Saturday, December 20, 2014

Misc. Regulatory; VAT; Housing Socities Dues vs Limitatin Act - A poser; et al

Dec 30


Dec 24

All’s not well

The first step to resolving the Indian banking system’s asset quality problems, is to acknowledge them »



Dec 22

< Home buyer activism increased, in general, with the courts also supporting their cause against DLF and Unitech. Even as the Real Estate Regulatory Bill was deferred yet again, other policy measures laid a firm foundation for the sector’s long-term growth.
Real Estate Investment Trust (REIT) regulations and the more lenient foreign direct investment (FDI) policy should help attract more investments. >



Flat sale in the VAT net

....Finally, as held in the Raheja judgement, there will be no works contract if the agreement is entered into after the flat or unit is already constructed. The question over when a flat or unit is already constructed can again become contentious.
While the judgement has provided finality on the tax ability of under-construction property, it has left a trail of other issues to be resolved.....
The author is Tax Partner, EY
(This article was published on November 3, 2013)

 VAT reality for your new flat


The Maharashtra Housing (Regulation & Development) (Bill ...

Section 18(1) – Promoter to form co-operative society/company/apex body/federation.
(1) If single building - Promoter shall apply for registration of co-op. society or company or other legal entity within four months from the date of the OC or if minimum 60% of the flat purchasers have taken possession or the Promoter has received full consideration and other amounts for the same, whichever is earlier.
2(a) Separate Co-op.Soc. etc. to be formed for each building or wing.
2(b) If separate Co-op. Societies etc. have been formed, then the Promoter shall form and register an Apex Body or Federation consisting of all such entities in the layout, within the period prescribed.
(2)(a) If Layout – separate co-op. societies or companies etc. for each building or wing, to be applied for within four months from the date of the OC or possession given to 60% of flat purchasers, whichever is earlier.
4. If Condominium – then the Promoter shall inform the Registrar immediately after execution of Declaration and then it shall not be lawful to form a co-op. Society or Company.

5. If Promoter fails to register Co-op. Society or Apex Body or Federation the Competent Authority may direct the Registrar of Co.op. Societies to register the Society, Apex Body or Federation.

Section 18(5) (b) – Before giving a direction to form a society or apex body or federation, the Competent Authority must verify the authenticity of the applicants and give the Promoter a hearing.

Section 19 – Promoter shall normally execute the Conveyance within four months of formation of society or company. In the case of condominium, a Deed of Apartment shall be executed within four months of possession

Singh & Associates
After much delay and deliberation The Real Estate Regulation and Development Bill, 2013 has been approved by the Union Cabinet on June 4, 2013.

Dec 21


"A recurring bills or monthly bills are recoverable and each bill has time limitation of three years. Suppose a member is not paying since 2007 then in 2014 only bills which were due since 2011 will be eligible for recovery and rest bills cannot be recovered as covered under Limitation Act...."

The proposition. so categorically advanced, but with no reservation, prima facie, does not seem to be right; and in any view, not free from bona fide doubt. If one is not mistaken, such a view runs counter to one's understanding of the legal position that in case of a continuing default- i.e. a person who has been, and continues to be a perpetual defaulter, even while still being a member of the society,-the last committed default would give rise to a fresh start of limitation, in respect all past defaults. That is what is commonly known as concept of 'running account' of any type of debtor-creditor relationship. Instantly, in support, there seems to be-open to correction-  decided court cases on a similar proposition wrt promoter's continuing default to comply with any of the mandates of say, the MOFA often come-across. Over to law experts for further deliberation and enlightenment.

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