Immovable property

Stamp Duty and Tax Implications in a Slump Sale

1.     Stamp Duty on Immovable Property in a Slump Sale Although individual values cannot be assigned to the various assets for purposes of the transaction in a slump sale, appropriate values have to be considered for purposes of stamp duties. Under the Indian Stamp Act, 1899, stamp duty is payable in relation to transfer of… Read More

Tags: Allahabad High CourtCapital GainImmovable propertyIndiaStamp dutyTaxValue Added TaxVAT

Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin

RBI/2013-14/4 Master Circular No. 4/2013-14 July 1, 2013 To, All Category - I Authorised Dealer banks Madam / Sir, Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin Acquisition and transfer of immovable property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin is… Read More

Tags: Foreign Exchange Management ActImmovable propertyIndiaMaster CircularMaster Circulars 1st July 2013May 3 2000Non-resident Indian and person of Indian originReserve Bank

How to Pay TDS on Sale of immovable property

Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More

Tags: BankFinance ActFiscal yearImmovable propertyIncome taxIncome Tax ActIncome Tax Act 1961TaxTDS

Issue of Taxability of Family Settlements – A High Court’s perspective

CLR Editorial Notes: The case involves a dispute between two groups in a family. While the litigation between the two groups on the family dispute was pending in the court, both the parties agreed to divide the assets and businesses owned by the family into two lots containing two units each of the business in… Read More

Tags: CITImmovable propertyIncome taxIncome Tax Act 1961owelty

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