Income Tax Dept steps-up actions under Prohibition of Benami Property Act

By Accommodation Times Bureau NEW DELHI Due to intensive efforts were undertaken by the Income Tax Department, the provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include

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,

Taxation on Unsold Flats of Builders

By Accommodation Times Bureau As government have submitted to Bombay High Court in the matter of RERA that nearly 5.5 lakh houses are unsold inventory, obviously the govt must have had the detail list of the inventory. All the unsold inventory is taxable under the house property. This is to make

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,