Punjab Govt extends time limit to deposit property tax under OTS till Mar 31

By Accommodation Times Bureau CHANDIGARH The Punjab Government has promulgated every measure considering supreme the interest of the people of Punjab and it is in keeping with this commitment that a decision has been taken to extend the timeline to deposit property tax under One Time Settlement Scheme (OTS) till March 31. Disclosing this

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

FAQs on GST on Real Estate

By Accommodation Times Bureau   Q. 1) Whether sale of a Flat / House by a builder / developer is a supply of a service or a sale of immovable property under GST law? Ans. 1) As per the clause 5(b) of the Schedule II of CGST, Act, 2017, construction of a flat / house

Govt coining idea of imposing GST on Real Estate Transactions

By Accommodation Times Bureau To curb investors and speculators in real estate, Govt is coining an idea to impose #GST on Real Estate Transaction. GSt is applicable on all under construction transactions. In Washington, Finance Minister Arun Jaitley was talking on 'Annual Mahindra Lecture' on India's tax reforms at the prestigious Harvard University. He

GST on Construction Materials May Get Reduced

By Accommodation Times Bureau Following a series of complaints by state finance ministers the GST Council may reduce the number of products in the highest slab of 28%. The ministers have lodged complaints that several everyday commodities are facing the highest tax, causing asperity to people. At least two state finance ministers have alleged the council

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,

Thiruvananthapuram Facing Fresh Challenge in Tax Raising From Commercial Buildings

By Accommodation Times Bureau After surpassing major hurdles posed in service tax sector and introducing new tax regime, the revenue wing of the city corporation is now grappling with new challenges from the commercial buildings’ owners. The commercial buildings constructed after April 2011, will have to be valuated under new tax regime. For buildings less than 100