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GST Effect Relief for home buyers, as Real Estate to be taxed less
A great relief to home buyers, real estate will bear lesser tax load under the new indirect tax regime, Goods and Service Tax (GST), coming into effect from July 1. Construction of flats, complexes and buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes, suffered by them under the existing regime. Thus, buyers will get rid of making higher payments for their already booked properties even after July 1. Central Board of Excise and Customs (CBEC) as well as the states had received several complaints regarding people, who already have booked flats and made part payments, being asked to make the entire payment before 1 July 2017 or to face higher tax incidence for payment made after that, in view of the work contract service tax rate under the GST at 12 per cent for under construction buildings. CBEC however, in an official communication said that this was against the GST law and clarified that central excise duty is pay...
Important ruling on the property rights of successors versus nominees
Upon the death of an owner, will the rights in the property be transferred to a nominee or the successor to the property? We examine what the current legal standing on the issue is, after a landmark judgement from the Bombay High Court A legal question that has been put to test time and again before various courts, is whether the rights of nominees prevail over those of successors, in respect of various subjects of nomination, such as financial instruments, shares in a cooperative society, etc. A division bench (two-judge bench) of the Bombay High Court , comprising of Justice Oak and Justice Sayed, recently upheld the rights of successors over nominees. The court stated that the nominees are appointed, to ensure that the subject matter of the nomination is protected, until the legal heirs or legal representatives of the deceased take appropriate steps, such as obtaining probate of the will of the deceased or letters of administration of the estate of the deceased, to claim ...

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