By Accommodation Times News Service
Confederation of Real Estate Developer’s Associations (CREDAI) has shown withdrawal of the Budget Proposals to levy 1% tax deducted at source on any property deal other than agriculture land. Recently the realtor’s body has argued that implementation of this proposal will lead to more complexities and harassment to the consumer’s. Chairman of CREDAI, Lalit Kumar Jain said we are seeking withdrawal of this proposal completely. This will lead to harassment of consumers especially the buyer who is being burdened with additional responsibility to withhold the amount deposit this to tax authorities and file returns.
The realtor body represents ting organized real estate developers and builders across the country have sent a written representation to the finance ministry in this regard. Under the proposal the tax is mandated to be paid if the property consideration is over 50 lakh in specified urban areas and 20lakh in any other areas.
According to the chairman around 80% of realty transactions in top six cities of the country including Mumbai, Delhi NCR region, Bangalore, Chennai, Pune, Hyderabad given the current property rates.