ARTICLE · 30 SEPTEMBER 2015

Real Estate & Hospitality

Seth Dua & Associates

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New Gulistan Co-op Housing Society, a south Mumbai housing society ("Housing Society") has won an appeal in a tax dispute relating to taxation of non-occupancy charges and transfer fees received by the Housing Society from its members.

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Seth Dua & Associates

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Taxation of Non-Occupancy Charges and Transfer Fees

New Gulistan Co-op Housing Society, a south Mumbai housing society ("Housing Society") has won an appeal in a tax dispute relating to taxation of non-occupancy charges and transfer fees received by the Housing Society from its members.

The Housing Society had received transfer fees aggregating to INR 0. 5 million and non-occupancy and other charges aggregating to about INR 0.2 million during the financial year 2000-01. The Commissioner of Income-Tax (Appeals) had held in favour of the Housing Society that these sums would not be taxable. The income tax department went in for appeal before the Income-Tax appellate tribunal ("ITAT"). However, the ITAT dismissed the appeal and also held that these receipts would not be taxable in the hands of the Housing Society.

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