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December, 2010

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Revised AS 7 – ‘Construction Contract’ is applicable to contractors and not to builders

Written on 31 Dec, 2010 at 13:23 in Income Tax, Real Estate News | viewed 69 times | 0 Comments

Court : Mumbai bench of the Income-tax Appellate Tribunal Brief : Revised Accounting Standard 7 – ‘Construction Contract’ is applicable to only contractors and not to builders and real estate consultants. Accordingly, the Project Completion Method consistently followed by the... (Continue reading)

US may impose estate tax on NRIs

Written on 31 Dec, 2010 at 13:20 in Real Estate News | viewed 4 times | 0 Comments

If ever there is anything like a good year to die in, it is 2010 — but only if you are a millionaire US citizen. America’s ‘death tax’, which was repealed in 2010, is set to be introduced in the... (Continue reading)

Acute sand shortage in Maharashtra affects construction activity

Written on 29 Dec, 2010 at 13:05 in Real Estate News | viewed 17 times | 0 Comments

MCHI seeks government’s intervention Prices shoots up to Rs. 12,000 per brass from Rs. 2,500 Mumbai, December 28, 2010: Concerned by the skyrocketing sand prices and its consequent serious implication on construction activity across the state, Maharashtra Chamber of Housing... (Continue reading)

TDR comes within perview of Section 50C of Income Tax : Tribunal

Written on 28 Dec, 2010 at 14:44 in Income Tax, Real Estate News | viewed 20 times | 0 Comments

Brief : It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as... (Continue reading)

Service Tax Constitutional on Apartments

Written on 28 Dec, 2010 at 14:40 in Real Estate News | viewed 6 times | 0 Comments

Punjab and Haryana High Court in the case of G.S. Promoters v. Union of India reported in MIT-2010-574-HC] upheld the constitutionality of the levy of service tax on the deemed service while selling residential complex by builder to buyer. Amendment made... (Continue reading)

You can get 90 % as Home Loan

Written on 28 Dec, 2010 at 14:38 in Real Estate News | viewed 2 times | 0 Comments

Banks can give up to 90 per cent of the value of the property in case of small value home loans up to Rs 20 lakh. But in case of loans above Rs 20 lakh, the loan to value ratio... (Continue reading)

Impact of housing scam on real estate stocks

Written on 24 Dec, 2010 at 12:52 in Real Estate News | viewed 9 times | 0 Comments

A CBI investigation into bribe taking at the highest echelons of Public Sectors Banks (Central Bank of India, Punjab National Bank , Bank of India) and public sector financial institutions (LIC, LIC Housing Finance) has led to several arrests... (Continue reading)

Godrej Properties launches Phase II of Godrej Prakriti, Kolkata

Written on 24 Dec, 2010 at 12:50 in Real Estate News | viewed 2 times | 0 Comments

Godrej Properties the real estate development arm of the Godrej Group, has launched Phase II of its residential project in Kolkata. The company has opened bookings for around 450 apartments in 3 towers, each 19 storey high. Phase II of Godrej... (Continue reading)

Economy has to be regulated and not control : Yashwant Sinha

Written on 23 Dec, 2010 at 14:16 in Real Estate News | viewed 2 times | 0 Comments

By Dr Sanjay Chaturvedi Mumbai 22nd Dec 2010, “ I am against high inflation, high interest rates and high indulgence of regulators in the economic activities. Let the tax be paid and I am dead against and Voluntery Disclosure Schemes.” Said... (Continue reading)

Flat Owners – the difficulties with Builders and Agreements – a case study

Written on 23 Dec, 2010 at 13:26 in Real Estate News | viewed 7 times | 0 Comments

We have seen the growth of reality sector in the recent past and with the rise of Private Sector, the growth and the employment opportunities, many individuals prefer to acquiring flats in large residential projects undertaken by reputed builders. The... (Continue reading)

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