Heiger body meeting decided to settle 2.21 lac applications related to land data bank corrections received within 3 months.Also decided to prepare and publish data bank under new 159 agricultre housing within 2 months time.Meeting also decided to grand 3 months time to settle applicatons even though the time frame set is for 2 months after checking by local bodies satlite pictures should be taken only for the doubtful places .
25.08.2017 : 3 month date extended for the Kerala conversation of Paddy land and wetland
Kerala govt fixed a land value tariff rate each and every where in Kerala especially for registration process in order to increase the revenue which is implemented on October 2007 again Kerala govt revised the fair value rate on October 2014 as 50% extra .the rate will get from the govt website .in April 2018 govt again revised the tariff rate as 10% additional .which is not reflected in present website
How to save tax on Capital Gains on Sale of Agricultural Land:Jun 06, 2018
In some cases, when you sell Agricultural Land – it may be entirely exempt from income tax or it may not be taxed under the head Capital Gains –
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. For details on what defines an agricultural land in a rural area, see details of capital assets here.
Do you hold agricultural land as stock-in-trade? If you are into buying and selling land regularly or in the course of your business, in such a case, any gains from its sale are taxable under the head Business & Profession.
Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax.
When you have sold an agricultural land which does not meet any of the above exemption criteria, here are the 1. Conditions you need to meet Under Section 54B for claiming exemption from Capital Gains The exemption is available to an Individual or a HUF.
The land which is being sold must have been used for agricultural purposes by the individual or his parents or by the HUF for a period of 2 years immediately before the date of transfer.
Another land for the agricultural purpose should be purchased within a period of 2 years from the date of transfer of this land. The new agricultural land which is purchased to claim capital gains exemption should not be sold within a period of 3 years from the date of its purchase.
In case you are not able to purchase agricultural land before the date of furnishing of your Income Tax Return – the amount of capital gains must be deposited before the date of filing of return in the deposit account in any branch (except rural branch) of a public sector bank or IDBI Bank according to the Capital Gains Account Scheme, 1988. The exemption can be claimed for the amount which is deposited.
If the amount which was deposited as per Capital Gains Account Scheme was not used for the purchase of agricultural land – it shall be treated as the capital gain of the year in which the period of 2 years from the date of sale of land expires. Of course, in this case, you can withdraw these amounts for any use you may want. 2. Amount of Exemption
If the cost of the new agricultural land purchased is more than the number of capital gains, entire capital gains are exempt. If the cost of the new agricultural land purchased is less than the number of capital gains, Capital Gains less cost of the new agricultural land = capital gains chargeable to tax
Registration and Stamp Duty:Kerala Budget Speech 2018-19
The current stamp duty rate for gift, partition, settlement and release deed is Rs.1000/-. These rates will be revised and these documents will be charged a stamp duty of minimum Rs.1000/- or 0.25% of sale value, which ever is higher.
The fee for obtaining certified copy of documents from Sub Registrar Offices (SROs) will be increased to Rs.5 per page in case of documents of more than 10 pages. For documents of 10 pages or below, the existing rate will continue
Stamp duty of agreements executed for public works or service level agreements will be levied at 0.1 percent of the total contract value subject to a maximum of Rs.1 lakh.
The valuation rules as per Income Tax Act will be enacted for valuation of all buildings other than flats or apartments.
The existing fair value of land in Kerala will be increased by 10 percent.
The existing stamp duty on Power of Attorney for transfer of immovable property between family members will be increased from Rs.300/- to Rs.600/-
Documents relating to surrender of leases before the lease period will be levied a stamp duty of Rs.1000/-. All fees and charges on services related to property transactions in Kerala will be increased by 5%.
Why a re-survey was necessitated
In Cochin and Malabar areas, the mutation (Pokkuvaravu/Jamathiry/Transfer of Registry) was effected in the revenue records only after surveying the new sub-division. This work fell in arrears after the independence. The village officers whose primary responsibility was the maintenance of land records were deployed for poverty alleviation schemes and hence the land records maintenance was neglected to a great extent. In the Travancore area, the transfer of registry was up-to-date to a great extent. But corresponding changes were not effected in the maps.
