Development Rights taxable In Case Of Housing Societies

By Accommodation Times Bureau Commissioner of Income Tax-18 Vs. Sambhaji Nagar Co-op. Hsg. Society Ltd., Income Tax Appeal No. 1356 of 2012   Introduction: In Mumbai, hundreds of Co-operative Housing Societies are functioning whose buildings have become old and dilapidated due to age. The societies lack finance and technical expertise to repair their buildings. The societies, therefore, seek the

Housing societies below 100 member may hold election on own

By Accommodation Times Bureau After several efforts from consumer activists, the state cabinet immune those cooperative housing societies who have less than 100 members may soon be allowed to hold elections itself rather than going to long process. “The decision of cabinet will have to enacted through amendment or ordinance of  Maharashtra

Maha state to have separate office for cooperative housing societies

By Accommodation Times Bureau MUMBAI The State Cooperation Minister, Subhash Deshmukh on Monday said that the Maharashtra government will set up a different office for issues related to cooperatives housing societies to safeguard the interest of residents. Deshmukh informed that “The new chapter will be ready in 3-4 months. Some new rules will

GST for Housing Societies in Maharashtra

By Accommodation Times Bureau Registration : A Co-op Hsg Society is required to be registered under GST if the Aggregate turnover exceeds Rs 20 lakhs annually. Aggregate turnover shall include all taxable and exempt services. Aggregate turnover means all billing other than Municipal Tax & Sinking Fund, but includes Interest received from

State Govt may reduce rent for Mumbai housing societies on govt land

    By Accommodation Times Bureau     MUMBAI     The state government is considering reducing the lease rent charges to housing societies built on government land, said Chandrakant Patil, Revenue Minister, on Saturday.   At present,  the state government charges a rent of 2 % of the ready reckoner rates.     “The demand for concession is right and

Impact of GST on Housing Societies

By Accommodation Times Bureau   Multiple taxes, even across state borders, has always been known to make trade in India expensive and complicated. GST (Goods and Services Tax) is a fiscal reform being made to introduce a single taxation system across the entire nation. Manufacture,distribution, and provision of goods and services, fields