Real estate property - collection of black money by sellers
Many of us would have purchased immovable property. It is noteworthy that many persons who are selling their properties demand "black" money as well. For example, a house worth ₹15 lakhs as per government rates would be sold for ₹30 lakhs. But the sale deed would be only for ₹15 lakhs while the buyer would have to shell out ₹15 lakhs in cash. This is highly discerning because many people who can't afford such huge money are deprived of buying a house. Is this justifiable? One can earn profit but not this way. Are there any laws to curb this menace?
The new enactment "RERA" has not provided any solace in this regard. Since the buyer has to pay in cash, even Income Tax is kept out and so is the Service Tax. Where should the gullible buyers to? The matter has to be brought to the notice of the respective State governments if not central government.
This is a very core area where heavy corruption is involved. more
The new enactment "RERA" has not provided any solace in this regard. Since the buyer has to pay in cash, even Income Tax is kept out and so is the Service Tax. Where should the gullible buyers to? The matter has to be brought to the notice of the respective State governments if not central government.
This is a very core area where heavy corruption is involved. more
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RERA even do not have any provisions or any recourse to the delays already caused in completion of the projects.Before RERA enactment,one has to approach the consumer forum for years as RERA shall entertain complaints for delays etc. accrued only after July 2017.In the garb of RERA registration ,builders have given the dates of completion of the projects by further adding few months/years on the already delayed projects.This will further aggravate the misery of the buyers.Provisions in RERA be made for the projects already over delayed by not accepting its registration .RERA is a boom for such defaulting builders & poor buyers have become more poorer with EMI/House rent enhanced further. Builder get the blanket approval by giving new enhanced dates through RERA. Punish few & all cash transactions shall vanish. more
Aug 31
First we as citizens question ourselves that how honest are we ?? as in this forum only there are learned/highly educated/high collared professional both govt & private as well are there, so touch their heart & say are we honest !!!! like that we as public should understand that if we pay tax promptly then this question of selling underrate or agaisnt cash will not arise at all !! and secondly about bank finance, see people who buys properties with cash are nothing but corrupt minds !! so question of bank finance will not arise at all on such cases, the only solution is modiji should make aadhar mandatory for all property transactions and not only that even for voting also aadhar should be made mandatorily then election is also not required to prepare list of voters etc., and it can monitor candidate's poll expenses strictly ! thus candidates with corrupt minds/practices will less get elected!! more
Aug 05
The buyer shall insist on making the total sale consideration thro. bank- by DD/Ch. / online... and may opt for the regn. of the sale deed as per guideline value. In this case the entire transaction goes accounted in someway or the other way! It's absolutely wasteful expenses on spending on stampduty/ regn. fees to the dept. which ultimately goes to the state govt. kitty for their WORTHLESS services. more
Aug 01
Best way to induce the buyers to declare correct sale price and to eliminate corruption is to reduce the levies to a level where every citizen can afford and to introduce online transactions more
Aug 01
