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Benefit of House Rent Payment for Salaried receiving HRA

Written on 14 Nov, 2011 at 14:08 in Income Tax, Real Estate News | viewed 4 times | 0 Comments

HOUSE rent allowance, or HRA, is a major component of your salary. This is given by an employer to an employee to meet the cost of renting a home. As a salaried employee you can claim a tax exemption on... (Continue reading)

Firm is not entitled to exemption under S 54 of Income Tax Act

Written on 29 Aug, 2011 at 12:47 in Income Tax, Real Estate News | viewed 2 times | 0 Comments

Firm is not entitled to exemption – A firm is not entitled to exemption under section 54 – CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.). Tax authorities must determine extent of appurtenant land – The... (Continue reading)

Lease rentals will be treated as Business Income

Written on 19 Jul, 2011 at 12:48 in Income Tax, Real Estate News | viewed 12 times | 0 Comments

DCIT v. Golflink Software Park P Ltd. (ITAT Bangalore) – The taxpayer was not only letting out its building for rent, but also carried on a complex commercial activity of setting up a software technology park in which various amenities... (Continue reading)

How to calculate HRA

Written on 11 Jun, 2011 at 11:56 in Income Tax, Real Estate News | viewed 23 times | 0 Comments

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken... (Continue reading)

Gift of property by a Muslim need not be registered – SC

Written on 6 May, 2011 at 14:39 in Income Tax, Real Estate News | viewed 7 times | 0 Comments

A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the... (Continue reading)

Development Rights are Transfers : Tribunal

Written on 6 May, 2011 at 14:38 in Income Tax, Real Estate News | viewed 4 times | 0 Comments

Recently ITAT Mumbai held that in the case of Chiranjeev Lal Khanna v. ITO (ITA No. 6170/Mum/2008) held that considering the facts of the case and clauses in the agreement, the taxpayer has transferred land and building to the developer... (Continue reading)

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 44 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)

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 19 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)

Section 50C of IT Act In Respect of Land and Buildings Transactions

Written on 14 Jul, 2010 at 13:22 in Income Tax, Real Estate News | viewed 19 times | 1 Comment

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)

Budget Amendments to Service Tax and VAT

Written on 10 Jun, 2010 at 14:22 in Income Tax, Real Estate News | viewed 144 times | 4 Comments

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)

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