TDS ON PROPERTY TRANSACTION FROM 01-06-2013

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

NEW GUIDANCE VALUES- DELAYED

IT IS RELIABLY LEARNT THAT THE PROPOSED REVISION OF GUIDANCE VALUE OR THE VALUE AT WHICH THE STAMP DUTY IS COLLECTED FOR THE REGISTRATION HAS NOT YET BEEN NOTIFIED.  THE GOVERNMENT IS WAITING FOR THE NEW REVENUE MINISTER TO TAKE UP THIS ISSUE AND NOTIFY THE SAME. THE BUYERS CAN HAPPILY REGISTER THEIR PROPERTIES AT … Continue reading NEW GUIDANCE VALUES- DELAYED

FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT

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