Real Estate Agent have to give Five Year Business Details with ITR

After the real estate regulatory act (RARA) is implemented, property dealers are allowed to do business. There will be many stringent rules to pass through. So far the states which have made rules have strictly followed property dealers. Dealers will have to provide business details of the last three years with the Income Tax Return (ITR) during the last five years. In addition, they will have to give details of the civil and criminal case running on their own. 

Strict rules made by the states

A report prepared on Rare by Real Estate Consultancy firm Knight Frank and Legal Consultancy firm Khetan & Co. has stated that So far the real estate agents in the rules notified by Delhi, Karnataka, Tamil Nadu and Uttar Pradesh For Prti dealers) are nearly identical provision. State rules are very strong for property dealers.

 Required to register

According to the report, according to the report, during the registration of the real estate regulator, the project developer or promoter will have to show that who will be the real estate agent who sells his project or the sale of any real estate project or part of the company, ours Jistreshn be made. Then agents on every deal you have to write your registration number. This means that it will be necessary for the dealer to deal with projects larger than 500 square meters or for larger projects with 8 flats, it will be necessary to register themselves.

 Details Required with ITR

According to the report, the rules say that the property dealer, whether it is under-compulsory, or as a company or partnership, according to the report during a working registration last 3 years of income tax returns And if the returns have not been submitted, then a declaration will be made to why the income tax returns have not been filed. Apart from this, property dealer or all the participants have to give their copy of Pen Card, Memorandum of Association, Address Proof, Branch Phone Number, Fax Number Email, Letter Copy, Rubber Stomp and Copy Authority Copy of the photo. 

5 year business details will be given

In the report It has been said that during the registration, Property Dealers will also have to inform During the last five years, what real estate projects did they deal with and who were their promoters.  

Criminal information will also be provided

The old criminal records of property dealers can also be found. According to the report, the states have provisioned that real estate agents have to give details of pending civil and criminal cases on their own. 

Property Dealers will have to pay huge fees for registration with regulators

However, every state has fixed different fees. According to the report, in the Central Act, the registration fee of Rs 25 thousand and the firm has been fixed at 2.50 lakh rupees, while Maharashtra has Rs 10 thousand and one lakh, Haryana has 25 thousand and 2.50 lakhs. Lakhs rupees, Tamil Nadu has 25 thousand and 50 thousand rupees, Gujarat has fixed Rs. 10,000 and 50 thousand rupees.