Income Tax Dept steps-up actions under Prohibition of Benami Property Act

By Accommodation Times Bureau NEW DELHI Due to intensive efforts were undertaken by the Income Tax Department, the provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include

Simplified Reforms of Income Tax Laws & Other Developments of Housing Industry

By Accommodation Times News Service By CA Vimal Punmiya Latest Reforms to Simplify Income Tax Laws and Procedures for Filing of Returns and Other Developments Related To Housing Industry High Level Committee to be formed & to be chaired by the Revenue Secretary and consist of Chairman, CBDT and an expert from outside.

Income Tax Auction Sale of Properties in Mumbai in 1991

By Accommodation Times Research Income Tax auction Sale in Mumbai Date of Sale Location of Property Area Reserved Knockdown Priced Rs. (lakh) Price Rs. (lakh) 31.12.91 Khar (West) 1639 44.85 44.85 31.12.91 Juhu Tara Road 844 31.1 31.1 31.12.91 Bandra (West) 875 21.9 21.9 (Residential) Terrace 526 31.12.91 S.V.P. Road (Land 853 134 134 with 5 Floor 4096 per floor Building) 31.12.91 18th Rd, Khar (Plot) 3351 127 144 30.12.91 Malabar Hill (Residential) 2349 95.5 121 30.12.91                      Napean Sea Rd,  ######## ######## ######## (Residential) 30.12.91 Bandra (West) 434 20.7 20.7 (Shop) 30.12.91 Cuffe Parade 1510 88 101 (Residential) 30.12.91 Dalad Street, Fort 678 46.2 46.2 (Commercial) 20.02.92 Bandra (W) 938 34.5 35.5 (Residential) 20.02.92 Peddar Road 1118 43.7 50 (Residential) 233 +Open terrace 20.02.92 Colaba (Residential) 3929 120.75 204 20.02.92 Juhu, Juhu Church Rd 1464 33.85 33.85 20.02.92 Prabhadevi 588 17 17 21.02.92 Chembur 1970 42 44 (Commercial) 21.02.92 Worli 3359 96.3 116 (industrial Unit) 21.02.92 Bombay

Latest Judgements on Income Tax related matters in Redevelopment process

By Sammer Sanghvi & Co Accommodation Times News Services   SUMMARISED JUDICIAL PRONOUCEMENTS ON INCOME TAX RELATING TO REDEVELOPMENT OF PROPERTIES Finally, the judicial pronoucements on income tax relating to the subject of redevelopment of properties are summarised hereunder : 1. The Mumbai Tribunal in the case of Raj Ratan Palace Co-op. Hsg. Soc. Ltd.

Non Resident Indian –FAQs on Income Tax for AY 2014-15

By CA Chirag Chauhan Q) Who is NRI as per Income Tax Act? A) Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but on