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Lighten your tax burden from sale of real estate
Source: The Financial Express Sep 01, 2014
Capital gains tax is an aspect that every property seller needs to consider in a cost-sensitive MARKET. The amount of capital gains tax depends on the time period the property is held on to. If the property is sold after three years of purchase, the resultant gains (known as long-term gains) are taxable at a fixed rate of 20%. When it comes to long-term capital gains, the acquisition cost of the asset is recalculated based on indexation, which factors in inflation in its calculation by using the Cost-Inflation Index. The benefit is that tax on a long-term capital gain is taxed only at 20% after indexation. This brings down the amount of tax payable considerably compared to short-term capital gains tax. ... more
Clarity needed on taxation of real estate deals
Source: The Financial Express Dec 16, 2013
While addressing investors at a conference before Union Budget 2013, finance minister P Chidambaram said, “...efforts to keep on increasing the tax base will continue... so that the ratio of tax revenue to GDP also remains robust...” One such step taken by him through the Finance Act, 2013, towards widening the tax base and improving transparency in real estate transactions, was the introduction of Section 194IA in the Income Tax Act, 1961. The said section mandated tax deduction on the transfer of immovable property. ... more
Flat buyers spared service tax on maintenance fee
Source: The Times of India Dec 10, 2013
Home buyers have something to look forward to in an otherwise dull property market. The customs, excise and service tax appellate tribunal recently held that they will no longer have to pay service tax on the one-time maintenance charge (deposit) paid to builders at the time of booking a flat. ... more
Source: The Times of India Nov 22, 2013
In some cases, a person who owns a large property may want to distribute it among his children, without physically creating boundaries or dividing the property. This division can be made effective during the lifetime of the owner of the property, or one may mandate it to be effective after his demise so that the remaining family members get a share each without physically dividing the property. ... more
De-mystifying capital gains
Source: The Times of India Nov 11, 2013
The Income-tax Act defines "Capital Asset" as property of any kind held by an assessee, whether or not connected with business of profession. This may include various kinds of properties such as real estate, equity shares, bonds, jewellery, paintings, art etc. ... more
Reverse mortgage to attract no tax
Source: The Financial Express Oct 27, 2013
A notification from the income tax department has exempted annuities and extended the scheme to the lifetime of a borrower. The core issue, however, is that the scheme has not taken off. The income tax department on October 22, notified that annuity payments to the senior citizens availing of the reverse mortgage scheme (RMS) would not be taxed. Not only that, the scheme which was so far available only for 20 years, will now be available for the entire life of those taking the product. ... more
Land Acquisition Bill gets Presidential approval
Source: The Hindu Business Line Sep 27, 2013
The Land Acquisition Bill, passed by Parliament during the Monsoon Session to replace a 119-year-old legislation, became a law with President Pranab Mukherjee giving assent to it today.“The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2013 has received the assent of the President of India,” a Law Ministry release said. ... more
Property tax in trans-Yamuna area likely to go up
Source: PTI Dec 06, 2012
Property tax in trans-Yamuna area is likely to go up with East Delhi Municipal Corporation today proposing an increase of property valuation by 1.6 times and imposing education cess and betterment tax on it. ... more
Tag: Tax and Legal News, property buying in india, real estate trends, property of india, real estate in india, tax for homes
Final hearing of DLF plea against CCI order on November 29
Source: ET Bureau Nov 22, 2012
The Competition Appellate Tribunal (COMPAT) on Wednesday deferred to November 29 the final hearing of DLF's petition against Competition Commission of India's order imposing 630-crore penalty on the company. ... more
Tag: Tax and Legal News, real estate of india, delhii real estate, DLF
Land Acquisition Bill facing further delay
Source: ET Bureau Oct 09, 2012
The group of ministers set up to resolve differences over the proposed Land Acquisition Bill failed to reach a consensus in its second meeting on Monday, spelling further delay in the landmark legislation. ... more