Further in the state, various legislation towards agrarian reforms was introduced after independence. Due to the above legislations, the tenants and sharecroppers became absolute owners of the land. When these reforms were introduced on a war-footing basis, the corresponding changes were not effected in the survey records. Hence, a total re-survey of the state was required Government ordered the re-survey of the state in following Government orders.G.O.Ms.295/66/RD REVENUE (E) DEPARTMENT Dated, Trivandrum,25th May 1966
LEGAL NOTICES IN THE RE-SURVEY
The individual notices under section 6 & 9 of the Survey & Boundaries Act were dispensed with as per the following amendment of the Survey & Boundaries Act. No. 11611/ Leg/ A1/ 86 Law (Legislation-A) Department. Now, according to Survey & Boundaries Act, there is no individual notice is required prior to the re-survey or prior to the finalisation.
Each taluk is divided into main circuits with an approximate area of 150 kms. And each main circuit is connected with the G.T Stations established by Survey of India so as to provide geographical co-ordinates to all survey points. According to present system of survey, each taluk is divided into blocks of approximately 1000 hectares. Then each block is divided into Khandom with area of 25 to 40 hectares. Each Khandom is sub-divided into Survey numbers of approximately 4 hectares in dry land and 2 hectares in wet land.
SURVEY OF BLOCK AND KHANDOM
The block and Khandom boundaries are surveyed by traverse methods.
SURVEY OF HOLDINGS
Normally survey fields are formed by clubbing 10 to 20 holdings and with an approximate area of 2 hectares in wet land and 4 hectares in dry land. The boundaries are demarcated generally according to the physical possession as seen of ground except where they are the valid documents to prove that it has to be demarcated otherwise. But Government lands are demarcated as per the previous records so as to detect all subsequent encroachments.
SURVEY OF PORAMBOKE
The Government lands even if they are under unauthorized occupation, are surveyed and recorded as Poramboke.
Certain private lands, which are now being used by public for the following purposes, are surveyed as Nalathu Poramboke.
1. Roads, Streets
2. Thodu, Streams.
The propriety rights of these Nalathu Poramboke shall continued to be vested with the respective landowners. The roads, streets etc. are surveyed as subdivision in the sketches only if it has got more than 2 meters width. The other roads, streets etc. are shown as topodetails in the respective sub division. No tax is collected in respect of Nalathu porambokes.
VARIATION IN AREA FROM THE PREVIOUS SETTLEMENT
In many cases there is variation in extent in the re-survey records from the previous survey and settlement records. After the finalisation and implementation of the re-survey records, Basic Tax is collected according to the area in the re-survey records and no separate pattas are required in cases of excess areas. For registration of title deeds and all other transactions, Re-survey No., subdivision number and extent should be followed.
SUPPLY OF RECORDS
The not final records are issued to the landholders on payment of RS. 50/- per sketch from the Office of the Assistant Director of Survey & Land Records concerned. The landowners can obtain the above sketches and satisfy themselves that the boundaries are properly determined. The copies of the details of land owners recorded during re-survey in the form of field register are also available in the re-survey Office on the payment of cost of RS. 25
As per Government Order G.O(P) No.34/2017/RD dated 30/05/2017 the Government have modified the Paddyland and Wetland Conservation Rules 2008.
Online Submission of Kerala Municipality Building Permits.
Now People can submit their Online Application for the building permits in Kerala Municipalities.If You are not registered then Register for an account by entering your Full Name, E-mail ID, Phone Number, Mobile Number and Enter the code shown on the website then hit the Register Now button.After completing the successful registration, you will receive the password to your registered Email and verification code on Your phone. Now You can enter into the application by entering in your registered Email and verification code on Your phone. Then the screen displays, you can see an option for changing the password. After changing your password, you can go to next step E-filing by login using your user name and password. Then choose the District, Type of Local Government and Local Government. Then you need to complete the application form (FAR, Coverage details will be set automatically).Next you need to enter the Building Designers and Building Architect who set the drawing.Then hit the Save Button.You will get a message successfully Saved’.You need to check the details before submitting the submit button.Then hit the submit button.After submitting application,it will reach the Local Body.You need to print out the Acknowledgement and submit along with the application.
Registration fee for family deeds lowered:THIRUVANANTHAPURAM:DECEMBER 16, 2016
The government has lowered the registration fee for gift, settlement, partition, and release deeds among family members. A government order issued on Wednesday said such transactions would attract a registration fee of one per cent, down from two per cent announced in the revised State budget in July this year. The lower rate would be applicable for transactions up to five acres and have retrospective effect from July 18.
