There is acute shortage of potable water in all the parts of Bangalore due to failed monsoon and continuous two years drought. The Underground water table has touched down the lowest ebb and the quality of the water pumped is toxic to highly pathogenic. Therefore, we request all the readers to enlighten the associations, friends … Continue reading Buying Tanker Water – Take Care – Check for PH, Total alkinity, Total Hardness, Odour, Color and Microbial Parameter Such as E-Coli , Coliform etc.
A News Report of real estate transaction in Bangalore Mirror on 13-07-2016 Woman entered into a deal to sell her property, but faced trouble when buyer refused to pay the 'remainder' The High Court of Karnataka has allowed a 75-year-old property owner to initiate a cheating case against the buyers of her property who allegedly … Continue reading REGISTRATION OF PROPERTIES AT A VALUE LESSER THAN THE ACTUAL SALE VALUE OF THE PROPERTY TO EVADE STAMP DUTY AND INCOME TAX
1% TDS IS LIABLE TO BE DEPOSITED FOR THE PROPERTIES VALUED ABOVE RS50 LAKHS, BEFORE THE REGISTRATION OR EXECUTION OF ABSOLUTE SALE DEED.TDS IS NOT PAYABLE AT THE TIME OF ENTERING INTO THE SALE AGREEMENT.
Obtaining TAN number for complying with the provisions; Issuance of TDS certificate to the seller; Filing of TDS return quarterly and mention PAN of the seller; Taxes needs to be deposited within the specified time limit with the Government; and May be scrutinized by the TDS officer The rate of 1% may increase to 20% … Continue reading The ISSUES the buyer may face to implement this TDS provisions – The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.
Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) for value Exceeding Rs.50 Lakh effective from 01-06-2013 The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% … Continue reading TDS ON THE SALE OF IMMOVABLE PROPERTIES – DETAILS IN A NUTSHELL
TDS – Sale of all Immovable property above sale consideration value of Rs50 lakhs and above is now subject to TDS !!! The Finance Minister in Finance Bill 2013 has proposed withholding tax at 1% to be deducted by every buyer from any sum payable to the resident seller if the sale consideration for transfer … Continue reading PROPERTY VALUE ABOVE RS50 LAKHS ATTRACTS 1% TDS !!!!
First Home Buyer will get an additional benefit on Interest limit: There is an additional deduction available on interest repaid on a loan for a first time house purchase. The benefit has been increased by an additional Rs 1 lakh and this will be over and above the Rs 1.5 lakh limit already available,provided, if … Continue reading BUDGET – INTEREST BENEFIT FOR LOWER CATEGORY – TDS FOR HIGHER VALUE HOMES – SERVICE TAX ABATEMENT AT 70% FOR HIGH END APARTMENTS