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black money

Database to be formed to suppress property sale

Database to be formed to suppress property sale
In an exercise that was aimed at checking the black money, economic intelligence agencies have started identifying instances where proceeds from the property sale have been suppressed in a bid in order to defraud the government of revenue from stamp duty. The government may also form a database of the suppressed sales proceeds in order [...] Continue Reading »

Delhi Government loses Rs 800 crore

Delhi Government loses Rs 800 crore
The government earned Rs 3,000 crore in the last financial year, while the expectations for revenue were around Rs. 3,800 crore. Faridabad, Sonepat, Ghaziabad, Gurgaon and Noida are offering much economical properties when compared to Delhi. The satellite towns have become popular for middle class buyers looking for buying properties in the NCR.  The market [...] Continue Reading »

Requirement for houses decreased in third quarter

Requirement for houses decreased in third quarter
A report by Knight Frank says that due to the economic slowdown, the interest rates are increased, because of which the demand of residential property decreased. In the 3rd quarter of 2013-14 the sales of residential property decreased by 43 per cent to 11.8 million sq ft from 21.9 million sq. ft. The annual increase [...] Continue Reading »

Realty most visible source for black money in India

Realty most visible source for black money in India
Real estate has been the most visible source for black money as it has never been regulated in India. This is also a hot topic in the India Parliament which opened on November 29, 2012. Other than real estate, black money also involves owners and investors. Black money is present in every step of a real estate project, [...] Continue Reading »

India Inc. fights against black money in realty

India Inc. fights against black money in realty
Ulwe, a village with mess and uneven streets in the outskirts of Mumbai which even lacks basic facilities but flats in that area will cost you a bomb. The cost of the flats is beyond the reach of mediocre family. Home buyers who were planning to buy in this area said that many builders demand [...] Continue Reading »

Income tax seized Rs 38 cr from realtors

Income tax seized Rs 38 cr from realtors
Rupees 38 crore unaccounted money has been seized by the income tax department during raids at the residential and office premises of real estate developers in Surat. According to sources, two real estate groups had disclosed unaccounted income worth Rs 27 crore and another leading realtor has disclosed Rs 11 crore. The search and seizure [...] Continue Reading »

Accounting standards for real estate sector to change: Revenue Department

Accounting standards for real estate sector to change: Revenue Department
The Revenue Department has declared that it is going to introduce changes in the accounting standards for the real estate sector to bring about uniformity in reporting of financial results. The Central Board of Direct Taxes (CBDT) has stated that the report of the CBDT appointed committee on accounting standard for the real estate sector [...] Continue Reading »

Illegal money transaction going on in Mumbai real estate market

Illegal money transaction going on in Mumbai real estate market
As revealed by sources, in Mumbai‘s real estate market, cash transactions are still prevalent during transactions. The system of demanding an illegal cash payment still exists in many pockets of the city, especially Bandra, Khar and Juhu belts in the western suburbs. In the 1970s, builders used to take 80 per cent in cash and [...] Continue Reading »

I-T raids disclose hidden income worth 18 cr

I-T raids disclose hidden income worth 18 cr
Three realtors of Surat have been caught with Rs 18.50 crore as undisclosed income to the income tax (I-T) department on Thursday. I-T officials had conducted a search and survey operation under the Income Tax Act, 1961 on few realtors in Varachha and Mota Varachha areas in Surat on Tuesday. About 45 places in the [...] Continue Reading »

Real estate sector – the highest black money contributor

Real estate sector – the highest black money contributor
According to the recently released ‘White Paper on Black Money’ by the Union government, real estate is the highest contributor to the total black money generated. Depending on the parties involved and the transaction type, the ‘black money rolling’ percentage within the sector is much higher at around 30 per cent. On an average, the [...] Continue Reading »



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