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RERA and Capital Gain - Laws relating to Immovable Property (3rd Edition)

RERA and Capital Gain - Laws relating to Immovable Property (3rd Edition)

by K K Ramani, N C Jain
Capital Gains RERA
About Book:

This book is a comprehensive guide for buyers/investors of immovable property, whose interests are now well protected by the enactment of the Real Estate (Regulation and Development) Act 2016. The present edition attempts to update the law and practice relating to the Real Estate (Regulation and Development ) Act, 2016 by bringing in the discussion of the law as it has evolved with the legislative amendments, judicial decisions interpreting the provisions and the executive orders, resulting in clarity in respect of the provisions which, being at the nascent stage, were amenable to differing views.

With the setting up of Authorities and prescribing the web based procedure for making applications for registration, RERA is in force in most of the States and Union Territories including the Union Territories of Jammu and Kashmir and Ladakh. The State of Maharashtra continues to be ahead of all other States in all matters. Several contentious issues arising from the decisions of the Authority have been addressed by the Maharashtra Real Estate Appellate Tribunal whose decisions are likely to be the guiding force for the Authorities, till those involving substantial questions of law are decided by the High Court. A continuous follow up of the law as it crystallises is, therefore, required. The book has covered these points in detailed manner.

The real estate sector which was struggling to come out of the depressing trend had to face further drawdown by COVID-19 pandemic with resulting lockdown. In order to take care of the situation created by successive lockdown, the Government of India , under the Atmanirbhar Bharat Abhiyan came out with the Special Economic and Compliance package under which the Ministry of Housing has been asked to advise the Authorities to treat COVID-19 as force majeure under RERA. The Authorities are also being advised to extend the registration and completion date. The package also advises extension of timelines under RERA for other compliances also. Book has covered these aspects at relevant places.

The book also equally deals with the subject of taxation of Capital Gains which materially influences the financial and other planning of the developers as also of the buyers, particularly when transfer of existing property is of the nature of substitution by another for whatever purpose. Among legislative changes after the last edition was brought out, mention may be made of the Insolvency and Bankruptcy (Amendment) Act 2020 laying down the threshold of number of buyers to invoke the provisions of the Act; the Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine Payable, Forms of Complaints and Appeals etc) (Amendment) Rules, 2019 amending, among others, the timeline for conveying the title of the land and the building so as to make them at par with the RERA provisions and the Finance Act, 2020 affecting the provisions relating to taxation of Capital Gains.

Considering the role of amended GST provisions to revive the sector, a Chapter titled “GST on Real Estate Transactions” has been incorporated in this book to provide the updated position of such taxation.

Key Features:

  • Comprehensive Commentary on RERA and Capital Gains- Elucidated with Case Laws
  • Commentary on Capital Gains updated as per Finance Act 2020
  • GST on Real Estate Transactions covered separately
  • Relevant provision of FEMA and GST
  • Practical issues in the implementation of the RERA Act
  • Discussion on ongoing projects under RERA
  • Summary of Important SC decisions on Capital Gain
  • Covered Relevant Circulars, Instructions & Notifications and Other Provisions
  • Latest Judgements of RERA Appellate Tribunals & High Courts
  • Main Rules of Maharashtra, Gujrat, Karnataka & URL given for other State Rules
  • IBC Remedy in Real Estate Transactions elucidated with S.C. decision
  • Covering the changes due to COVID - 19
  • Incorporating the Summary of Judgements of Tribunals, High Courts and Supreme Court
Categories: RERA, Direct Taxes
Publisher: Wolters Kluwer
About Publisher:

Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.

Authors: K K Ramani, N C Jain
About Authors:
K K Ramani : Shri K.K. Ramani is a reputed Advocate of Mumbai who has made a place for himself in the area of laws relating to immovable properties and taxation. He was elected President of Chamber of Tax Consultants and was Chairman of Western Zone of All India Federation of Tax Practitioners. He was a member of VDIS committee and KVSS committee appointed by the Chief Commissioner of Income Tax, Mumbai. Shri Ramani is an acclaimed author and co-author of several books. Among his works are Wills, Nominations & Succession, Redevelopment of Housing Societies, Deemed Conveyance under the Maharashtra Ownership Flats Act, Limited Liability Partnership, Doing Business in India, Answers to all your Questions on VDIS, 1997, Remittance of Foreign Exchange Investment in Foreign Exchange Bond & Voluntary Deposit Act 1991 and FEMA Manual. Shri N. C. Jain has a brilliant academic record. He did his M. Com, L.L.B and L.L.M. and started his career as Lecturer in Commerce in St. John’s College Agra. Mr. Jain joined Indian Revenue Service in 1963. He acted as an Officer of the Income Tax Department performing duties of investigation, audit, appeals, training, and other areas of tax administration at various levels of hierarchy reaching to the position of Chief Commissioner of Income Tax and Director General of Investigation in the Revenue Service and thereafter Chairman of Income Tax Settlement Commission. He acted as Joint Secretary in the Central Board of Direct Taxes, Ministry of Finance looking after the tax planning and Foreign tax Divisions in the Central Board.

