trust our ingenuous developers to claim unsold flats as still “under-construction” till they find a buyer who coughs up their expected rates.
Even though the attempt is fine and useful in keeping prices under control, I dont think IT dept will succeed in this, especially to defend such action in the courts, since the units are held by the builders as ‘inventory’ and not as ‘capital asset’ which is required to tax the deemed income under ‘House Property’. The Act will have to be amended and knowing our governments’ pro-builder lobby stance, I dont think the law will get amended.
3 replies on “A trigger for a realty crash?”
trust our ingenuous developers to claim unsold flats as still “under-construction” till they find a buyer who coughs up their expected rates.
Even though the attempt is fine and useful in keeping prices under control, I dont think IT dept will succeed in this, especially to defend such action in the courts, since the units are held by the builders as ‘inventory’ and not as ‘capital asset’ which is required to tax the deemed income under ‘House Property’. The Act will have to be amended and knowing our governments’ pro-builder lobby stance, I dont think the law will get amended.
Good point.