Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
Income Tax : Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is co...
Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...
Income Tax : Understand how Sec 50C & 43CA of Income Tax Act affect taxation of immovable property sales. Learn about capital gains, business i...
Income Tax : Understanding double taxation on the sale of unquoted shares in India. Learn about the implications and requirements under the Inc...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May...
Income Tax : ITAT Mumbai held that CIT(A) cannot enhance income by introducing a new issue not examined by the Assessing Officer. The ruling cl...
Income Tax : The case examined whether minor valuation differences can trigger taxation under Section 56(2)(x). ITAT held that differences with...
Income Tax : ITAT Pune held that reopening of assessment under section 148 of the Income Tax Act based on audit objection is merely change of o...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
Income Tax : The tribunal set aside excessive addition by recognizing both the allotment agreement and joint ownership. It directed proportiona...
Income Tax : In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Special Provisions For Full Value Of Consideration For Transfer Of Assets Other Than Capital Assets In Certain Cases [Section 43CA] Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with effect from A.Y. 2014-15) which provides that where the consideration received or accruing as a result of the transfer by an […]
In a recent press conference conducted by the Hon’ble Finance Minister Ms. Nirmala Sitharaman on 12th November 2020 followed by a press release dated 13th November 2020, Diwali gift for the real estate developers and home buyers was announced in the form of income tax relief where a new amendment was proposed in section 43CA […]
As a part of the AatmaNirbhar Bharat Package 3.0, announced on 12th November 2020 our Hon. Finance Minister Smt. Nirmala Sitharaman – a relief has been provided to real estate developers and buyers, by increasing the percentage of safe harbor to 20%. One can now buy a house at a rate of 20% lower than the circle rate. This new norm is for residential units up to Rs. 2 Cr. and will be effective till 30th June 2021. Let’s discuss about this relief in detail.
On the occasion of Dhanteras, FM has announced an Atmanirbhar Bharat Package 3 for over Rs. 2.65 lakh crores. A Demand Booster has been announced for the Real Estate Sector by giving Tax relief for the Developers & Home Buyers under the Income Tax Act.
Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 per cent for the purpose of Income tax.
In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from 12th November, 2020 to 30th June, 2021 in respect of only primary sale of residential units of value up to Rs. 2 crore.
Income Tax relief for Developers & Home Buyers in Atmanirbhar Bharat Package 3.0 Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%. This is for primary sale of residential units up to ₹ 2 Crore (from date of […]
a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]
Increase in safe harbour limit of 5% under section 43CA, 50C and 56 of Income Tax Act, 1961 to 10% Section 43CA of the Income Tax Act, inter alia, provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than […]
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
