# urbanrenewal
1 posts in `urbanrenewal` tag
Good News for Homeowners: ITAT Exempts Redeveloped Flats from Key Income Tax
This blog post details a significant ruling by the Income Tax Appellate Tribunal (ITAT) stating that new flats received by homeowners during redevelopment projects are not taxable as 'Income from Other Sources' under Section 56(2)(x) of the Income Tax Act. It explains the previous tax ambiguity, the details of the ITAT verdict, its positive implications for homeowners and urban renewal, and important considerations like potential capital gains tax.
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By Krishna
