Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: cpt
 
 
News Headlines »
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return
 Why cement companies are going in for M&As
 Govt moves to rework direct tax law after PM’s nudge
 New offer available for filing tax returns online, how to avail

Auditing may turn must for all property deals
September, 30th 2006
Benami property transactions and registration of undervalued real estate deals may not be that easy if the government's plans are implemented. The government is likely to make third-party auditing mandatory for all property transactions. Property transactions would require a certification from chartered accountants to ascertain that the property has not been undervalued to save registration fee. Registration fee (varies from state to state) is levied on the value of the property. According to sources in the urban development ministry, the proposal is already being discussed with various agencies, such as the department of income tax, the National Real Estate Development Council (Naredco) etc. "It is still in the concept stage and a notification is likely to be issued in a few months time. Various options are being mulled, based on recommendations from concerned authorities. One such recommendation is that, if the deal is above a certain amount, it should be notified to the administering ministry," said a senior government official. "Evidently, the market value mentioned in a ready reckoner in most of the cases is much higher than the actual market value of the properties transacted. As registration authorities refuse to accept the purchase deed to calculate the stamp duty, the parties are forced to pay higher stamp duty, higher than the actual amount paid by the purchaser to the developer or the dealer," he added. Experts, who are part of the ongoing exercise, feel that if implemented, the policy will have multiple benefits. "To start with, black money will be out of circulation in a big way, government revenues will increase substantially and deals will get more transparent," said Sumit Jha, deputy director, Naredco. Auditors, on the other hand feel, that though it's a good beginning, it's not an end in itself. "Only time will confirm the extent to which this regulation will serve the purpose of getting black money out of circulation," said Vishal Chandihok, partner, Grand Thorton, a leading auditing firm. "Practically, in all cases and especially in purchase of flat, parties cannot afford financially and timewise to contest the claim of stamp authorities and registration authority as to the market value of the property. People have no such time to take legal proceedings to challenge the valuation. People financially do not find it appropriate to contest market value because unless and until their document is registered they do not get any title. Therefore, in most of the cases and especially in Mumbai, people pay stamp duty at higher market value than actual consideration under the document," said a lawyer on the condition of anonymity. Under the present system, there is a rampant practice of property owners charging part of the deal in cheque (read white) and the rest in cash (read black). This has particularly been popular with buyers, as they can evade tax on the entire amount being paid in black. However, once third party auditing becomes mandatory, the government is confident this practice will drive bad money out of real estate to some extent.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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