Tax

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. The building’s water connection has also...

‘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 buyers. department on Friday announced 100 per cent property tax waiver for...

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 has proposed to the state cabinet to free up the land for creating affordable...

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 house “was not out of the taxpayer’s own funds”. The...

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 are in a fix as the BMC has asked for lakhs of rupees as outstanding property tax,...

Taxpayers can compare tax liability declared in final, summary GST returns forms

NEW DELHI: The GST Network Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final...

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