PAN Card Status: Amendment

<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;">
<img alt="http://knowyourpan.blogspot.com/" border="0" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOsepY1l_YAzGIWyv_8W8S1A7QPH21_hStMr8iI6Npob5RQ4tZrVEwd3acudkZeEcIFy6VxDsMp80OrccsDg1U13_nZPhBYJICUfIUibpgyzhVGzWhzQ9VXea-8sDUJyYyGKi5Rs-MPyTs/s1600/Real+Estate+Bill.jpg" title="Real Estate Bill 2013, Real Estate Bill India, Union budget 2013-14, Amendments in Income Tax, Real Estate Related Amendments in Income Tax, Finance Bill 2013, Income Tax Act." width="320" /></div>
<br />
<div class="MsoNormal" style="text-align: center;">
<b><u><span style="font-size: large;">Real Estate Related Amendments in Income Tax</span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Real Estate Bill 2013, Real
Estate Bill India, Union budget 2013-14, Amendments in Income Tax, Real Estate
Related Amendments in Income Tax, Finance Bill 2013, Income Tax Act.</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Finance Bill 2013 includes vital
amendments in Income Tax Act for specifically related to Real Estate Sector.
The topics related to Real Estate Sector which is affected due to amendments are
as follows;</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
          (1)<span style="font-size: 7pt;">    </span>Change
in the Definition of agricultural land and
agriculture income</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
          (2)<span style="font-size: 7pt;">    </span>Consideration
in case of immovable property held as stock in trade which is sold below stamp
value</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
          (3)<span style="font-size: 7pt;">    </span>Taxation
on Immovable property transfer for inadequate consideration</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
          (4)<span style="font-size: 7pt;">    </span>TDS
on Transfer of immovable property other than agricultural land, and </div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
          (5)<span style="font-size: 7pt;">    </span>Interest
on housing loan </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The above amendments in the
income tax act, 1961, are the current need of the economy.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l1 level1 lfo2; text-align: justify; text-indent: -.25in;">
      <b>(1)<span style="font-size: 7pt; font-weight: normal;">    </span></b><b>Amendment
in the definition of Agricultural Land and Agriculture Income<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Central Government amended
the law in Agricultural Land under section 2(14)(iii), Agriculture Income under
section  2(1A)(c) of the Income Tax Act,
1961, and under section 2(ea) clause (b) explanation 1 in the Wealth Tax Act, 1957, </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Prior to amendment u/s 2(14)(iii)</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Agricultural land in India, not being land situate -</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
(a)  in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
(b)  in any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
After the amendment provision for classifying the agriculture land is as follows;</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<i>“… in any area within the <b>distance,
measured aerially,—<o:p></o:p></b></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i>(I) not being more than two
kilometers from the local limits of any Municipality or Cantonment Board and
which has a population of more than ten thousand but not exceeding one lakh;;
or<o:p></o:p></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i>(II) not being more than six kilometers,
from the local limits of any Municipality or Cantonment Board and which has a
population of more than one lakh but not exceeding ten lakh; or<o:p></o:p></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i>(III)</i><span style="font-family: "TimesNewRomanPSMT","serif"; font-size: 10.5pt; line-height: 115%; mso-bidi-font-family: TimesNewRomanPSMT; mso-bidi-language: GU;"> </span><i>not
being more than eight kilometers, from the local limits of any Municipality or
Cantonment Board and which has a population of more than ten lakh”.</i></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The Income from the Farm House
situated in the above amended definition of the agricultural land will not be considered
as Agricultural Income, if such land is not assessed to Land Revenue.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The definition of term “Asset”
for the purpose of charging Wealth Tax under section 2(ea), also includes above
Urban Agricultural Land for the purpose of calculation of the Wealth of the
assessee.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Real Estate Bill 2013, Real
Estate Bill India, Union budget 2013-14, Amendments in Income Tax, Real Estate
Related Amendments in Income Tax, Finance Bill 2013, Income Tax Act.</b></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>

Real Estate Related Amendments in Income Tax

Real Estate Related Amendments in Income Tax Real Estate Bill 2013, Real Estate Bill India, Union budget 2013-14, Amendments in I...

+ Read more »