The Gujarat Real Estate Regulatory Authority (GujRERA) has unveiled a new portal designed to align with the provisions of the RERA Act and GujRERA rules. The platform also ensures that the Income Tax and GST departments receive accurate information about the project stage.
Previously, some developers would submit outdated photographs in quarterly progress reports (QPR) and provide misinformation about project completion to tax authorities to manage their profit tax liability.
However, the new portal mandates developers to submit real-time photographs of the project site, eliminating the possibility of concealing details from tax authorities.
A source in the know said, “In the previous version of RERA (RERA 1.0), the upload of photographs during the filing of quarterly progress reports could be backdated, leading to inaccurate reporting of project completion. This incorrect reporting, in turn, affected income tax and GST filings based on the percentage completion method or actual achievement of project stages. With RERA 2.0, this practice will stop as the new portal mandates the real-time updating of live project photos.”
RERA consultant CA Manan Doshi said that real estate developers must adapt to the new portal, which employs advanced technology to report accurate data on physical progress.
“In the future, both the income tax and GST departments will have access to data submitted by developers in their quarterly progress reports. Developers are now required to report the actual physical progress of their projects using an app launched by the Gujarat RERA authority,” he added.
GujRERA started RERA 2.0 on November 24, prompted by multiple representations from various stakeholders seeking necessary changes in the older RERA 1.0 portal, which had been operating for over five years. In the revamped portal, due diligence processes related to town planning, finance, and legal aspects will now be conducted simultaneously, streamlining the registration process and ensuring a faster turnaround, according to sources. The Real Estate Regulatory Authority of Delhi has withdrawn its September 11 order that directed the sub-registrars in the national capital not to register the sale deeds of properties that contravened the building byelaws. The fresh order came hours after lieutenant governor VK Saxena held a meeting with RERA chairman and members to discuss the hardship faced by Delhiites due to the restrictions imposed by the order and impressed upon them to revisit the directions. The LG today met the chairman and members of RERA along with the chief secretary and the divisional commissioner at Raj Niwas. The Maharashtra Real Estate Appellate Tribunal modified a 2019 order of the housing regulator, MahaRERA, stating that it suffered from infirmities. The tribunal directed the promoter, Neelkamal Realtors, to execute an agreement for sale and hand over possession of the flat in Orchid Ozone. The complainant couple had booked a flat in 2010 and paid up to 90% of the consideration amount. The judgment highlighted the responsibilities of the promoter as per the Real Estate (Regulation and Development) Act, 2016 and the Maharashtra Ownership of Flats Act of 1963. An individual taxpayer may qualify as Ordinarily Resident, Not Ordinarily Resident (NOR), or Non-resident (NR) as per India tax laws. A NR taxpayer is taxable in India only on their India sourced income, such as interest from bank accounts/deposits and dividend income from shares and mutual funds. The tax rate depends on the provisions of the Income-tax Act and applicable double taxation avoidance agreements. To claim benefits under the tax treaty, a NR taxpayer may need to obtain a Tax Residency Certificate (TRC) and file Form 10F. It is crucial for taxpayers to determine their residential status each year to ensure accurate reporting and explore potential tax benefits.