Cabinet approves The Benami Transaction Bill in Monsoon Session

By Accommodation Times News Service The amendment removes conflict between provisions of the IDS that provided immunity from Benami Act condition to transfer of property to actual beneficial owner. The Union Cabinet yesterday approved the Benami Transactions (Prohibition) Amendment Bill 2015 in the ongoing monsoon session of Parliament.  The Bill marks the

Rajasthan to be the first state to clear Land Title Bill

  By Accommodation Times News Service State residents living in urban areas can seek a certificate of ownership by paying nominal fees In yet another first move in the country, the Rajasthan government has managed to pass the Rajasthan Urban Land (Certification of Titles) Bills 2016 in the state assembly. Land titling is a form of land

Lok Sabha clears Real Estate Bill as passed by Rajya Sabha

By Accommodation Times News Service Shri Venkaiah Naidu clarifies various issues of the Bill  Real Estate Bill is Prime Minister’s Gift to the Nation, says Shri Naidu The Bill shall have a bearing on the ongoing projects and houses 70% is for both construction cost and land cost to be maintained by the promoter

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.

Issuance of a notice under Indian Forest Act, 1927 is not sufficient for any land being declared a “private forest” : SC

By Accommodation Times News Services Supreme Court in Godrej & Boyce Mfg. Co. Ltd. & Anr case had taken negative view on question of Issuance of a notice under Indian Forest Act, 1927 is sufficient for any land being declared a "private forest". Fact of the case : IN THE SUPREME COURT OF INDIA CIVIL APPELLATE

TDR not to attract Capital Gain Tax : Bombay High Court

By Accommodation Times News Service Bombay High Court in the matter INCOME TAX APPEAL NO. 1356 OF 2012 , Commissioner of Income Tax -18 v/s Sambhaji Nagar Co­op. Hsg. Society Ltd. have observed that TDR generated under DCR by the society is not to be taxed under Capital Gain Tax. "...Thus, the conclusion of the Hon'ble Supreme Court is that an asset which is capable of acquisition at a cost would be included within the provisions pertaining to the head “Capital gains” as opposed to assets in the acquisition of which no cost at all can be conceived.  In the   present  

Flat income tax of 8% chargeable for real estate business if no books kept : Delhi High Court

By Accommodation Times News Service HIGH COURT OF DELHI AT NEW DELHI Date of Decision: December 09, 2014  ITA 80/2014 COMMISSIONER OF INCOME TAX-XII versus SUBODH GUPTA JUDGMENT SANJIV KHANNA, J (ORAL) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (‘Act’ in short) relates to

Acquisition of land for Re-development and Rehabilitation is prerogative of State govt: HC

By Accommodation Times News Service IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 2582 OF 2003 WITH CHAMBER SUMMONS NO. 267 OF 2008 Sara Harry D'Mello .. Petitioner. Vs. State of Maharashtra & Ors. And Palatial Constructions .. Respondents. WITH WRIT PETITION NO. 91 OF 2002 WITH CHAMBER SUMMONS NO. 129 OF 2002 The Reserve Bank