IT notice to MMRDA, CIDCO
The Income Tax department has sent notices to real estate companies, MMRDA, CIDCO stating that all land lease sales or transfers attract a 10% tax, sources said.
Search Results: income tax department (30)
Realty under IT scanner
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects.
Ponty Chadha killed in shootout following real estate feud
Track2Realty: Police has detained at least 15 people, mostly the security personnel of controversial liquor and real estate baron Ponty Chadha and his younger brother Hardeep who were killed in a shootout between their groups at their farmhouse in south Delhi on Saturday, Nov 17.
Liquor and real estate baron Ponty Chadha’s rags to riches empire
Track2Realty: Gurdeep Singh Chadha alias Ponty Chadha, who was killed along with his brother after they fired at each other inside a farmhouse in Delhi’s Chhattarpur area on Saturday, Nov 17, was the sole liquor distributor in Uttar Pradesh. His other business interests included real estate, sugar mills and film production, which he used to look after along with his two brothers – Hardeep and Rajinder. The business empire was reportedly worth Rs 6,000 crore.
IT raids 10 real estate firms in Indore
Track2Realty-Agencies: The Income Tax (I-T) department has raided on 45 premises of Indore-based 10 real estate firms on Saturday, Sep 22. A team of 300 officials conducted the operations and recovered Rs 2 crore in cash and sealed 15 lockers of nine realtors. The raids are expected to continue on Sunday as well.
CBDT to come out with accounting norms for real estate
The Revenue department on Thursday, Sep 6, said it will soon come out with accounting standards for the real estate sector to bring about uniformity in reporting of financial results.
Sahara Group clarifies after Supreme Court verdict
The Sahara Group has clarified their stand in public after the jolt by the Supreme Court asking them to refund within three months Rs. 24,029 crore it had collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Company Act. In the wake of media onslaught after the Court asked two Sahara Companies to pay 15% interest on the amount, the Group in a statement has following version in its defence.
Real estate top violator of black money, economic intelligence informs Finance Ministry
Economic intelligence agencies have informed the Finance Ministry that a major chunk of illegal funds and black money is being generated and routed in the real estate sector of the country.
Dubious real estate deals under I-T scanner
The Income-Tax department is planning to look into all suspected real estate deals to check involvement of black money component and tax evasion.
Has ED let realtor Hasan Ali slip?
It seems to be a box-office-hit bollywood potboiler where a billioner realtor is interrogated as many as 29 times over a period of four years, gets arrested on charges of money laundering. But in the end manages the investigation and a weak case is what makes him laugh away at the system.