Hi,
Would like to have inputs from you all.
1. X is holding tenancy rts for past 50 yrs in a flat. He lived there with his brother
2. X was later given a company flat so X no longer lives there since hast 40 years, however his brother continues to live there
2. X was later given a company flat so X no longer lives there since hast 40 years, however his brother continues to live there
3. The landlord has now filed a suit for wrongful occupation of the flat by the brother as the tenancy rights are still held by X
4. X wishes to surrender his tenancy rights to the landlord at no cost
4. X wishes to surrender his tenancy rights to the landlord at no cost
Qn.1. whether Section 50C is attracted by this transaction on surrender of tenancy rights for no consideration
Qn.2. what is the way out.....whether an agreement can be made b/n X and the landlord whereby X relinquishes his tenancy rights for no consideration and the landlord in turn agrees to bear any tax liability arising out of such a transaction now or in the future with no recourse to X or any of his family members
Qn.2. what is the way out.....whether an agreement can be made b/n X and the landlord whereby X relinquishes his tenancy rights for no consideration and the landlord in turn agrees to bear any tax liability arising out of such a transaction now or in the future with no recourse to X or any of his family members
CAclubindia
