immovable property

ITC for the construction of immovable property for own use

Goods and Services Tax - Section 17(5)(d) of the CGST Act, imposes restriction on availing input tax credit in respect of the goods and services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account including when such goods or services or both are used in the course or furtherance of bus...

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Details of Relatives in Whose Name Benami Property can be Held

Goods and Services Tax - ‘Benami’ transactions were treated as valid transactions by various courts, prior to promulgation of Ordinance in 1988. We know that word ‘Benami’ is a Persian compound word, made up of ‘be‘ which means without and ‘name‘ which means name that is ‘Benami’ means ‘Without nam...

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Analysis of Section 53A of Transfer of Property Act, 1882

Goods and Services Tax - The Transfer of Property Act, 1982 came into force on the 1st July, 1882. In the first instance it extends to whole India, except some states at the time of independent of India. Section 5 defines transfer of property means an act by which a living person conveys property, in present or in future, to one or more other living persons, or t...

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Service tax on long term lease of Immovable property inconsistent with other laws

Goods and Services Tax - Service tax payable on long term lease of Immovable property under Renting of Immovable Property – not in sync with Service tax Act, Accounting Standard, Bombay Stamp Act & Income Tax Act ...

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Determination of Fair Market Value of the Property Other Than Immovable Property

Goods and Services Tax - Section 56 of the Income Tax Act, 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14, items A to E thereof. It provides for such income to be chargeable under the residuary head...

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SC stays Delhi High Court order on recovering service tax on renting of immovable property for commercial use

Goods and Services Tax - The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of immovable property for commercial use, including shops and malls, from some firms. A Supreme Court bench comprising Just...

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Service Tax disputes may cost government 500 crore

Goods and Services Tax - The government may lose over Rs 500 crore in service tax this year, as its decision to impose tax on eight new services and amend some existing ones has been challenged in three cases — copyright, immovable property and health check-up services provi...

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Property Sales at its low in and around Mumbai

Goods and Services Tax - A staggering 96.3 million square feet of residential space — or about 80,000 homes — is lying unsold in the Mumbai Metropolitan Region (MMR), the highest-ever inventory pile-up for the area. Sales are down 38% over last year....

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Retrospective amendment in budget 2010 to provide that renting is a service

Goods and Services Tax - In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial purposes. Amendment has been made in the definition of “Renting of immovable property service” to provide explicitly that the activity of renting itself is a renting service. The change has given retrospecti...

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Service Tax on Renting of Immovable Property – Board promises Delhi HC to revise instructions

Goods and Services Tax - The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by mere filing an appeal in the Supreme Court, the High Court order has become inoperative. So ...

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Laying of underground cable by mobile service provider is exigible to property tax

M/s Bharti Airtel Limited Vs State Of Chhattisgarh (Chhatisgarh High Court) - Laying of underground cable by the mobile service provider is exigible to property tax being a levy for use of land for laying of cable and not on cable itself. ...

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Sale of immovable property only through registered deeds, Power of attorney sales not valid – SC

Suraj Lamp & Industries Pvt. Ltd. Vs State Of Haryana (Supreme Court of India) - The Supreme Court today ruled in the case of Suraj Lamp & Industries Pvt Ltd Vs State Of Haryana that sale transactions carried in the name of general power of attorney will have no legal sanctity and immovable property can be sold or transferred only through registered deeds. “Transactions of ...

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Govt. Wins – Service tax on Renting Case – P&:H High Court Upholds Retrospective Validation from 01.6.2007

M/s Shubh Timb Steels Limited Vs Union of India and Another (Punjab & Haryana High Court) - : It cannot be held that renting of property did not involve any service as service could only be in relation to property and not by renting of property. Renting of property for commercial purposes is certainly a service and has value for the service receiver. Even if it is held that transaction of ...

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Service Tax on Renting of Immovable Properties- AP High Court stays retrospective amendment

Trent Limited Vs. DDIT (High Court of Andhra Pradesh) - TRENT Ltd and Future Value Retail Ltd have challenged before the AP High Court, the service tax with retrospective effect on renting of immovable property, brought in by the Finance Act, 2010....

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If a trust fulfills all conditions of section 12A/12AA, registration cannot be denied on ground that some conditions of section 11 and 12 not fulfilled

CIT Vs Krishi Utpadan Handi Samiti (Allahabad High Court) - Assessees who fulfill all the conditions are entitled to registration cannot be faulted. The contention of the Revenue that the assessees are not registered as an institution and hence not entitled for registration is also without any merit, because, there is no requirement under the Act that an ins...

