but the people do not follow it and government is also not taking any actions.
Here dealing in balck money is the model of the game. If anybody is selling the house, they are looking for cash not cheque. Which fiance minister will control this, only god knows. Even the service people are nowadays exploting the government by getting tax claim before occupying the house (house under construction), getting house rent exempted with forged rent receipts etc, government only revises the tax rate. No FM has really thought of taxing the landlords, Agri lords, businessmans etc. Cash dealing above 20000 should be made criminal offence and they should be punished severely.
RE:Tax rule
by Harassed IndianCitizen on Jul 11, 2007 12:18 PM Permalink
True Mr. Johnson. I think the largest black money in India must be with diamond traders and then builders. I had a horrible experience in 2005 when I was searching a home. Since I had been paying rent the same amount as EMIs (due to low home loan rates then). So, I though of buying a home. Based on my salary and job profile, the banks didn't had problem in financing 85% of the home cost. Even the 15% of own contribution was not a problem for me. But the problem was what the builders were asking for grey money. Every builder I went to asked for atleast Rs.200 to Rs.300 in black. And even a 1BHK of 600 sq.ft. makes black money amount to Rs.150,000. This amount became the greatest hurdle for me and because of which I was not able to buy home and even till today we live in chawl on rent.
