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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,
Income Tax
Rent from unsold flat is Business Income?
By Vimal Punamiya, FCA, LLB Accommodation Times Bureau PROPERTY V/S BUSINESS INCOME Earlier rental income earned by real estate developer was not of dispute, because developers preferred to offer income under house property head so then can claim standard deduction of 30%. But department wants to tax rent income under business head. This issue was resolved
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,
Income from House Property must be understood carefully
By Accommodation Times Bureau Meaning of House Property:- House property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming part of the building. But such land is to be distinguished from
The letter of allottment, even though not “ownership”, must be taken as the date of holding the asset
By Accommodation Times Bureau Capital Gain will be calculated from date of allotment letter. While s. 2(42A) uses the term "held", the other provisions use the terms "acquired", "purchased" and "owner". Accordingly, for considering whether an asset is a "long-term capital asset", the period of holding must be computed on a de
Section 50 C and Stamp Duty should be align for fair market value
By Vimal Punmiya, FCA, LLB Besides the current recession in the market, one of the prime reasons that have instigated the market for housing and realty sector to face a further downfall, is the modus operandi for calculating Stamp Duty Valuation, which has not been modified as per the prevailing market
Budget’s influence on housing taxation
By Accommodation Times Bureau. According to the recent Parliamentary General- Budget for the year 2017-2018, held on February 1st, 2017. The Union Minister of Finance and Corporate Affairs Shri Arun Jeitley presented various growth empowerment topics, one of the main aspects focusing on the affordable housing. Shri Arun Jeitley said how
Impact of change of Base year to 2001 for Capital gain Tax
The Income Declaration Scheme-2016
By Accommodation Times News Service By CA Vimal Punmiya India has seen various Voluntary Disclosure Schemes under the Income tax and wealth tax Act in the past as under: VDS - Scheme No. of Declarants Income / wealth declared (In Cr) Tax collected (In Cr) 1951 20,912 70.20 10.89 1965 2,001 52.18 30.80 VDS(2)1965 1,14,226 145.00 19.45 1976 2,58,992 1,090.72 753.77 1997 4,70,000 ……. ……. Undisclosed Foreign Income and Assets, 2015 644 4,164.00 2,428.40 Keen to unearth black money, the government has
An expense towards repair of flat is allowable deduction under section 54 of Income Tax
By Accommodation Times News Services Income Tax Appellate Tribunal – Mumbai JCIT vs Smt. Armeda K. Bhaya 95 ITD 313 (Mum.) Dated- 16 March, 2004 Bench: R Tolani, K Boliya ORDER R.P. Tolani, Judicial Member 1. This is revenue appeal and assessee’s cross objection. Sole ground raised by revenue is as under: “1(a) On the facts and in the