FAIR VALUE OF THE LAND AND FEES SHOULD INCREASE 11/10/2013
NO INCREASE IN FEE FOR THE PURCHASE OF RELATIVES PROPERTIES
TVM, Today the Cabinet will meet to find out the solutions to reduce expenses and increase income. The first step towards this is to increase the fair value of the land. But no increase in purchase of relative’s property. Government fees and royalties should increase.
A decrease of income from registration department by 233 crores in 4 months time is the main reason for this increase.
Finance Minister K.M Mani informed that government expenditure has increased by 20% and the income growth has come down by 11 %. In this situation, Kerala is facing financial problem. Governments have no plan to decrease Planning expenditure, but decided to raise the fair value of the land.
Family member’s partition fees also going to increase.
SALES TAX ON PROPERTY
In Kerala June 1st onwards property buyers should pay 1% tax on the total amount of the land purchased. This is named as TDS. Agricultural land is exempted from TDS.
This is applicable for all sections of people, but the amount of the property, if less than 50 lakhs, TDS is not applicable. This is according to the act 194 A. No change in the ACT of 195, that says Indians who are not permanently staying in India should pay TDS on the property purchased.
On June 1st onwards peoples purchasing property above 50 lakhs should take TAN account number. Then they should pay 1 % TDS to the government and the balance only should go to the land lord. They should give certificate of the TDS paid and they must submit TDS return also.
According to the TDS of the property value, no exceptions are allowed. As per the act of 197, people who are not paying income tax can apply for the exceptions of tax.
Till now tax should be decided by the value of the stamp paper, when selling property. But property dealers were exempted from this act. According to the budget of this year, property dealers also should give right value of the land they are selling and if not done so they should pay tax on the difference of the value of the land. This is according to the new act 43 CA.
Family Property Registration
July 8th 2011 UDF Government in kerala In a relief to all sections, the registration fee on partition deeds of family properties had been fixed at the rate of Rs 1,000, doing away with the value-based fee system
CONVERATION OF BARREN PADDY LAND
The Kerala High Court on Tuesday 31 jan 2012 held that barren paddy fields which are not suitable for cultivation should be converted for alternative use. Division bench also observed that the kerala conservation of paddy land and wet land Act 2008 was not helpful for owners of paddy land that has been rendered unfit for cultivation.
This is certainly an injustice to paddy land owners. People with muscle and money power and political or official patronage have been converting paddy land by violating the land utilization Order. Later these conversions got regularized. Their for the bench instruct the Govt that the barren paddy fields which are not suitable for cultivation can be converted for suitable alternative use. The kerala govt also had been taken the same decision against The subject and promise the help and judicial support.
SMARTCITY COMES TRUE......08-10-2011
Kochi: Construction of the much delayed Rs 2,000 crore SmartCity project at the nearby Kakkanad commenced Saturday and the first phase is expected to be completed in two years.Within 24 months the project's first phase would be ready and is expected to provide about 7,000 jobs, Kerala Chief Minister Oommen Chandy said after performing the "ground breaking ceremony" of the 6,000 sq ft pavillion building, which will be completed within 14 weeks.SmartCity is a conglomerate promoted by Dubai Holding member, TECOM Investments, to develop and manage Knowledge industry Townships Worldwide. It is based on Dubai's models of Internet City, Media City and Knowledge Village to promote the growth of 'knowledge-based' companies.
The first stage of the construction of various other buildings will be taken after this and completed in 20 months, Chandy said, adding that the entire work of the project is expected to be completed in five years. Chandy is the chief patron of the project. SmartCity is not merely an IT project, but a major initiative that could create substantial employment (estimated to be about 90,000) and nurture Kerala's economy to the next level of growth.It should send an important message that Kerala is an investor friendly destination, he said. Chandy said marketing and roadshows of the project would begin immediately.The project is targetting world class firms to set up units here. Group CEO of Tecom Investments, Abdullatif Al Mulla expressed confidence that the project will attract Foreign Direct Investments.This was a very 'vital' project and will bring in more talent, he said. Mulla said Rs 2,000 crore had been set apart for the project and finance would not be a constraint.Industries minister and SmartCity Kochi Chairman P K Kunhalikutty said the government and the promoters are keen that international investors set up units here. The roadshows will start from December.Most probably it will start from Bangalore and would be held in all major cities, he said.
KERALA STAMP DUTY REDUCED FOR FAMILY PROPERTY PARTITION :
Date : 21/07/2011:
UDF Government introduced a remarkable decision in Stamp Duty of family members. Earlier it is same as the normal registration and there is no importance in family title deeds. But now it is reduced from 7%– 8%– 9 % depending on Panchayath/ Municipality and Corporation. Which is now simply reduced to a Stamp Paper of Rs.1000. New rule implemented from today onwards.
Maximum Stamp duty for the family property partition is fixed as Rs.1000. Partition documentation among the family members, and for gift partition are included in stamp duty reduction.
Now Grandchildren can also enjoy the benefits of documentation, before this was allowed to Children, wife, husbands and brothers.
2% of the land value is fixed as registration fees. We get deduction only for stamp duty and not for registration fee.
Deed for Family properties partition :
July 8th 2011 UDF Government in kerala In a relief to all sections, the registration fee on partition deeds of family properties had been fixed at the rate of Rs 1,000, doing away with the value-based fee system .
Kochi Smartcity A fresh lease agreement Singed today 25/02/2011
Kochi: A fresh lease agreement for the much delayed Rs 1700 crore Kochi Smartcity, an IT infrastructure project being jointly promoted by Kerala Government and Dubai based Tecom Investments group, which envisages direct employment to about 90,000 persons, was signed here Wednesday.
The agreement for the entire 246 acres of the project land was signed between Tecom Investments group CEO Abdullatif AlMulla and state IT Secretary, K Suresh Kumar in the presence of Kerala fisheries minister and Kochi Smartcity chairman, S Sharma. Later talking to reporters Sharma said all measures have been completed to start the project on a war footing. Construction will begin as soon as the SEZ notification is issued by the central government. The SEZ notification for about 131 acres is expected within two to three weeks, he said.Abdullatif AlMulla said the director board meeting was 'fruitful' and 'positive' and the board was very much supportive of the project. Once the SEZ notification comes through, the work would start immediately, he said. A preliminary masterplan was presented before the board today by Tecom and a detailed master plan would be presented at the next director board meeting, he said. The agreement was registered later. Smart City CEO Fareed Abdulrahman, who had been representing the company, was not present. AlMullah had earlier this month said in Dubai that their immediate priority was to sign the lease agreement to secure the designated land for the project. 'We are quite optimistic that we will be able to complete this project as planned and are confident of fulfilling all the time bound contractual obligations mentioned in the Framework Agreement', he had stated.
The foundation stone for the project was laid in May 2007. The project was in a limbo after that following differences over the issue over 12 per cent free hold. Government was prepared to give the free hold land only inside the SEZ, which was not agreeable to Tecom. However, the issue was settled last month at the talks between Chief Minister V S Achuthanandan and and Ahmed Homaid al Tajir, member of the Supreme Committee for Dubai World Group and Public Holding Group at thiruvananthapuram.As per the agreement, on completion of the master plan, 12 per cent of the total land would be converted from leasehold to freehold rights within the Special Economic Zone. The Government would also exempt the land from registration fee and stamp duty. The agreement was later approved by the state cabinet, paving the way for the work on the project to start without further delay.
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