ITAT: Redeveloped Flat Can't Be Taxable as 'Other Income'

Ontario finance minister says HST rebate won’t be extended: ‘This is a one-year sale’

The marquee feature of the 2026 Ontario budget was a tax break for any homebuyer looking to purchase a newly built house or pre-construction condo.

ITAT: Redeveloped flat can't be taxable as 'other income'

The Income Tax Appellate Tribunal (ITAT) ruled in favor of a taxpayer who received a Rs 11.7 crore flat for surrendering tenancy rights in a redevelopment project. ITAT held that surrendering tenancy rights constitutes a capital asset transfer, making the taxpayer eligible for Section 54F exemption. The tribunal disallowed taxing the flat's value under 'Income from other sources'.