Srinagar: IT Dept detects Rs 19 Cr undeclared investment in immovable property

By Accommodation Times Bureau SRINAGAR: Income Tax Department on Friday carried out a search operation at 5 premises in and around Srinagar and detected undeclared investment in immovable property of more than Rs 19 crore. Two groups, which connived with local officials in the facilitation of absorption of undisclosed income of undesirable elements

Immovable Property: No Stamp Duty on gift received from Husband

By Accommodation Times Bureau JAIPUR: Chief Minister Ashok Gehlot in a direction of women empowerment on Monday freed stamp duty from the real estate documents given to her by the husband. Gehlot was addressing the review meeting of various departments related to tax revenues in the Chief Minister's Office. In favour of father-mother, son-brother-in-law,

1% TDS On Purchase Of Immovable Property must be deducted

By Accommodation Times Bureau Under Section 195, on transfer of immoveable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immoveable property by a resident except in case of compulsory acquisition of certain immoveable properties (section 194LA). The Finance Act,

TDS on Purchase of Immovable Property

By Accommodation Times Bureau Under Section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in case of compulsory acquisition of certain immovable properties (section 194LA). The Finance Act,

Master Direction – Acquisition and Transfer of Immovable Property under FEMA, 1999,/

By Accommodation Times News Services RBI/FED/2015-16/7 FED Master Direction No. 12/2015-16 January 1, 2016 To, All Category - I Authorised Dealer banks and Authorised Banks Madam/ Sir Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 Acquisition and transfer of immovable property by Indian residents outside India and Non-residents in India is

Mere transfer of title in immovable property is exempted from Service Tax

By Accommodation Times News Services The Finance Ministry made an important announcement on 26th October, 2015 in regards to service tax on immovable property. In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of

If immovable property is situated in India, gains also taxable in India

By Accommodation Times News Services The first question relates to taxability of amount received on release and relinquishment of tenancy rights, whereas, the second question relates to capital gains on sale of 596 shares and as such do not involve determination of fair market value. As regards the amount received on release of

Gift of Immovable Property or any other property

By Accommodation Times News Services By CA R.V. Shah 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 property or any other property is

Buying immovable property abroad now more easy

              By Accommodation Times News Service Reserve Bank of India yesterday said individuals can also use funds under Liberalized Remittances Scheme (LRS) to buy immovable property abroad. Encouraged by an improvement in the foreign exchange market, the Reserve Bank on June 3 had raised annual overseas investment ceiling for individuals to $125,000 from