Bengaluru: Ravishankar (name changed) and his wife were on top of the world when they recently started living in their newly purchased apartment. A 2-BHK house for Rs. 45 lakh sounded like a good deal, for which they obtained a bank loan too, all facilitated by the builder. But their happiness was shortlived. “We were...Read more
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GST: Under-construction flats to cost more by 5-10%
NEW DELHI: Prices of under-construction apartments may rise by up to 5-10% when the Goods and Services Tax (GST) is rolled out. But, prices of completed apartments will not be affected as GST will not be applicable there. If you have already bought a flat but the entire payment has not been made, you will...Read more
GST: Homebuyers likely to pay higher tax of 20-22% on home purchases
NEW DELHI: The Goods and Services Tax (GST) could bring in transparency in the functioning of the real estate sector and even reduce the cost of ownership of homes for buyers, especially if the GST rate is lower than all the current rates put together, said builders and tax consultants. These consultants, however, said there’s...Read more
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
