The Income Tax department has laid down several rules for compliance of TDS under the section for TDS on Immovable property for properties exceeding Rs.50 lakhs. Further there are several calculations needed while reviewing the impact of Capital gains while selling a property. Moreover with the recent pronouncements by the Indian Government, RERA & GST is playing a major role in the real estate sector, resulting into an initial increase in the transaction cash-flow for buyers.
Although the rules indicate a refund of the input GST to the ultimate buyer, the developers are at times reluctant to pass on the benefits to the buyer as a result of their ignorance of the provisions. There are also several incentive schemes available to the affordable housing sector apart from subsidized availability of housing loans. All these coupled with several tax regulations warrant the need to appoint a Chartered Accountant or Tax/Financial Consultant.
The “CA/Financial Consultant’s” scope includes the following:
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