TDS
Searches were conducted at 20 locations of real estate major Hiranandani group in Mumbai and other cities by the Income Tax department in connection with alleged tax evasion. People from the Income Tax department who are aware of the developments are saying that the simultaneous searches had been conducted at many locations of the group [...] Continue Reading »
Some of the new amendments made in the Finance Bill, 2013 to the Income-tax Law is expected to have a deep impact on real estate sector in the 2013-14 fiscal. The amendments relate to taxing the notional income in the real estate transactions as against the real income of the real estate developers as well [...] Continue Reading »
Confederation of Real Estate Developers Associations of India (CREDAI), which represents the organised real estate developers and builders across the country is seeking withdrawal of the budget proposal to impose 1 % tax deduction at source (TDS) on any property deal other than agriculture land completely. CREDAI recently forwarded a representation to the finance minister. According to [...] Continue Reading »
The home loan incentive which was announced recently by the Finance Minister with the Union Budget 2013 has been the talk since its release. The real estate developers are the group who can cheer the most with the incentive. One can claim the tax deduction only if his/her loan amount is less than Rs 25 lakh. Also, it has [...] Continue Reading »
With release of Union Budget 2013, the Finance Minister has proposed to offer deduction in tax on home loans to first time home buyers. This initiative has brought some cheer for the home buyers as there was no significant tax reliefs in the past. One can claim the deduction at tax only if your loan amount is [...] Continue Reading »
With the introduction of Union Budget 2013, experts have claimed that the incentives will be of no use for home buyers in Mumbai. The real estate incentives are also claimed to create some problems with the buyers as the flats will cost more due to 1% tax on transfer of properties in Mumbai. To make things [...] Continue Reading »
With release of Union Budget 2013, the Finance Minister announced the introduction of one percent Tax Deducted at Source (TDS) on immovable property transfer exceeding Rs 50 lakhs. Agricultural land is exempted from this. This means that if a person has a property (house or plot) which is sold for more than Rs 50 lakhs [...] Continue Reading »
The government of India is planning to check the generation of black money in the real estate sector in India. In order to do that the government again suggested to introduce the tax deduction at source (TDS) on sale-purchase of properties in India. In a Paper on black money prepared by the Finance Ministry, it [...] Continue Reading »
This year budget has brought great hopes for those builders who were indulged in developing affordable homes. As per the current external commercial borrowing (ECB) norms, interest rates will be charged less in case of loan taken from foreign financial institutions than domestic ones. Also loans have been made cheaper for affordable homes’ buyer by [...] Continue Reading »
