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: cpt :: form 3cd :: VAT RATES :: TDS :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: empanelment
 
 
Service Tax »
 GDP may slow down if GST implemented in hurry: Tax officials
 Goods and Services Tax: Beyond audit & scrutiny, dual control still a grey area
 India to levy service tax on freight for imports on delivered basis
 Income tax relief must be blended with additional tax measures
 9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
 GST rollout uncertainty hits Budget 2017 calculations
 GST now set for July 1 roll-out, dual control hurdle finally over
 Grant of Registration under DVAT and CST
 Do not raise service tax, says Chamber
 Excise, service taxpayers to migrate to GST portal by Jan 31
 Centre, state governments work on formula for 'GST on high seas'

Real estate developers ask govt to lessen tax burden on housing
June, 19th 2012

The Assam Real Estate and Infrastructure Developers' Association (AREIDA) has asked the state government to impound the combined burden of all taxes on housing in the state within 10 per cent, which includes VAT, service tax, stamp duty, registration, labour cess and NOC fees.

Describing the burden of registration fee for apartments and vacant land in Assam as an excessive burden for the buyers, AREIDA president PK Sharma said Monday that the rate of registration fees needs to be rationalized to a maximum of Rs 500 per sale deed and the combined burden of taxes for sale deeds be kept within 5 per cent of the cost of the property.

"The stamp duty here in Guwahati is 8 per cent and the registration charge is 8.5 per cent, totaling 16.5 per cent, which is the highest in India. Besides, like other states, rates of stamp duty and registration fee should not be the same here in Assam as well", Sharma said, while addressing the media.

He added that it is unfair to increase the zonal circle rates or the government value of land in the city to eight to 12 times by the state government for city lands in the recent past.

"On many instances, we have seen that the new government value of a plot of land in Guwahati is much higher than the actual market value of that particular land," added Sharma.

Citing the example of interior areas in places like Gorchuk, Betkuchi and Lokhra in the city, the AREIDA president said the actual land value in these areas is around Rs 20 lakh to Rs 30 lakh per bigha and the circle rate was Rs 6.5 lakh per bigha. But the government has enhanced the value of land in these areas to Rs 75 lakh per bigha.

"For apartments, the value is being fixed by the office of the deputy commissioner for the purpose of calculation of stamp duty and registration fee. This value is found to be arbitrary, as well as exorbitant, and in many cases varying for different apartments of the same category even in the same building," alleged Sharma.

AREIDA was unhappy that the Guwahati Metropolitan Development Authority (GMDA) is charging an additional one per cent for NOC issued for sale permission, taking the total duty for sale deed in the city to 17.5 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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