immovable property

SUMMARY OF CASE LAW Where the transaction relating to transfer of lease hold rights of immovable property between the assessee and its group company was complete in the year 2001-02 itself in terms with the provisions of section 2(47)(v) of IT Act, 1961 read with section 53A of the TP Act, 1882, the capital gain [...] Full Article

Brief Facts:- Several writ petitions were filed with the Delhi High Court, questioning the legality, and validity of Notification No. 24 / 2007 –ST dated May 25, 2007 (which exempts from service tax, the taxes paid on property from the gross value charged for renting of immovable property) and Central Board of Excise and Customs (CBEC) Circular No. 98/1/2008 – ST dated January 1, 2008 (which clarified that right to use immovable property is leviable to service tax). .. Full Article

The Central Information Commission feels that details of property belonging to government servants and even judges of the high courts and the Supreme Court are subject to the purview of the Right To Information (RTI) Act but some government departments, including the Income-Tax deparment, seem to think otherwise. The Income-Tax department, the Regional Passport Office, [...] Full Article

SUMMARY OF CASE LAW Any transaction involving allowing of possession to be taken over or retained in part performance as referred to in section 53A of Transfer of Property Act would come within the ambit of section 2(47)(v). CASE LAW DETAILS Decided by: ITAT, CHENNAI BENCH `B’ In The case of: R. Kalanidhi v. ITO [...] Full Article

Deposits and advances from customers and clients: In the course of business and profession many times advance money is received from customers and clients. The advance money or deposits are received for the purpose of execution of agreed work to be done which may involves supply of goods, rendering of services, execution of contracts, payments [...] Full Article

The tax authorities are taking a hard look at how the disgraced promoter of Satyam Computer Services, B Ramalinga Raju, used money raised through pledging of shares. The move will enable the income-tax department to trace some of the undisclosed income of Mr Raju, his family members and their investment firms—an exercise that is distinctly [...] Full Article

Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who Full Article

The petitioners, is a private limited company, engaged in the business of development and sale of immovable property, i.e., real estate, have impugned a notice, dated March 6, 2006 issued by respondent Superintendent of Central Excise, whereby the petitioner-company has been asked to get itself registered under section 69 of the Finance Act, 1994 inasmuch as the petitioner-company has been providing commercial or industrial construction service/construction of complex se.. Full Article