Kolkata: Bengal is stuck in a very difficult situation right now because of the new tax that maybe levied on property sales. The tax had only been proposed and awaits inclusion in the Finance Bill 2013 may spell doom for the Bengal realty sector if approved.Mr Sushil Mohta, Vice-President of the Confederation of Real Estate Developers’ Association of India (CREDAI) in Bengal said on Wednesday, “Real estate is the second largest contributor to the state exchequer in West Bengal but with this kind of regulations and taxations, the industry is going to practically come to a standstill.” According to CREDAI, the registration authorities who decide the amount of income tax payable on a property and also the amount of stamp duty to be levied on the property are using a very defective method for accessing property values. Also the authorities are bringing commercial and residential properties under the same bracket for valuation though their values differ largely. This is also going to cause major problems for both buyers and sellers.The amendment is being brought because the authorities have suspected for long that developers tend to undervalue their properties on paper so that they can cut on both stamp duty and income tax. However they charge extra cash that are paid and accepted without any records.Mr. Mohta is of the opinion that previously there were other processes to deal with such kind of fraud such as the authorities were allowed to acquire a property if they found that it had been undervalued. CREDAI as well as the developers are ready to agree with this arrangement rather than going with the new one.In Salt Lake Sector V where lakhs of square feet of land are already empty, office spaces are being valued at Rs 8,000 per sq ft by the stamp duty authorities while they are available for Rs 4,000 to Rs 4,500 per sq ft. The problem that buyers and sellers will have to face is that they will have to pay income tax on the differential amount which is the difference between the transaction value mentioned in the sale documents and the assessed value made by the registration authorities. Thus the developers will have to pay taxes on income they never earned and the purchasers will have to pay tax on deemed income they never received.Fear that the developers will no longer be able to carry on any business because they cannot afford it anymore is now looming in the state.займ на карту без отказов круглосуточновзять кредит онлайн