Basic principles for Taxation of Real Estate
Introduction
Income-tax Act, 1961 (hereinafter referred to as ‘The Act’) is the only legislation of our
country which contain reference to several Central Acts and numerous State Legislations. It
becomes very essential therefore, to know the provisions of general law with special reference
to Transfer of Property Act, Registration Act, Stamp Act, Development Control Regulations,
etc. so as to understand the various taxation issues relating to Real Estate Transactions. Some of
the very important taxation issues relating to Real Estate Transactions and implication of s. 50C
of the income-tax Act are also discussed in this paper.
2.
Development Rights
2.1 Capital Assets
