWN MORE THAN ONE RESIDENTIAL HOUSE OTHER THAN NEW
ASSET ON THE DATE OF TRANSFER.ALSO , THE ASSESSEE CANNOT, WITHIN A PERIOD OF THREE
YEARS AFTER THE DATE OF TRANFER, TRANSFER THE NEW RESIDENTIAL HOUSE PROPEERRY AND
CANT PURCHASE ANY OTHER RESIDENTIAL HOUDE PROPERTY FOR FURTHER PERIOD OF TWO YEARS
FROM THE DATE OF POSSESSION OF THE NEW HOUSE.
IF THE ENTIRE SALES PROCEEDS. IS NOT INVESTED INT THE NEW HOUSE PROPERTY, THEN THE
EXEMPTION UNDER SECTION 54F SHALL BE ALLOWED ON PRO-RATA BASIS AS UNDER.
AMOUNT OF INVESTMENTS X CAPITAL GAINS.
NET CONSIDERATION
IF THE ENTIRE AMOUNT OF SALES PROCEEDS IS NOT INVESTED IN THE PURCHASE OR
CONSTRUCTION OF THE RESIDENTIAL HOUSE PROPERTY BEFORE THE DUE DATE OF FILLING OF
RETURN OF INCOME UNDER SECTION 139(1), THEN THE AMOUNT OF CAPITAL GAIN OR THE NET
CONSIDERATION AS THE CASE MAY BE, IS REQUIRED TO BE DEPOSITED IN AN ACCOUNT UNDER
CAPITAL GAINS ACCOUNT SCHEME.-
accommodationtimes.com
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