BBMP Penalty For Under-Assessed Malls In Bangaluru

By Accommodation Times Bureau The Bengaluru Bruhat Mahanagara Palike (BBMP) has informed that most of the 55 big properties are found guilty of under-assessment, that it electronically surveyed for violations in property tax assessment . These properties will now have to pay double of the amount by which their property tax had been under-assessed and other arrears. The survey

Tax benefits for Affordable Housing Scheme

By CA Pathik Shah Accommodation Times Bureau The Government of India along with the governments of the respective states has taken several initiatives to encourage the development in real estate sector. The Smart City Project, where there is a plan to build 100 smart cities, is a prime opportunity for the real

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

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

Taxability of development rights in the case of housing societies

By Accommodation Times Bureau Commissioner of Income Tax-18 Vs. Sambhaji Nagar Co-op. Hsg. Society Ltd., Income Tax Appeal No. 1356 of 2012   Introduction: In Mumbai, hundreds of Co-operative Housing Societies are functioning whose buildings have become old and dilapidated due to age. The societies lack finance and technical expertise to repair their buildings. The societies therefore seek the

Dubai imposes tax regime on Real Estate

By Accommodation Times News Services Dubai gets around the property tax by levying a monthly “housing fee” (also known as the municipality tax). All property owners must pay 5% of the average rental value in their area. When you purchase or sell the property in Dubai – residential or commercial – there is the one-time fee of the