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Capital Gains RERA
About Book:

This book is a comprehensive guide for buyers/investors of immovable property, whose interests are now well protected by the enactment of the Real Estate (Regulation and Development) Act 2016. The present edition attempts to update the law and practice relating to the Real Estate (Regulation and Development ) Act, 2016 by bringing in the discussion of the law as it has evolved with the legislative amendments, judicial decisions interpreting the provisions and the executive orders, resulting in clarity in respect of the provisions which, being at the nascent stage, were amenable to differing views.

With the setting up of Authorities and prescribing the web based procedure for making applications for registration, RERA is in force in most of the States and Union Territories including the Union Territories of Jammu and Kashmir and Ladakh. The State of Maharashtra continues to be ahead of all other States in all matters. Several contentious issues arising from the decisions of the Authority have been addressed by the Maharashtra Real Estate Appellate Tribunal whose decisions are likely to be the guiding force for the Authorities, till those involving substantial questions of law are decided by the High Court. A continuous follow up of the law as it crystallises is, therefore, required. The book has covered these points in detailed manner.

The real estate sector which was struggling to come out of the depressing trend had to face further drawdown by COVID-19 pandemic with resulting lockdown. In order to take care of the situation created by successive lockdown, the Government of India , under the Atmanirbhar Bharat Abhiyan came out with the Special Economic and Compliance package under which the Ministry of Housing has been asked to advise the Authorities to treat COVID-19 as force majeure under RERA. The Authorities are also being advised to extend the registration and completion date. The package also advises extension of timelines under RERA for other compliances also. Book has covered these aspects at relevant places.

The book also equally deals with the subject of taxation of Capital Gains which materially influences the financial and other planning of the developers as also of the buyers, particularly when transfer of existing property is of the nature of substitution by another for whatever purpose. Among legislative changes after the last edition was brought out, mention may be made of the Insolvency and Bankruptcy (Amendment) Act 2020 laying down the threshold of number of buyers to invoke the provisions of the Act; the Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine Payable, Forms of Complaints and Appeals etc) (Amendment) Rules, 2019 amending, among others, the timeline for conveying the title of the land and the building so as to make them at par with the RERA provisions and the Finance Act, 2020 affecting the provisions relating to taxation of Capital Gains.

Considering the role of amended GST provisions to revive the sector, a Chapter titled “GST on Real Estate Transactions” has been incorporated in this book to provide the updated position of such taxation.

Key Features:

  • Comprehensive Commentary on RERA and Capital Gains- Elucidated with Case Laws
  • Commentary on Capital Gains updated as per Finance Act 2020
  • GST on Real Estate Transactions covered separately
  • Relevant provision of FEMA and GST
  • Practical issues in the implementation of the RERA Act
  • Discussion on ongoing projects under RERA
  • Summary of Important SC decisions on Capital Gain
  • Covered Relevant Circulars, Instructions & Notifications and Other Provisions
  • Latest Judgements of RERA Appellate Tribunals & High Courts
  • Main Rules of Maharashtra, Gujrat, Karnataka & URL given for other State Rules
  • IBC Remedy in Real Estate Transactions elucidated with S.C. decision
  • Covering the changes due to COVID - 19
  • Incorporating the Summary of Judgements of Tribunals, High Courts and Supreme Court
Categories: RERA, Direct Taxes
Publisher: Wolters Kluwer
About Publisher:

Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.

Authors: K K Ramani, N C Jain
About Authors:
K K Ramani : Shri K.K. Ramani is a reputed Advocate of Mumbai who has made a place for himself in the area of laws relating to immovable properties and taxation. He was elected President of Chamber of Tax Consultants and was Chairman of Western Zone of All India Federation of Tax Practitioners. He was a member of VDIS committee and KVSS committee appointed by the Chief Commissioner of Income Tax, Mumbai. Shri Ramani is an acclaimed author and co-author of several books. Among his works are Wills, Nominations & Succession, Redevelopment of Housing Societies, Deemed Conveyance under the Maharashtra Ownership Flats Act, Limited Liability Partnership, Doing Business in India, Answers to all your Questions on VDIS, 1997, Remittance of Foreign Exchange Investment in Foreign Exchange Bond & Voluntary Deposit Act 1991 and FEMA Manual. Shri N. C. Jain has a brilliant academic record. He did his M. Com, L.L.B and L.L.M. and started his career as Lecturer in Commerce in St. John’s College Agra. Mr. Jain joined Indian Revenue Service in 1963. He acted as an Officer of the Income Tax Department performing duties of investigation, audit, appeals, training, and other areas of tax administration at various levels of hierarchy reaching to the position of Chief Commissioner of Income Tax and Director General of Investigation in the Revenue Service and thereafter Chairman of Income Tax Settlement Commission. He acted as Joint Secretary in the Central Board of Direct Taxes, Ministry of Finance looking after the tax planning and Foreign tax Divisions in the Central Board.

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Ratings and Reviews

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