I-T DEPT MOVES AGAINST HOARDERS

Fresh tax on properties which have not sold after construction It will be effective from FY19; the tax rate would be in the range of 8-10% Idea is to tax house property which is held as ‘stock in trade’ for over a year Move will reduce builders hoarding stocks in anticipation of price rise Developers would be asked to pay tax based on ‘deemed annual value’ 950,000 units are unsold in top eight cities (indicator of industry) as in Aug