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Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition

RBI/2009-10/ 286 A.P. (DIR Series) Circular No.25 - (13/01/2010) - Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, as amended from time to time, in terms of whic...

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Instruction regarding judgement of Delhi HC in respect of Service Tax on Renting of immovable property

Instruction F.No 336/10/2009-TRU - (15/07/2009) - Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail India Ltd and Others Vs Union of India [2009] 20 STT 129 (Delhi) , wherein it is held (Para 36 of the order) that, "Section 65(105)(zzzz) does not in terms entail that the r...

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Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...

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Taxation of Services Provided from outside India and Received in India

Notification No. 37/2009 – Service Tax - (23/09/2009) - Legal Consultancy Services provided from outside India, in relation to immovable property shall be deemed to be import of services if the immovable property is situated in India. Legal Consultancy Services provided from outside India which are not in relation to immovable property shall be deemed t...

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MVAT Notification on Amemdment in Rules related to Charging contract

Notification No . CR-53 dt.01/06/09 - (01/06/2009) - The cost of the land shall be determined in accordance with the guidelines appended to the Annual Statement of Rates prepared under the provisions of the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995, as applicable on the 1st January of the year in which the agreement to ...

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Recent Posts in "immovable property"

ITC for the construction of immovable property for own use

Section 17(5)(d) of the CGST Act, imposes restriction on availing input tax credit in respect of the goods and services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account including when such goods or services or both are used in the course or furtherance of bus...

Read More
Posted Under: Income Tax |

Details of Relatives in Whose Name Benami Property can be Held

‘Benami’ transactions were treated as valid transactions by various courts, prior to promulgation of Ordinance in 1988. We know that word ‘Benami’ is a Persian compound word, made up of ‘be‘ which means without and ‘name‘ which means name that is ‘Benami’ means ‘Without nam...

Read More
Posted Under: Income Tax |

Laying of underground cable by mobile service provider is exigible to property tax

M/s Bharti Airtel Limited Vs State Of Chhattisgarh (Chhatisgarh High Court)

Laying of underground cable by the mobile service provider is exigible to property tax being a levy for use of land for laying of cable and not on cable itself. ...

Read More

Analysis of Section 53A of Transfer of Property Act, 1882

The Transfer of Property Act, 1982 came into force on the 1st July, 1882. In the first instance it extends to whole India, except some states at the time of independent of India. Section 5 defines transfer of property means an act by which a living person conveys property, in present or in future, to one or more other living persons, or t...

Read More
Posted Under: Income Tax | ,

Service tax on long term lease of Immovable property inconsistent with other laws

Service tax payable on long term lease of Immovable property under Renting of Immovable Property – not in sync with Service tax Act, Accounting Standard, Bombay Stamp Act & Income Tax Act ...

Read More
Posted Under: Income Tax |

Sale of immovable property only through registered deeds, Power of attorney sales not valid – SC

Suraj Lamp & Industries Pvt. Ltd. Vs State Of Haryana (Supreme Court of India)

The Supreme Court today ruled in the case of Suraj Lamp & Industries Pvt Ltd Vs State Of Haryana that sale transactions carried in the name of general power of attorney will have no legal sanctity and immovable property can be sold or transferred only through registered deeds. “Transactions of the nature of `GPA sales or `SA/GPA/WILL...

Read More

SC stays Delhi High Court order on recovering service tax on renting of immovable property for commercial use

The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of immovable property for commercial use, including shops and malls, from some firms. A Supreme Court bench comprising Just...

Read More
Posted Under: Income Tax |

Govt. Wins – Service tax on Renting Case – P&:H High Court Upholds Retrospective Validation from 01.6.2007

M/s Shubh Timb Steels Limited Vs Union of India and Another (Punjab & Haryana High Court)

: It cannot be held that renting of property did not involve any service as service could only be in relation to property and not by renting of property. Renting of property for commercial purposes is certainly a service and has value for the service receiver. Even if it is held that transaction of transfer of right in immovable property ...

Read More

Determination of Fair Market Value of the Property Other Than Immovable Property

Section 56 of the Income Tax Act, 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14, items A to E thereof. It provides for such income to be chargeable under the residuary head...

Read More
Posted Under: Income Tax |

Service Tax disputes may cost government 500 crore

The government may lose over Rs 500 crore in service tax this year, as its decision to impose tax on eight new services and amend some existing ones has been challenged in three cases — copyright, immovable property and health check-up services provi...

Read More
Posted Under: Income Tax |

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