Provisions of Section 50C of Income Tax Act, 1961 In Respect of Land and Buildings Transactions Section 50C containing very harsh and controversial provisions is one more attempt by the Government to bring to revenue the unaccounted portion of the property... (Continue reading)
By Vimal Punmiya, FCA SERVICE TAX By the Finance Act, 2010 the Government has amended the definition of Commercial or Industrial Construction Service [Section 65 (25b) read with Section 65 (105) (zzq)] and construction of Residential Complex [Section 65... (Continue reading)
By Kantilal Jain, FCA In the budget for 2010 both Central and State Governments have made certain amendments to levy tax on sale of immovable property under construction to enhance their revenue and to overcome certain judicial pronouncements. An attempt is... (Continue reading)
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under... (Continue reading)
In absence of stay from SC, Department can’t collect service tax on renting of immovable properties by resorting to other means Executive Summary: – In absence of Supreme Court’s order staying operations of High Court’s judgment relating to levy of service... (Continue reading)
By R.V. Shah, CA Section 56(2)(vii) of the Income Tax Act, 1961 applicable from 1st October 2009 has inserted this provision and made in case the property received by an individual or Hindu Undivided Family (HUF). The Section states that, where immovable... (Continue reading)
Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of United Motors (I) Ltd. has held that income from transfer of a leased premises without transferring its own business amounts to extinguishment of the taxpayer's right... (Continue reading)
Capital gains tax planning while buying a house By Advocate K. K. Ramani Friends, The savings made during the entire life normally may not be sufficient for you to purchase a flat of your own choice. Hence many a time, it becomes... (Continue reading)
Gifts in kind and deemed gifts of immovable properties brought under tax net with effect from 1st October 2009 under section 56(2)(vii), 49 & 2(24). The finance Act 2009 has been amended. The provisions of Section 56(2) of the Income... (Continue reading)
Applicability of Chapter XXC to Housing Society, Additional FSI & TDR By Vimal C. Punmiya, Chartered Accountant 1. Before delving into the applicability of provisions of Chapter XXC and Taxability of additional FSI and TDR it is a must to... (Continue reading)