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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 5 times | 0 Comments

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 44 times | 3 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)

Recent Development in Service Tax and VAT in Real Estate

Written on 10 Jun, 2010 at 14:14 in Income Tax, Others, Real Estate News | viewed 69 times | 5 Comments
Recent Development in Service Tax and VAT in Real Estate

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)

Deduction under Section 10(13A) for House Rent allowance

Written on 5 Jun, 2010 at 12:27 in Income Tax, Real Estate News | viewed 10 times | 0 Comments

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)

Department can’t collect service tax on renting of immovable properties

Written on 6 Feb, 2010 at 12:15 in Income Tax, Real Estate News | viewed 34 times | 0 Comments

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)

Gift of Immovable Property or any other property

Written on 3 Dec, 2009 at 15:58 in Income Tax, Legal | viewed 49 times | 0 Comments

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)

Transfer of leased premises sans business ends taxpayer’s right in capital asset

Written on 24 Nov, 2009 at 21:17 in Income Tax, Land Mark Judgements, Legal | viewed 28 times | 0 Comments

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

Written on 11 Sep, 2009 at 15:47 in Income Tax | viewed 124 times | 5 Comments

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)

Property Gifts now Taxable w.e.f 1st October 09

Written on 10 Sep, 2009 at 12:05 in Income Tax, Real Estate News | viewed 42 times | 1 Comment

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

Written on 17 Aug, 2009 at 16:15 in Income Tax, Society | viewed 120 times | 0 Comments

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)

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