Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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        LATEST NEWS UPDATES | Tax waiver on &#039;affordable&#039; flats may mean big profits for builders -Nauzer Bharucha    </title>
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MUMBAI: The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank.

Take a hypothetical case: Nothing stops a developer from constructing..."/>
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    <h1 class="cat-box-title">Tax waiver on &#039;affordable&#039; flats may mean big profits for builders -Nauzer Bharucha</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank.<br /><br />Take a hypothetical case: Nothing stops a developer from constructing tiny 300square-foot apartments in tony Napean Sea Road in south Mumbai, selling them at, say, Rs 70,000sq ft, and getting a total tax waiver on profits. Experts say no law prevents a builder from doing so, thereby making a mockery of the finance minister's attempt to boost affordable homes in the country's four metro cities. &quot;Selling a 30-sq-m flat in Mumbai for Rs 2 crore under the guise of affordable housing defeats the entire purpose since there is no definition about how much such a house should cost,&quot; said an industry source. The Budget offered a 100% tax sop for builders who build up to 322 sq ft in the four major metros (including Mumbai) and up to 645 sq ft.<br /><br />&quot;The person for whom it has to be affordable and his income bracket become most important indicators of his affordability . Moreover, this is not the first time that this trick of linking affordability to the size has been attempted,&quot; said housing activist Chandrashekhar Prabhu.<br /><br />He added, &quot;There have been several instances where the government has not just given exemptions from different taxes, but also permitted preferential use of land in the name of affordability. The results are not difficult to predict. More than one small flat gets sold to members of the same family and they are amalgamated later.&quot;<br /><br />Architect Sanjay Devnani said, &quot;Such tax benefits will allow unscrupulous builders to start making small flats and then selling combined flats in posh areas Misuse of rules and bending of rules has been the name of the game for some of the successful builders.&quot;<br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral" title="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">Tax waiver on &#039;affordable&#039; flats may mean big profits for builders -Nauzer Bharucha</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank.<br /><br />Take a hypothetical case: Nothing stops a developer from constructing tiny 300square-foot apartments in tony Napean Sea Road in south Mumbai, selling them at, say, Rs 70,000sq ft, and getting a total tax waiver on profits. Experts say no law prevents a builder from doing so, thereby making a mockery of the finance minister's attempt to boost affordable homes in the country's four metro cities. &quot;Selling a 30-sq-m flat in Mumbai for Rs 2 crore under the guise of affordable housing defeats the entire purpose since there is no definition about how much such a house should cost,&quot; said an industry source. The Budget offered a 100% tax sop for builders who build up to 322 sq ft in the four major metros (including Mumbai) and up to 645 sq ft.<br /><br />&quot;The person for whom it has to be affordable and his income bracket become most important indicators of his affordability . Moreover, this is not the first time that this trick of linking affordability to the size has been attempted,&quot; said housing activist Chandrashekhar Prabhu.<br /><br />He added, &quot;There have been several instances where the government has not just given exemptions from different taxes, but also permitted preferential use of land in the name of affordability. The results are not difficult to predict. More than one small flat gets sold to members of the same family and they are amalgamated later.&quot;<br /><br />Architect Sanjay Devnani said, &quot;Such tax benefits will allow unscrupulous builders to start making small flats and then selling combined flats in posh areas Misuse of rules and bending of rules has been the name of the game for some of the successful builders.&quot;<br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral" title="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitt" class="re" target="_blank">The Times of India, 6 March, 2016, http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitt</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Tax waiver on &#039;affordable&#039; flats may mean big profits for builders -Nauzer Bharucha    </title>
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-The Times of India

MUMBAI: The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank.

Take a hypothetical case: Nothing stops a developer from constructing..." />
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    <h1 class="cat-box-title">Tax waiver on &#039;affordable&#039; flats may mean big profits for builders -Nauzer Bharucha</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank.<br /><br />Take a hypothetical case: Nothing stops a developer from constructing tiny 300square-foot apartments in tony Napean Sea Road in south Mumbai, selling them at, say, Rs 70,000sq ft, and getting a total tax waiver on profits. Experts say no law prevents a builder from doing so, thereby making a mockery of the finance minister's attempt to boost affordable homes in the country's four metro cities. &quot;Selling a 30-sq-m flat in Mumbai for Rs 2 crore under the guise of affordable housing defeats the entire purpose since there is no definition about how much such a house should cost,&quot; said an industry source. The Budget offered a 100% tax sop for builders who build up to 322 sq ft in the four major metros (including Mumbai) and up to 645 sq ft.<br /><br />&quot;The person for whom it has to be affordable and his income bracket become most important indicators of his affordability . Moreover, this is not the first time that this trick of linking affordability to the size has been attempted,&quot; said housing activist Chandrashekhar Prabhu.<br /><br />He added, &quot;There have been several instances where the government has not just given exemptions from different taxes, but also permitted preferential use of land in the name of affordability. The results are not difficult to predict. More than one small flat gets sold to members of the same family and they are amalgamated later.&quot;<br /><br />Architect Sanjay Devnani said, &quot;Such tax benefits will allow unscrupulous builders to start making small flats and then selling combined flats in posh areas Misuse of rules and bending of rules has been the name of the game for some of the successful builders.&quot;<br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral" title="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitter&amp;utm_campaign=toimobile&amp;utm_medium=referral">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitt" class="re" target="_blank">The Times of India, 6 March, 2016, http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitt</a><div class="clear"></div>
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Tax waiver on 'affordable' flats may mean big profits for builders -Nauzer Bharucha

Published on Mar 6, 2016   Modified on Mar 6, 2016

-The Times of India MUMBAI: The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank. Take a hypothetical case: Nothing stops a developer from constructing tiny 300square-foot apartments in tony Napean Sea Road in south Mumbai, selling them at, say, Rs 70,000sq ft, and getting a total tax waiver on profits. Experts say no law prevents a builder from doing so, thereby making a mockery of the finance minister's attempt to boost affordable homes in the country's four metro cities. "Selling a 30-sq-m flat in Mumbai for Rs 2 crore under the guise of affordable housing defeats the entire purpose since there is no definition about how much such a house should cost," said an industry source. The Budget offered a 100% tax sop for builders who build up to 322 sq ft in the four major metros (including Mumbai) and up to 645 sq ft. "The person for whom it has to be affordable and his income bracket become most important indicators of his affordability . Moreover, this is not the first time that this trick of linking affordability to the size has been attempted," said housing activist Chandrashekhar Prabhu. He added, "There have been several instances where the government has not just given exemptions from different taxes, but also permitted preferential use of land in the name of affordability. The results are not difficult to predict. More than one small flat gets sold to members of the same family and they are amalgamated later." Architect Sanjay Devnani said, "Such tax benefits will allow unscrupulous builders to start making small flats and then selling combined flats in posh areas Misuse of rules and bending of rules has been the name of the game for some of the successful builders." Please click here to read more.

The Times of India, 6 March, 2016, http://timesofindia.indiatimes.com/business/india-business/Tax-waiver-on-affordable-flats-may-mean-big-profits-for-builders/articleshow/51274342.cms?utm_source=twitt

Tagged with: Tax Benefits Taxation Union Budget 2016-17 Union Budget

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