Joint owner not liable to pay Tax if no amount paid from his/her account for purchase of property

The Mumbai Income Tax Appellate Tribunal has ruled that Joint owners of properties by mere name cannot be held liable for Tax liabilities if the purchase of the property was not financed by him/her.Many people/couples purchase flats/properties in Joint names for convenience and security sake,but the money is paid entirely by one of the parties. […]

5% Vat to be levied on flats bought between 2006 & 2010

The Maharashtra Govt has decided to collect VAT (Value added tax) from home owners who bought their under-construction homes directly from builders between June 2006 and March 2010.The value of VAT has been decided as 5% of the total agreement value.This amount will have to be paid before August 31st. Eg:A buyer who bought a […]

Property tax-Builders to be held accountable?

Flat buyers are often kept in the dark about the property taxes due on their plot/flat at the time of possession.Only later do they realise that they have been shortchanged by the builder/developer when they are slapped Property Tax Due Certificate by the Municipal Corporation,which sometimes can be to the tune of a few lakhs! […]

Navi Mumbai has 54,267 vacant houses

A startling figure has come to light during the 2011 house census.The census says that out of the 3,89,019 structures classified as houses,54267 houses are vacant (without any occupant).This is roughly 13.94%.This survey was undertaken by the Govt.Out of these structures,2,52,201 structures are used purely for residential purposes,4215 are used for mixed purposes and 36,394 […]

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