The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as Smart Cities.
A firms’ reputation of generally assessed by Goodwill earned by the firm during its tenure. The Goodwill has been defined by many, but no one has given a crystal clear definition. Goodwill is generally used in business world, to access the value of a firm. It an intangible, invaluable asset.
Till the introduction of Limited Liability Partnership Act, 2008, entrepreneurs running business on small/medium scale had only following options as form of organisation i.e. Partnership /Private Limited/ Public Limited/ Proprietorship concerns. In case of Partnership and Proprietorship concerns the liabilities of Partners or Proprietor is unlimited. Their assets may also be seized in case of fraud / loss in the concern. Now with promulgation of Limited Liability Partnership Act, 2008
The Real Estate ( Regulation and Development ) Act, 2016 defines Allottee as the person to whom a plot, apartment or building , as the case may be , has been allotted, sold( whether as freehold or leasehold) or otherwise transferred by the promoter. It also includes person who subsequently acquires the said allotment through sale, transfer or otherwise. But the definition of Allottee does not include a person to whom land or apartment is give on rental basis.
Real Estate is playing very important role in development of Indian economy. It is one of the most profitable businesses in some part of country. The Real Estate Sector has given employment to large people in our country. It has contributed a lot in the development of housing projects and trying to fulfil demand for housing to all.
Foreign Exchange is important for every country for payment of import of essential goods and services. Foreign exchange will be collected from various ways, such as export of goods and services, remittances by NRIs, Persons Resident Abroad, Foreign Direct Investments etc.,
We are in the modern era in which whole world became our play ground. Gone are the days, when people were afraid of for going abroad. We Indian proved our mantle all over the world, through our business sense and information technologies developments.
The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income from business.
Transfer Pricing, a concept generally used in case of an International as well as Domestic Transactions between interrelated or associated enterprises. These provisions have been introduced to check revenue erosion from India by Multinational companies.
In this article we shall discuss tax liabilities in case of breakdown of Joint Development Agreements or Arrangements in the hand of land owner as well as developer. In some cases a Joint Development Arrangement, breaks down due to dispute between the parties before completion of the project or before project reaches a reasonable stage.
