Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: articles on VAT and GST in India :: cpt :: TDS
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Taxmen eye e-auction of seized property
October, 07th 2006
FM P Chidambaram never tires of thinking up new ways to shore up revenues for the income tax department. And fortunately, this time around, his thoughts may not end up taxing people. Currently, the tax department is in possession of 60-70 properties spread across seven cities. These properties are worth a few hundred crores and Chidambaram wants the department to explore the Internet and e-auctions as a tool to dispose them. Sources in North Block said the minister thinks online auctions are popular in the real estate business. This popularity, ought to be leveraged by the central board of direct taxes (CBDT). The properties that the income tax department currently has in its possession range from independent bungalows to flats and official premises in key metros. Most of them were taken over as part of the tax recovery process by the Appropriate Authority a wing of the department that was closed down in 2002. This wing had the power to acquire any property over Rs 30 lakh if it found the sale or purchase of the property undervalued. "Most of our properties are litigation free. But we got a timid response whenever these were put on the auction block,"sources said. In one case, the department at Bangalore tried to sell prime properties owned by fake stamp-paper scamster, Abdul Kareem Lala Telgi. The auction did not invoke much interest. Only one property on Palace Road was sold for Rs 1.43 crore to Le Meridien Hotels. They were the only bidders who offered to buy the place at the reserve price. There were no bidders for two other properties even as the tax department is trying to recover arrears of about Rs 11.85 crore from Telgi. They eventually called off the auction. "Electronic auctions will allow people living in different cities to participate, and will hopefully generate better response,"sources said. They added that CB Richard Ellis, the realty firm has been consulted by the tax department on the process. Ironically, the government may be the only impediment to the department adopting this route. Its rules don't allow the tax department to opt for electronic auctions as a medium to sell property. In India, e-auctions came into the limelight last year after HSBC sold a 28,000 sq ft bungalow, Runnymede, for about Rs 42 crore. However, experts like Raja Kaushal, chief executive officer of Betterhomes India, say that globally e-auctions are preferred in the construction business where the project needs to be awarded to the lowest bidder. In US, there are strict laws for e-auctioning. In case there is any misrepresentation, the individual can get the money back. India lacks this regulatory infrastructure.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions