Society members entitled to free redeveloped flat
When a society goes for redevelopment, existing members are entitled for new premises in lieu of their respective old premises, free of cost
It is to be noted that the funds credited to the NRO account shall be subject to payment of applicable income tax in India
If I purchase a flat in a co-operative housing society, I become a member of the society. But do I also become the owner of the land? Say the society is getting redeveloped after 30 years, will the existing members have to pay for the flat fully like other new members or do they have to pay only the redevelopment cost?