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Fraud trends in realty


Fraud trends in realty

Last updated: December 25 2013
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  • Fraud trends in realty

    Fraud trends in realty | Business Line
    Do read to know what to avoid and what to check while dealing with RE.
  • #2


    Re : Fraud trends in realty

    A tax reality check for new home buyers | Business Line
    The buyer has to deduct tax on payment of sale consideration or credit to account of seller, whichever is earlier.

    If you are planning to buy a house or paying for an under-construction property, you should be aware of a very important tax requirement, effective from June 1, 2013 — those buying an immovable property (other than agricultural land or land in specified areas) should deduct tax on payment of sale consideration or credit to the account of the seller, whichever is earlier.
    This also applies to individuals not carrying on a business and who are usually not required to deduct tax. The deduction is one per cent of the payment to a resident seller, for immovable property valued at Rs 50 lakh or more.

    My View:
    Full article gives you a picture of how to deduct tax and remit to IT.
    Must read for all buyers.


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