Thursday, October 29, 2009
THE PURCHASE OR TRANSFER, EITHER THROUGH A REGISTERED SALE DEED OR THROUGH A GPA, THE PURCHASER MUST QUOTE AND PAY THE CONSIDERATION PRICE AT THE PRICE/VALUE FIXED BY THE VALUATION COMMITTEE, OF DEPARTMENT OF STAMPS AND REGISTRATION,WHICH HAD BEEN PUBLISHED IN THE GAZETTE, AND IS QUOTED AS GUIDANCE VALUE. THUS IT IS VERY CLEAR THAT IN VIEW OF SECTION 50 C, ALL THE BUYERS AND SELLERS, WHILE CALCULATING THE CAPITAL GAINS PAYABLE ON THE STAMP DUTY VALUATION.
THUS THE IMPACT WOULD BE THAT THE VALUE ADOPTED BY THE STAMP DUTY AUTHORITY WOULD BE DEEMED TO BE THE FULL VALUE OF CONSIDERATION RECEIVED, AS A RESULT OF TRANSFER OF PROPERTY.
ALL THE SELLERS WHO MAY BE COMING WITHING THE AMBIT OF THIS ACT SHOULD CAREFULLY PLAN AND PAY ADVANCE TAX. FAILURE WILL INVITE PENAL PROCEEDINGS AND 24% PER ANNUM. THE ACT IS IN FORCE FROM THE FINANCIAL YEAR 2003-2004. ALL THE ASSESSES AND BUYERS OF PROPERTIES, SHOULD SUBMIT THE TAX RETURNS, TAKING INTO ACCOUNT THE PROVISIONS OF THE SAID ACT.
THE PURCHASE OF A PROPERTY OR TRANSFER OF PROPERTY IS NEGOTIATED FOR xxxxx CONSIDERATION. THE GUIDANCE VALUE FIXED BY THE VALUATION AUTHORITY OF DEPARTMENT OF STAMPS AND REGISTRATION IS yyyy, THOUGH THE ACTUAL CONSIDERATION PAID IS xxxx BUT UNDER THE PROVISIONS OF SECTION 50 C OF THE FINANCE ACT OF 2002, THE CAPITAL GAINS TAX WILL BE CALCULATED ON THE yyyy AND WILL BE TAXED ACCORDINGLY.
Tuesday, October 27, 2009
Sunday, October 25, 2009
In a step that seeks to discourage people from buying houses or other buildings unauthorisedly constructed without plan approval/violations/deviations by local bodies, the Coimbatore District Consumer Disputes Redressal Forum is turning away petitions seeking compensation for deficiency in service on the part of builders of such structures.
In fact, the buyers of flats or houses constructed without an approved plan stand to lose, as the consumer forum will not even entertain the petition.
In which case, the buyer will not be able to get any compensation from the builder/seller for deficiency in service.
Already, the Government has ordered a halt to registering sites in unapproved layouts and there are curbs in providing electricity connections.
Now, the consumer forum (commonly known as consumer court) has added a new dimension to the efforts to curb the menace of unauthorised constructions.
Forum President S.A. Sree Ramulu says the building plan forms the basis for accepting or turning away the petition. “If the petitioner says there is no approved plan for the building, we do not entertain the petition. The forum cannot take up the case of anything illegal or unauthorised. A building without an approved plan is unauthorised.”
Mr. Sree Ramulu says if the forum accepts such a petition and hears it, this will only amount to legitimising an unauthorised activity. “If there is damage to an illegal consignment of arms, can anyone sue the transport company for compensation?”
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