TAXING REAL ESTATE SECTOR

  

 Dear friends

Why Income-tax Department should chase the assessee, let assessee chase us by giving us total solution in REAL ESTATE SECTOR/ RENTAL INCOME/ WEALTH TAX which seems to be difficult till date.

Legislation to be made where a STANDALONE site is created where the following data is uploaded annually by every person who owns an asset directly or indirectly in a stipulated time frame either by confiscating properties or levying a huge fine after the deadline date.

Description	Land	Building	Flat
Name
Occupation
Address
PAN and UID
Extent
Registered Sale Deed/Agreement to Sale backed by GPA
Year of Purchase
Details of Cash/Cheque
Actual Value
Fair Market Value(FMV)
Agricultural/Non-Agricultural
GPS Location
Nature of asset Gift/Inheritance/Purchase
Investment/Stock Agreement to sell/GPA
Meter No./Nos
Commercial/Residential
Electricity Bill (Annually)
Electricity Bill (Monthly Unit/Value)

1.    Make PAN MANDATORY for owning a property through registered sale deed or Agreement to sell backed by GPA.

2.    Investment/Stock will give the nature of income whether Business/Capital Gains.

3.    Monthly Electricity consumption will give whether the premises occupied for evaluating RENTAL INCOME.

4.    Actual Value to know the SOURCE of INCOME.

5.    FMV to calculate whether WEALTH TAX is applicable.

Some more items can be added as i might have missed few or many but the nation can celebrate real HOLI and DIWALI if the above FORMAT gets implemented.

Need  your valuable feedback to make it better

Hari Rao

08.03.2012