In one of the article Published in Sakal Property on Saturday 24th July 2010, it is mentioned that there is not Income Tax for Promoters & Builders since last 5 years. This policy is to promote the RE secotr as per the author of that article. Is it really true? I was shocked to read this.
If it's true then it's ironic. One one side poor buyer is paying all sort of taxes right Stamp Duty, Registration, VAT, now Sales Tax and on top of that he pays Income Tax. But builders who are ripping profits like anything are not entitled to Income Tax? Is this sanity? Is govt not biased towards builder lobby?