residential flats

After some time I learnt that he got in a position where he is in a position to bankrupt. On further query I came to know the whole story of his loud voice of animal growling. He was into real estate business and he took two projects where construction was going and had taken a loan from around Rs.5cr and all his money is invested in construction and he is not getting any buyers for his residential flats. He also needed some more funds for the pending works and banks are.. Full Article

Can residential premises be used for professional or business office purposes? It is generally believed that only a part of the flat can be used for professional purposes and that no part of the flat can be used for business office purposes. However the decided case laws on the subject speak otherwise. Full Article

S. 54 provides that if an assessee has LTCG on transfer of a residential house and he purchases or constructs a residential house within the specified period then the amount appropriated towards the new house shall be deducted from the LTCG. Full Article

Construction of building complexes, having more than twelve residential units is subject to service tax under the category of „Construction of Complex Services.? In the past, various views have been expressed on the applicability of the service tax in cases where an agreement of sale is entered into between the builder and the buyer of a unit in a residential complex, as mentioned below Full Article

Though the rulings of the Authority are binding only on the applicant and the service tax department; but since the issue has been settled in favour of service tax department; all the Builders and Real Estate Developers who are not paying service tax on construction of residential flats and units are going to be slapped the demands of service tax. Majority of the Builders are neither charging nor paying any service tax on construction and sale of residential flats. The c.. Full Article

Court noted that basic requirement of Sec.53A of TPA is a written agreement and Sec.2(47)(v) can be invoked only if conditions laid out in Sec.53A are fulfilled. In the instant case there was neither any written agreement between the Assessee and builder nor any consideration received by her thus 53A of TPA can't come into play as a result of which 2(47)(v) can't be invoked. Thus it held that there was no transfer in the instant case within the meaning of Sec.2(47)(v) of.. Full Article