Income Tax
On Tuesday, August 12, Income Tax (IT) officials raided the premises of two leading realty developers across a total of 18 locations across Indore as well as Bhopal. The two builders whose premises were raided by the IT officials were Om Shanti builders and Regal Homes. The raids were carried out by the IT officials [...] Continue Reading »
It is speculated that the revenue department will ask the builders to pay taxes on their unsold stock of ready houses as per a proposal that is under consideration. If that happens then the housing prices are expected to fall as the developers will try to sell off their properties and reduce their inventories. The income [...] Continue Reading »
If you are thinking about buying a couple of apartments after selling your dilapidated ancestral home, then be prepared to shell out a hefty sum in capital gains tax. The new Budget has capped tax breaks available to such property buyers. This has been done through a seemingly innocuous tweak in the language of Sections [...] Continue Reading »
Consumers looking at taking the benefit of the government’s emphasis on the real estate sector, especially the housing sector, need to be aware of the tax implications. These tax implications are related to the sale-purchase of properties particularly when the sale-purchase agreements and their executions are spread over several days/months or even years. The citizens [...] Continue Reading »
The Narendra Modi government’s maiden Budget is targeting on increasing consumer demand in the economy by increasing disposable income in the hands of people. The budget wants to give the much awaited boost to the real estate sector, which not only boosts demand for housing, but other consumer durables as well. Since after buying a [...] Continue Reading »
The Rajasthan Congress opposed the report which says that Robert Vadra purchased and sold the land and made undue windfall gain in the process. Mr. BD Kalla, Senior Congress leader, says that BJP is raising issues which have no significance. All the dealings done by Robert Vadra was as per the rules. The land was [...] Continue Reading »
An analyst says that the UPA government’s special economic zone (SEZ) scheme whose aim is to create infrastructure to facilitate exports appears to have failed. More than 60 percent of the total land under the SEZs is vacant years after the scheme launched in 2006. Till now the government has notified 389 SEZs. As per [...] Continue Reading »
New Delhi- One of the key ideas to increase the gross domestic product (GDP) growth in India are the reforms in the real estate sector. As per an official of a real estate association, the tax reforms and the steps to cater the low cost funds via external commercial borrowings will result in an increased GDP [...] Continue Reading »
Chennai- Income-Tax Appellate Tribunal (ITAT) of Chennai affirmed that the interest on home loans will continue to be out of the tax net despite the property gets sold later on. The interest paid on loans is surely an expenditure that should be taken into account while computing the income from housing property as well as [...] Continue Reading »
The real estate sector remains on the top when it comes to unveiling unaccounted income. The operations against realty firms make more than 70 per cent of I-T raid operations in the state. I-T officials say that many realty firms have done good business and have evaded taxes. Sources say that, around 6,000 suspected land [...] Continue Reading »
