Cameo by: Opportunity cost (aka Ominous)!
The last prick in your realty bubble is that you need to factor in the opportunity cost of blocking your funds. On one hand, you have a high overall exit expense if you are planning a short term stint. On the other hand, you have the option of giving the property on a leave-and-license basis.
This gets you a notional capital appreciation and lease rental income ranging from four to nine per cent.
But then again, you need to account for the opportunity cost of those funds at an eight-per-cent bank interest rate for the personal capital you have put in. Now this makes the entire exercise rather pointless.
In spite of all this, the real estate party continues to rock. Returns are simply exceptional! But whether it will continue to do so depends on if the government and builders will take steps to initiate investor-friendly procedures to encourage real estate investments.
More on property:
Real estate is not chewing gum!
Eight million-dollar questions, answered!
Your ghosla's bodyguards
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We are a Recruiting Manpower Consultancy established in 2005. It is registered as a Partnership firm. We have also registered Service Tax Number for the same.
Our partnership Business had yeilded result only by 2006, Whereafter we have paid all the service Taxes on Time.
One of the Partner has been in the same Business since 1994 and have had a Private Limited Company, which was dissolved in 2002. Again in 2003 has started another proprietorship Firm
Our Firm has been associated with a Chartered Accountant since 1994. He use to handle
All the tax matters, and has also helped in getting our Service Tax Numbers, Our Partnership Deed and also getting the same registered. Being associated and well known
to us we had trusted him totally and all our Tax papers were kept in his Office, we have never cross checked whether he had filed our Yearly Income Tax returns. We had been well in advance to his office to sign the paper to submit our Income tax returns before the Due Date for the year2005-2006 and had given him his payment in advance by cheque, and we revisited him again well in advance for to sign the paper to submit our Income tax returns before the Due Date for the year2006-2007 and had given him his payment in advance by cheque.
Professionally he should have atleast informed us that the Income Tax return for the previous year was not done, but he did not bother to inform nor did he refuse to take the payment for the following year.
We got to know about the Income tax returns not filed only when one of our client wanted to have our details for empanelment and we asked him to give us the copy of the tax return.
This year we are in big trouble as he is unable to file the returns for 2007-2008 and our new C.A says ethically he cannot do anything before we help him with previous records.
Our Income has crossed over Rs. 10 lakhs for 2007-2008.
Request you to advice us what do we do in such a case, and how can we being honest , law abiding citizens file Returns of our Income. Also would like to know if there is any governing body wherein we can put forth our case against the C.A who is actually in fault and has cheated us and put us in this akward situation and fight against the unjust done to us.
Posted by on 04 Nov, 2008 at 09:06 PM
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