Real estate in India
The much-awaited direct tax code bill, aimed at simplifying the country’s archaic direct tax laws, was passed by the cabinet on Thursday.Those who have a home loan also have reason to cheer, as the interest exemption would continue for up to 150,000 rupees annually.The first draft of Direct Tax Code (DTC) was silent on exemption [...] Continue Reading »
The Bombay High Court has granted an interim stay on service tax levied by the Union Government on buildings under construction. The interim stay was granted by Justice V C Daga and Justice S J Kathawala, who admitted a petition filed by Maharashtra Chamber of Housing Industry (MCHI). The MCHI challenged the constitutional validity of [...] Continue Reading »
According to the current law, properties can be acquired for road-widening only under TDR.Transfer of Development Rights (TDR) is a certificate from the Municipal Corporation that the owner of a property gets where his/her property (either part or whole) is reserved for the purpose of public utilities such as road, garden, school etc. TDR can [...] Continue Reading »
Though the availability of resale units has been rather limited in Central Business District (CBD) areas, demand always exists from the location specific homebuyers. The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. The demand for resale apartments in and [...] Continue Reading »
There is good news for house buyers. In its revised discussion paper on Direct Tax Code, the government has proposed to allow the tax concessions on the interest paid up to Rs 1,50,000 during a financial year on home loan to buy a house for one’s own use. Similarly, the government had also decided not [...] Continue Reading »
The Maharashtra State Consumer Commission recently directed a developer to shell out Rs 20 lakh at the rate of Rs 2,000 a day for a delay in giving possession of a shop premises to a purchaser. The purchaser Dharshi Dedhia was a tenant who a possessed a shop & godown in Rajhans building in Thane [...] Continue Reading »
