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No Income tax for Promoters & Builders?

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No Income tax for Promoters & Builders?

Last updated: July 27 2010
24 | Posts
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  • #11

    #11

    Re : No Income tax for Promoters & Builders?

    This thread was truly knowledgable. Thanks for posing question rsatitkar, and thanks for answering, real and Jitu. Good addition to information

    Jitu_Sir, can you please tell when was this scheme 80IB discarded?

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    • #12

      #12

      Re : No Income tax for Promoters & Builders?

      Originally posted by rsatitkar View Post
      Thanks Jitu_Sir & Realacres for your reply. This was a new information to me. It's really ironic that on one side govt is passing all possible tax burdens to 'mango man' & giving tax benifits to rich builder lobby. Total injustice. This can happen only in India.

      One one side there are poor buyers who are buying the flats in fringe areas with almost no infra (as they can not afford in established areas) & just managing to pay their EMIs & still they are loaded with numerous taxes & on other hand there are builders who have already ripped & still ripping hepty profits, staying in luxuty bunglows at premium locations, using premium seg cars like Merc, BMW & they are not required to pay any Income Tax. Totally frustrating.

      Truely India is shining!!
      Moral of the story. Become a builder !

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      • #13

        #13

        Re : No Income tax for Promoters & Builders?

        It is really a shocking news that builders are not paying income tax and common middle man are heavily taxed.
        These corrupt politicians and crooked builders are sucking our blood.

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        • #14

          #14

          Re : No Income tax for Promoters & Builders?

          Originally posted by ani_meher View Post
          This thread was truly knowledgable. Thanks for posing question rsatitkar, and thanks for answering, real and Jitu. Good addition to information

          Jitu_Sir, can you please tell when was this scheme 80IB discarded?
          Dear ani_meher,
          Income tax scheme u/s 80IB was for projects sanctioned within the period from 1st April 2003 till 31st March 2008 with completion before 31st March 2011.
          Last edited July 27 2010, 04:21 PM.
          Jitendra Pethkar | Pethkar Projects

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          • #15

            #15

            Re : No Income tax for Promoters & Builders?

            Originally posted by harishkulks View Post
            Moral of the story. Become a builder !
            Abhi Ghar nahi hai par jaan to hai.

            Builder banenge to jaan bhi jayegi
            Venky (Please read watch a or before posting)

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            • #16

              #16

              Re : No Income tax for Promoters & Builders?

              Folks,

              What if you could get all the benefits of being a builder without becoming a builder?

              What if you could participate and share the same profits as the builder?

              Would this interest anyone out there?

              Regards,

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              • #17

                #17

                Re : No Income tax for Promoters & Builders?

                Hi Savvy, sounds like one of the dubious schemes launched by builders - 12% guaranteed return on investment of 25 Lakh - then you never see your money or even your 12% ever again !!!!!
                Venky (Please read watch a or before posting)

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                • #18

                  #18

                  Re : No Income tax for Promoters & Builders?

                  what if it's not dubious at all and you get to share proportionate profits (proportionate to your investment)?

                  what if everyone involved is highly reputable locally and internationally?

                  Example:

                  Project Cost: 100
                  Project Sold: 300
                  Project Profit: 200

                  If investor puts in 10 investor gets back roughly 30

                  What if? Thoughts?

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                  • #19

                    #19

                    Re : No Income tax for Promoters & Builders?

                    Builder earns huge profit by being crook.
                    How do you ensure the builder is enough crook to build a huge profit but least crook when its time to pay back your share ? This is a dilemma.

                    The same example you gave, will look like this,

                    Project Cost: Actual: 100 On Paper: 200
                    Project Sold: Actual: 300 On paper: 205
                    Project Profit: Actual : 200 On paper: 05

                    Isn't this same thing happening with RE stocks like DLF, Unitech ?

                    Originally posted by savvy_investor View Post
                    what if it's not dubious at all and you get to share proportionate profits (proportionate to your investment)?

                    what if everyone involved is highly reputable locally and internationally?

                    Example:

                    Project Cost: 100
                    Project Sold: 300
                    Project Profit: 200

                    If investor puts in 10 investor gets back roughly 30

                    What if? Thoughts?

                    Comment

                    • #20

                      #20

                      Re : No Income tax for Promoters & Builders?

                      Great point.

                      What if this concern was addressed and controls were built in to ensure cost and profits are not staged?

                      What if the investor has rights and representation and is kept completely informed at every step of the way?

                      What if?

                      Comment

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