I am sure that your attention has been drawn to the draconian measure proposed in new Income tax Bill which proposes to assess an additional income of 12 per cent on the deposits which houseowners take from tenants in excess of six months rent and tax the same, irrespective of these deposits being employed by the houseowner in banks, equity, further property development or any other gainful purpose.
This measure, if approved and implemented, shall sound the death knell for real estate and housing developers and is prone to be disastrous for the houseowners.
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