Property Deal- Tax at source for Agricultural land
1-Cost Of Property (Land/Building)- Show the PAN number if the cost is five lakh and above in the record.
2.If the cost of property is 30 lakhs & above . Then as per rate 285-B-(A). The detail of sub Registrar dealing should be shown in the Annual information return to the income tax department.
3-If the cost is 50- lakhs or above (w.e.f June 2013)as per rule 194 I A the buyer should pay 1% tax in the name of tax payer in form no 260-B(Chelan cum statement duly fill and pay by online before 7 th of next month . If the tax payer does not pay such tax then he will pay an interest of 1.5 % per month and a late fee of Rs-200/- per day and as per rule 271-c he may penalized. Before 15 days (i.e.) (next month 22nd) the TDS certificate should be given in form no -16-B to the property owner , if the seller is a Non Resident then as per rule 195 , the Agricultural land should not pay any tax. But if it is in the corporation area, or municipal area & the selling price is more than 50-lacks the 1% tax should payable. In addition to this out side to municipal / corporation limit up to 8 km distance 1 % tax should be payable by the tax payer.
4-If the seller is a non- resident then as per rule seller 195 the tax should be paid from the source (The sealing of 50 lacks is not applicable in this care) Purchaser should pay the tax from the source @ 20% tax . If the land is selling after 3 years of purchasing then the tax is @ 30 %.
5-The seller should show the selling price and deposit the tax as per the above price and submit the return after deducting the tax at source if the tax is not applicable then the tax is payer may apply for refunded.
6-As per rule 194 I A TAN no is not applicable for depositing 1 % tax at source, but as par rule 195 TAN No is required while depositing the tax at source.
Capital Profit on Fair Price
As per rule 50 if the fair price shown in the deed is higher then the seller should pay the tax according to govt rules.
But for a purchaser he should adjust the tax at source . If the land owner is an NRI, then the signatory is a power of attorney he should pay 1 % as per rule 194 I A at source. Instead of rule -195 when the land is a Govt property, then as per rule 194 LA the tax at source is @ 10%
FLAT: Tax will be deducted at source
For the purchasing of a Flat/Apartments then as per 194 I there should be a tax @ 1% (if the prices is 50 lakh or above)
If the payment is under installment and the total amount is 50 lakhs or above then there should be 1 % tax on every installment .This rule 194 IA is valid from june 2013. This rule is effective only for those payment made after this date also.
Kerala Governemnt revised the stamp duty and registration fee for property documentation : Kerala Govt. reduced the stamp duty and land registration charge :- In Coporation , Municipality and Panchyath Area same rate of 6% of stamp duty and 2% for the Registation fees.. Earlier Government annouced a Thariff Rate , but resently that rate is revised to 50% as extra. - 10/5/215
Writing Willpathram Online Federal Bank Web Site Facility : 17/12/2014 Federal bank implemented the facility to write willpathram through “e-civil” online platform. Registering in the bank web site can record the details in e-civil platform that want to be included in willpathram and prepare the willpathram after inspection by the advocate. This facility is available only in Fderal Bank, Kerala. Land Hand Over between Family Members Ordinance in 16/12/2014 Revenue paper cost was 1 % or maximum 1000 rupees for the dealing of land between family members. This taxation ordinance increased now has been included in the fees bill.
Land tax increased. In Panchayat one rupee for one cent till 20 cents and two rupees tax above 20 cents. In municipality two rupees for cent till six cents and four rupees above six cents. In corporation four rupees for cent till four cents and eight rupees for above.
50 % increased in reasonable cost of land. Appeal can be given to the collector, against the instructions of reasonable cost. Estate tax increased but no tax till two hectares. Continued hundred rupees for each hectare till four hectares. Three hundred rupees from four to eight hectares, four hundred rupees from eight to fifteen hectares, five hundred rupees from fifteen to twenty five hectares and 700 rupees for above twenty five hectares.
HO : KOTTAYAM-KADUTHURUTHY
BR : KOTTAYAM- CEMENT JUNCTION
Real estate cunsulting officials at U.S.A. (Texas & Newyork) & Bombay