..........A member of a co-op House Building Society is entiled for allotment of a plot,in the land…
..........A member of a co-op House Building Society is entiled for allotment of a plot,in the land aquired for the benefit of the members at cost of the site plus lay out & other development expenses incurred. i) Whether the member who is alloted a site in the society layout at cost is liable for deemed income u/s 56(2)VII(b), where the stamp duty value of the site is more than the actual amount paid ? ii)Whether the society is liable for deemed capital gains for the difference in actual consideration received by the society and the stamp duty value u/s 50c r/w sec 48 ?
https://www.taxfull.com/6743/co-op-house-building-society
