A Builder purchased 5guntha land in Pune Gov.Ready reckoner is 20Lakh/guntha for land and 5100/sq ft for flat Economics of Gov. Land purchase stamp duty+ registration + LBT Is 7% =7,00,000/- I sanctioned plan Cost is 175/sq ft for development charges + LBT+other cost+noc + under table which is =5000*175 =875000/- Builder started booking and did agreement of flats Customer paid stamp duty+registration + LBT =5000*5100*7%=1785000 Addition 1% vat+3.09 service tax =1042000/- Govn. Makes Rs.44,00,000/- from 5 guntha in Pune Wait Builder had already paid Rs.31,00,000/- Income tax for land purchase amount of 1 Cr for white transaction Wait Who sold land to me paid Rs.20,00,000/- for capital gain to Gov. All in this process after construction work completed Builder earned profit from this construction site was Rs.45,00,000/- and paid income tax for this project Was Rs.15,00,000/- Final econocomic result of 5R land transaction is Builder Earned Rs.30,00,000/- and Government earned Rs. 1,10,00,000/- ( Rs. One Crore Ten Lakh only) from land 5 guntha which cost was One crore which developed by Builder Final result In public mind Builders are looting People. In democracy, Govenment Is selected by people. This is economics of current situation Wait Height of all Above in all transaction construction cost is not included in which service tax, VAT sales tax etc. Has to be pay to Government. Wait Addition is assessment fees , LBT , VAT on raw materials will come @ 20% of the construction cost = 50,00,000. So total will be 1,60,00,000. Now plz dont ask income tax , profession tax , fringe benefit tax of staff ,free gifts to Govt officials... I am already tired of calculations. Just remember Govt is your partner holding 75% shares without any documents...
Posted on: Wed, 02 Oct 2013 01:58:42 +0000
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