The State Government has increased the Guidance Value or the Circle Rates or the Market Price of the property in Bangalore Urban, Bangalore Rural District and Ramnagar District with 15 days notice to submit the objections, if any, with supporting documents or evidence. In some areas, the increase is very steep and on an average … Continue reading PROPERTY GUIDANCE VALUE REVISED OR INCREASED IN BANGALORE URBAN AND RURAL DISTRICT WITH 15 DAYS NOTICE TO FILE OBJECTIONS
THE REVISED CIRCLE RATES/MARKET RATE/GUIDANCE VALUE FIXED BY THE VALUATION COMMITTEE WILL BE EFFECTIVE FROM 08-08-2013. THE NEW PROPERTY VALUES WILL FORM THE BASIS FOR THE CALCULATION AND PAYMENT OF STAMP DUTY AND REGISTRATION FEE AT THE TIME OF REGISTRATION. THIS GUIDANCE VALUE IS THE FAIR MARKET VALUE AS PER THE FINANCE ACT AND IT … Continue reading BANGALORE PROPERTY REGISTRATION VALUES
TAX DEDUCTED AT SOURCE (TDS) ON THE PROPERTY TRANSACTIONS ABOVE THE VALUE OF RS50 LAKHS IS EFFECTIVE FROM 01-06-2013, A NOTIFICATION TO THIS EFFECT IS PLACED BY THE INCOME TAX DEPARTMENT. THIS NOTIFICATION IS NOT APPLICABLE TO AGRICULTURAL LANDS. ONLINE TDS PAYMENT IS AVAILABLE AND THOSE, WHO CANNOT ACCESS IT, CAN MAKE/DEPOSIT THE TAX IN … Continue reading TDS ON PROPERTY TRANSACTION FROM 01-06-2013
THE STATE GOVERNMENT MAY REVISE THE GUIDELINE VALUES OF THE PROPERTIES AND MIGHT INCREASE THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES IN KARNATAKA, VERY SOON.
FAIR MARKET VALUE OF PROPERTIES FROM 01-10-2009 Effective 1/10/2009, difference of over Rs. 50,000 between fair market value and purchase value of immovable property will be taxed as income from other sources in the hand of the buyer if buyer is an individual or HUF. Property is as defined in Section 56 and includes immovable property, jewellery, … Continue reading FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT