Impact of Indexation on Long Term Capital Gains Tax

Under the present tax laws, a person is taxed on profit from the sale of any immovable asset held as a capital asset, under the head ‘capital gains’. For computing capital gains, the immovable assets are divided in two categories, based on the holding period. Any immovable asset which is held for three years or less, is treated as a short-term capital asset and any … Continue reading Impact of Indexation on Long Term Capital Gains Tax

Types of Property Disputes and how to tackle them

Property disputes form a large chunk of cases that clog our judicial system. Around 66 per cent of all cases, are property-related litigations. There are several types of property dispute. Most of the disputes pertain to the title of the immovable property. Saying that ‘a person has a good title over the property’, implies that such a person has a right to enjoy the rights … Continue reading Types of Property Disputes and how to tackle them

How Demonetisation affected the Real Estate Industry: RBI’s Theory

As against general perception, real estate prices actually increased across the country during the demonetisation quarter going by latest House Price Index figures released on RBI’s website. The all India House Price Index (HPI) increased by 2.3% from 234.9 for second quarter of 2016-17 to 240.2 in Q3 (October to December 2016) of 2016-17 as per provisional figures. This quarter would reflect the impact of demonetisation of … Continue reading How Demonetisation affected the Real Estate Industry: RBI’s Theory

Real Estate Regulatory Act (RERA) now introduced by the Indian Government

Developers cannot advertise their under construction projects from May 1 2017, once the Real Estate (Regulation & development) Act (RERA) will come into force across the country from May 1, 2017. However, if they have projects that have already obtained completion and occupancy certificates, those can continue to be advertised and sold. However, the good news is that many states have already created an interim … Continue reading Real Estate Regulatory Act (RERA) now introduced by the Indian Government

Firms now treated as consumer if they buy flat for own use

While goods purchased or services availed for “commercial purpose” are excluded from the purview of the Consumer Protection Act, the term is not defined clearly hance the confusion about its interpretation. In a landmark ruling, the National Commission has clarified the legal position. Case Study: A partnership firm called Classique, having its office in Goa, had booked a flat in Royal Palms in Mumbai. The flat … Continue reading Firms now treated as consumer if they buy flat for own use

Rent receipts under Income Tax lens

For as long as anyone can remember, producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it was a minor transgression. Perhaps, not anymore. The income tax department now has good reason to insist on proof from … Continue reading Rent receipts under Income Tax lens

PMO asks all govt depts to spot unused lands for Housing for All

After reaching the half-way mark of its term, Narendra Modi government is trying to give fillip to BJP’s poll promise of Housing for All. The Prime Minister’s Office has asked all government departments to identify unutilised land, especially in already developed government colonies, to plan affordable housing projects. The government wants to build a land bank to give a push to the a land bank … Continue reading PMO asks all govt depts to spot unused lands for Housing for All

Enemy Property Bill: ‘Act can be tested for rights violations’

The Central government’s amendments to a nearly five-decade-old law to get rights over “enemy property” extinguish all pending and future claims by even Indian citizens to get back such property vested with the custodian. Once the bill turns into an Act, it would be open to challenge in court on grounds of violation of rights to equality, trade and property, said legal experts. A custodian … Continue reading Enemy Property Bill: ‘Act can be tested for rights violations’