Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Corporate Law : 1. Movable Property – Movable property means property; the location of which can be changed, including things growing on, affix...
Goods and Services Tax : Analysis of Supreme Court Decision in Mother Superior Adoration Convent relating to interpretation of Exemption provisions Introdu...
Corporate Law : Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Object...
Corporate Law : The word ‘property’ has been derived from a Latin word ‘properietate‘ which means a thing that is owned. T...
Service Tax : The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of ...
Service 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 ...
Finance : A staggering 96.3 million square feet of residential space — or about 80,000 homes — is lying unsold in the Mumbai Metropolita...
Service Tax : In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial p...
Service Tax : The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. ...
Income Tax : Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabi...
Service Tax : CESTAT Kolkata rules that service tax is not applicable to rent received for immovable property services prior to June 2007. Detai...
Goods and Services Tax : whether the petition filed for disposal of notice for demanding property tax without waiting for disposal of same case by Municipa...
Income Tax : whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rig...
Corporate Law : Laying of underground cable by the mobile service provider is exigible to property tax being a levy for use of land for laying of ...
Corporate Law : Municipal Corporation of Delhi (MCD) order on the new rates of the property tax 1. New property tax rates and conditions will be a...
Corporate Law : From the 1st January 2022, the Mumbai Municipal Corporation shall not levy any tax component of property tax specified in sub-sect...
Corporate Law : Date of payment of property tax for Financial Year 2021-22 on lump sum payment 0f Property Tax with 15% rebate along with 3% (thre...
Fema / RBI : Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated...
Service Tax : Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail Ind...
The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of […]
The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition.
Announcement for November 2009 examinations Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services. Integrated Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper […]
5.8 The question whether income from property should invariably be taxed under the head “income from house property” is to be decided after taking into consideration the cumulative effect of all factors prevailing in a given case. The Courts have formulated different tests to determine the head under which such income can be taxed. Merely because income is attached to immovable property
Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax net. Gifts in kind are also not taxable. Now the gifts in kinds are being made taxable in the hands of recipients. Cases of deemed gifts due to inadequate considerations are also being brought in the tax net.
5. From the facts of this case, it transpires that the Hon’ble Supreme Court has not laid down any universally applicable principle that income from immovable property, be invariably taxed under the head ‘Income from House Property’. It was on the consideration of the cumulative effect of all the factors prevailing in case, which have been noted above, that the income from immovable property was held to be taxable under this head
This alert summarizes a recent ruling of the Authority for Advance Ruling (AAR) [2009-TIOL-12-ARA–IT] in the case of K.T. Corporation (Applicant) on the issue of whether a Liaison Office (LO), acting as a communication channel, will constitute a Permanent Establishment (PE) of the Applicant under the Double Taxation Avoidance Agreement between India and Korea (Tax Treaty). Considering the facts of the case
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 sell the property is registered.
21. In view of the above submissions of the assessee and in view of the fact that M/s.Sky Blue Trading & Investment Pvt. Ltd. is sister concern of the assessee, we find no merit in the contentions of the assessee that the transaction between the assessee and M/s.Sky Blue Trading & Investment Pvt. Ltd. fell through because of the non-compliance of the conditions stipulated in the Memorandum of Understanding
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). The petitions questioned the levy of service tax on renting out of immovable property per se since the taxable services contemplated under Section 65(105)(zzzz) of the Finance Act, 1994 (as amended) were services provided in relation to renting of immovable property.
