Notional Rent not applicable on a flat which is inhabitable and in a ruinous condition: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that notional rent shall notbe applicable on a flat, which is inhabitable and in a ruinous conditionfollowing the Bombay High Court judgment in the case
18% GST Payable on Interactive Flat Panel with Android: AAR [Read Order]
The Telangana Authority of Advance Ruling (AAR) has ruled that 18% GST is Payable on an Interactive Flat panel with Android. The applicant, M/s. Next Education India Private Limited is in the business of supplying
Income from Sale of Flats and Land is ‘ Capital Gain ’ since Assessees’ Intention to Trade in Real Estate was not Established: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench has ruled that the income from the sale of flats and the undivided share in such land could be assessed under the head “capital gains” since the
Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]
While hearing the case of Vineet Kumar Kapila, Delhi bench of Income Tax Appellate Tribunal, followed the circular issued by the Central Board of Direct Tax (CBDT), ruled that booking of flat with the builder
Flat Buyers cannot wait Endlessly to get Input Tax Credit: NAA to Builders [Read Order]
While rejecting a plea by a real estate developers, the National Anti-profiteering Authority ( NAA ) has held that since flats are sold in installments without waiting for project completion, the buyers too cannot be
GST relief for Flat Buyers, AAR says 12% Tax Applicable on Preferential Location Charges [Read Order]
The Authority for Advance Rulings (AAR), West Bengal has held that the services such as preferential location and facilities like car parking in apartments should be treated as “composite construction service” and attract the same
AAR clarifies Dates of GST Refund in case of Cancellation of Residential Flats by Customer [Read Order]
The Kerala Authority of Advance Ruling (AAR) clarified the dates of GST refund in case of cancellation of residential flats by customers. The applicant, VKL Builders India Private Ltd. is engaged in the construction of
Discount can’t be treated as Bogus If Some Customers Denied: ITAT allows Deduction to Developers [Read Order]
“It is the decision of the business-men how much discount is to be allowed to a particular person and it is the prerogative of the assessee to run the business as per the business strategy
GST: CBIC issues FAQs on Real Estate [Read FAQs]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a set of Frequently Asked Questions (FAQs) wherein it was clarified that a home buyer cannot decide which GST rate will be applicable on
GST applicable on Construction of Flats to be given on Lease [Read Order]
The State Appellate Authority of Advance Ruling (AAAR), Maharashtra has recently held that GST was rightly levied on real estate developers engaged in the development of land and construction of flats to be given on
Penalty can’t be levied on Puri Construction for denying benefit of ITC to Flat Buyers: NAA [Read Order]
The National Anti-Profiteering Authority (NAA) found M/s Puri Construction Private Limited guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) to Flat Buyers as no penalty
Income Tax Deduction allowable on Sum Received as ‘On-Money’ on Flat Bookings: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench ruled that Deduction under section 80IB(10) of the Income Tax Act, 1961 allowable on the sum received as ‘On-Money’ on flat bookings. The assessee, M/s. Surana Mutha
Quoting of Low Rent by Flat Owner is Tax Evasion: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that declaring low rent for a flat by the owner in the income tax return is a device for tax evasion. The assessee,
GST not leviable on Sale of Flats with Completion Certificates: Govt
The Ministry of Finance has clarified that GST cannot be leviable on the sale of flats with a completition certificate. It is brought to the notice of buyers of constructed property that there is no
Mahindra Lifespace denied benefit of ITC to Flat Buyers under Project ‘Avadi’: NAA imposes Penalty and 18% Interest
The National Anti-Profiteering Authority (NAA) imposed a penalty on M/s Mahindra Lifespace Pvt. Ltd., under Project ‘Avadi’ denied the benefit of Reduced Input Tax Credit (ITC) to the flat buyers. The Applicant, S. Ganapathi Subramanian