Tag: Tax and Legal News, Indian real estate, property in india, land acquisition bill
Unauthorised homes in Noida Extension green belt demolished
Source: PTI Sep 10, 2012
Greater Noida Authority today demolished unauthorized homes constructed at around 2-km long stretch in Hybatpur area of Noida Extension here. ... more
Tag: Tax and Legal News, india real estate, delhi properties, delhi NCR real estate
Ficci for changes in Land Acquisition Bill
Source: PTI Sep 07, 2012
Expressing concern over high rehabilitation and resettlement (R&R) cost to be incurred by industry in the proposed Land Acquisition Bill, Ficci today asked the government to make changes in the provision. Without such changes it will not be viable for the industry to acquire or purchase land for manufacturing or infrastructure, the industry body said. ... more
Tag: Tax and Legal News, land acquisition bill, Ficci, indian real estate, realty trends, laws of real estate
Pune Municipal Corporation drive to recover property tax dues
Source: Aug 26, 2012
The tax department of the Pune Municipal Corporation (PMC) has launched a drive to recover property tax dues. As part of the drive, the PMC has collected dues worth Rs 5 crore over the last few days from property holders across the city. In a press statement issued ... more
Tag: Tax and Legal News, indian properties, indian real estate, pune properties, real estate of pune
There's no end to legal hassles for Brand DLF
Source: ET Bureau Aug 02, 2012
Last month, more than a dozen investors dragged DLF to court, accusing it of hurting their investments in an east Delhi mall by converting it into an office complex. Two months earlier, hundreds of home buyers in DLF's project in Chennai collectively moved to the Competition Commission of India (CCI) accusing the company of extracting additional money under the garb of taxes. ... more
Tag: Tax and Legal News, real estate of india, delhii real estate, DLF
RBI monetary policy: Realty firms unhappy over decision to keep rates changed
Source: PTI Jul 31, 2012
Real estate firms and property consultants today expressed disappointment over RBI's decision to keep rates unchanged and said the sector urgently needs cut in interest rates to boost housing demand. "There is once again disappointment from RBI. There was no change in the rates in previous policy announcement and the real estate sector was expecting a rate cut this time," said Lalit Jain, ... more
Tag: Tax and Legal News, Indian real estate, property in india,reserve bank of india,realty trends
Noida flat buyers to move Supreme Court
Source: PTI Jul 26, 2012
A flat owners' association in Noida has decided to move the Supreme Court to seek redressed of their grievances related to the Noida Extension flats row. At a meeting held today, Noida Extension Flat Owners and Members Association appealed to its members to join hands and contribute so that they can file petition at the apex ... more
Tag: Tax and Legal News, india real estate, delhi properties, delhi NCR real estate
400 illegal buildings on civic body hit-list
Source: Jul 25, 2012
The Municipal Corporation of Gurgaon (MCG) will launch a major demolition drive against 400 unauthorized constructions from Saturday. The issue of illegal constructions was hotly debated in the MCG meeting on Monday. ... more
Tag: Tax and Legal News, india real estate, delhi properties, delhi NCR real estate
Kolkata Municipal Corporation to make property tax collection transparent
Source: TOI Bureau Jul 11, 2012
In an effort to do away with the inspector raj and make property tax collection transparent, the Kolkata Municipal Corporation (KMC) is set to introduce a system that the civic officials believe will make taxpaying easier and at the same time generate more revenue. After the new method is introduced ... more
Tag: Tax and Legal News, Indian real estate, property in india,Real estate in kolkata, property in kolkata
Realtors want tax issues sorted out soon
Source: The Times of India Feb 04, 2012
VADODARA: To sort out confusion about the issues related to service-tax, provident fund (PF) and value-added tax (VAT) prevailing in the real estate industry, the Vadodara chapter of Confederation of Real Estate Developers Associations of India ... more
Tag: Tax and Legal News, Real estate in india, property in india, indian properties
Builders seek tax exemption for affordable housing
Source: Jan 29, 2012
The real estate industry wants tax exemption for affordable housing in the 2012-13 Budget. It is also demanding infrastructure status for the housing sector, promotion of rental housing and raising of the home loan tax bar. ... more
Tag: Tax and Legal News, property in india, real estate in india, properties india
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