Swipe to commute

The soon-to-be implemented ‘One Nation One Card (ONOC)’ will make commuting on Mumbai’s various transport modes such as railways, Metro and BEST buses hassle-free. The aim is to have the card work not only in Mumbai but also across India. Mumbai is perfect for the experiment as we have a lot of public transport systems that can be synchronised. The card is expected to be implemented in a year, say officials. It will follow a swipe system, and the ticket checkers on all these systems will be provided with a uniform machine that will recognise the card and show details such as last swipe, location of the swipe, etc. You will have to download an app that will update the information of the card such as the balance and allow you to recharge the wallet for the same.

The Railways has sent the ONOC proposal to the Railway Ministry at Delhi, and once implemented, it will enable Mumbaikars to travel across all public transport systems in the city. This proposal was submitted at the end of June by Mumbai Rail Vikas Corporation (MRVC) and will be completely outsourced to an agency. “Since railway is the biggest transport system, we have co-ordinated with MMRDA. This move will be key, once all the metros are up and running,” says the official. Bandra resident Jamshed P feels that if tickets are available in one swipe, he might start using public transport often. “If this card is all I need to travel in the bus, train and metro, I would consider the card as a permanent option,” he says.

Times Property, Saturday 3 August 2019

Tax Refund Alert

It’s that time of the year again when Income Tax Return (ITR) is on everyone’s minds. If you have bought or sold property in the financial year gone by, read on to know your rights and responsibilities. The Union Budget 2019 brought cheer to all salaried Indians as it reconfirmed the Interim Budget’s promise of tax relief below annual income of Rs 5 lakh. With real estate being the pinnacle of all asset classes, there’s little surprise that property transactions feature prominently on income tax returns. “Property purchase attracts taxes (stamp duty, registration, GST, etc) of up to seven-ten per cent in different parts of the country. However, many of these can be claimed in addition to deductions on home loan interest and principal payments. There are several benefits for first-time home-buyers and women home-owners too. It is commonly misunderstood that only those earning more than the taxable limit (Rs 5 lakh and above) must file their returns…………………………………….” shares chartered accountant Miheer Parekh.

Save on Buying a Home : While most tax liabilities lie with the buyer, Tax Deducted at Source (TDS) is borne by the seller of the property valued above Rs 50 lakh. “However, it is deducted by the buyer when paying the whole amount to the seller. TDS is a way of avoiding tax evasion from high value transactions. If you have sold property in the given financial year, share your PAN with the buyer to avoid TDS deduction at much higher rates. Also, as a seller when including TDS from property in your ITR, you will need Form 16B and PAN details of the buyer,” advises Parekh. Many financial advisors view home loans as a way of reducing income tax liability in higher income brackets. “The home-buyer can claim deduction under section 80C for repayment of housing loan taken from financial institution for purchase of new house/ property, subject to a maximum limit of Rs 1.5 lakh in interest on housing loan that can be claimed as deduction u/s 24(b) of the Act (subject to maximum of Rs 2 lakh in case of self-occupied house),” informs Ashok Shah, senior partner, N.A Shah Associates LLP.

Times Property, Saturday 3 August 2019

End to realty downcycle is visible: Pirojsha Godrej

After seven years of a slowing real estate market, there are indications of an end to this state of affairs, says Pirojsha Godrej, executive chairman of Godrej Properties, in the company’s latest annual report. “All the typical indicators of the end of this downcycle are now present,” he has said. His company would expand its portfolio to take advantage of this. The weak market, with the difficulties in the financial sector, means supply has been low and is likely to remain low for the next couple of years, said Godrej. At the same time, housing is more affordable now than it has been for years. For, over the past five years, interest rates have declines by 300 basis points, incomes have risen by at least 50 percent and property prices have been flat, he explained. “To us, these are clear predictors of a demand revival and an imminent cyclical recovery. We are going to strengthen our portfolio with deals at attractive terms, and then launch those projects at a time we expect a very favourable demand environment. It is time to accelerate.

Business Standard, Tuesday 6 August 2019

Caution: Home Buying in Progress

How do you know if your future home is free of violations? Are you aware of your rights as a home-buyer, and do you know what precautions to take when you go on a house-hunt? We get your house in order. TRUST FACTOR: How do you know if your developer can be trusted with completing the construction of your home? In other words, can you spot a credible developer amongst the many flyby-night ones? “Consumers now look for developers with an excellent track-record in terms of quality and execution. This will further refine the developer market based on their sustainability in terms of deliveries and fair practice,” shares Samir Jasuja, founder and MD of a real estate portal. “The unorganised players have been unable to cope with all these year-on-year mounting market issues with the final impact of RERA that insists on regulatory compliances. As a result, only the credible developers who can deliver effectively on the regulatory requirements have emerged as true beneficiaries. This in turn benefits the buyers immensely as now they are assured of a quality product within stipulated timelines; hence, making their purchase decision a risk-averse one,” he adds.

Source: Times Property, Saturday 10 August 2019

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