Section 2(24) and section 28 now will state that the fair market value will be treated as income and taxed. He will be liable to be taxed on the fair market value of his property. The NHB Act is also being amended to transfer RBI's stake in the National Housing Bank to the government. RBI is an independent organisation so government probably wants to influence the policies of the National Housing Bank by this move. Our income tax rates have been in the range of 30% to 36% for the last 20 years.

Source: dna February 04, 2018 23:37 UTC