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Kanakia Group’s building gets notice from BMC

Kanakia Group’s building gets notice from BMC

Boomerang, the prime commercial building developed by Kanakia Group, in Chandivali, has been attached by the Brihanmumbai Municipal Corporation for nonpayment of property taxes to the tune of Rs 7.36 crore. The notice issued by the Superintendent and Assistant Assessor and Collector of “L” ward was pasted by BMC officials inside the building on Saturday. […]

‘Big boost’: Builders welcome tax waiver

‘Big boost’: Builders welcome tax waiver

Say the relief for flats and tenements measuring up to 500 sq ft will make affordable housing more attractive for everyone. The real estate industry on Saturday welcomed the state’s decision to waive property tax for homes measuring up to 500 sq ft, saying it will make affordable housing more appealing to both builders and […]

Govt to free up larg tracts along Eastern Exp h`way

Govt to free up larg tracts along Eastern Exp h`way

In a major bonanza for developers, particularly in Mumbai, the state government is all set to free up surplus vacant land where development was till now restricted to build houses for the poor. Large tracts of land will be freed up along the Eastern Express highway and LBS Marg, said sources. The urban development department […]

Tax sop available even if capital gains not used for new house

Tax sop available even if capital gains not used for new house

MUMBAI: The Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has held that the investment-linked capital gains tax exemption, available on purchase of a new house, cannot be denied to a taxpayer merely for not investing the capital gain proceeds. The I-T officer had denied the tax benefit as the investment made towards purchase of the new […]

Pay Rs 40 lakh within 3 weeks or lose your homes

Pay Rs 40 lakh within 3 weeks or lose your homes

PENDING PROPERTY TAX: BMC`s ultimatum to 450 tenants in five Lalbaug buildings, including two 100 – yr – old chawls: The problem is, builder who bought these buildings is bankrupt, his firm has gone into liquidation, and the tenants are not authorised to pay the dues on his behalf. Residents of five buildings in Lalbaug […]