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Can’t deny tax relief to buyer if builder delays flat delivery

MUMBAI: The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder’s fault the taxpayer does not get timely possession of a house in which the reinvestment was made. The Income-Tax Act provides for benefits relating to capital gains tax, where...Read more

Rising home inventory may not lead to lower prices in Bengaluru

BENGALURU: Home prices are unlikely to drop from the current levels despite tepid sales and rising inventory in the city. The city’s residential real estate capital value remains unchanged at Rs 5,334 per sqft in the first half of 2016 compared to the second half of 2015, according to Idirees Chenakkal, head of Research &...Read more

Green approval must for big realty projects in West Bengal

KOLKATA: Developers of all big housing projects-covering 2 lakh square feet or more-in the state will now have to get a compulsory green nod before starting construction. After taking clearance from the district administration, stating the nature of the land, project details and the outlying plan of the nature of construction, the builders will have...Read more