Service Tax on Under construction property
A number of buildings came up along the ITO are due to pay property tax, said north corporation. The list of organisations includes Rajiv Bhawan, Rabri Bhawan, Chandrashekhar Bhawan and Maharaja Ranjit Singh Trust, said Mahender Nagpal, leader of the House, north corporation. Municipal Corporation of Delhi (MCD) had issued notices to the defaulters to [...] Continue Reading »
The construction work by tourism department at Buddha Theme Park and Lotus Park at Sarnath had not progressed since the last seven months. An international Buddhist conclave is to be held in Sarnath on September 29 and 30 with Buddhist scholars, devotees, tourists and other delegates arriving to the city. The only construction found at the [...] Continue Reading »
India’s largest homegrown private equity firm, IL&FS Investment Managers Ltd (IIML) has planned to launch a fundraising program under the name of Yatra Capital. Yatra Capital is an India-focused real estate investment firm and acquired by IIML two years ago. Yatra Capital has already raised 220 million euro for investment in the real estate in [...] Continue Reading »
The earlier filed petition in HC has been withdrawn back by the Boulder Hills Villa Owners Association recently. The petition was about an amendment in an order which directed the residents to deposit Rs 15,000 per sq yard to AP Industrial Infrastructure Corp before submission of documents for registration. But the judge showed least interest [...] Continue Reading »
The market scenario of the real estate industry enforced the Mumbai Metropolitan Region Development Authority (MMRDA), to rethink on the plan to sell the vacant plots at Bandra Kurla comples area. MMRDA planned to auction the land previously, however the senior officials thinks due to the uncertainty of the real estate market they will not [...] Continue Reading »
The Bruhat Bengaluru Mahanagara Palike (BBMP) has initiated a geographical information system (GIS) for the properties in Bangalore. It comes up with unique Property Identification Number, which will help the public to determine the value of the property tax due for payment. To make the GIS information authentic, BBMP has assembled the data according to [...] Continue Reading »
Interest rates levied by housing finance companies (HFCs) have risen to 11-11.25% from 8.5% in the past year, raising monthly instalments. With interest rates moving up, most of the lenders are going to be impacted as almost 85% of the loans are on floating (interest) rate. National Housing Bank (NHB) asked lenders to keep a [...] Continue Reading »
The budget 2010-11 had imposed 10 per cent service tax on under construction property. The property is considered “under construction” till the builder receives a “completion certificate”. According to Source, Service Tax is applicable only on property under construction or where a completed building has not received its occupation certificate. If the entire amount for [...] Continue Reading »
