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Property prices will be hit by tax on unsold inventory held by developers and builders

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News & Announcement

According to tax authorities, real-estate companies should have to pay tax based on Annual Letting Value (ALV) on unsold flats as they are the owners of the flats and it does not matter whether the properties are rented out or not. In a bid to arrest hoarding of residential flats by developers and increase supply across the country, the income-tax department has decided to tax realtors on estimated annual rentals. The tax could be anywhere between 15% and 20%. The move is as per the central action plan for 2015-16, under which the I-T department can levy tax on any unsold flat by treating it as 'income from house property' under Section 43-CA of the I-T Act, 1961.

First steps for CA in practice

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It is indeed a great achievement of passing CA examination. But after coming successfully from the toughest examinations there lies another toughest phase of life- taking a decision of choice “Practice” or “Employment”. Here one should follow his heart and brain. Whatever the choice in life, if we do It with passion, we will succeed. For start ups in the profession of chartered accountancy, these useful tips may help them to become successful professionals.

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