If you earn rental income from a property that you own, you are required to report it in your Income Tax (IT) return. Here’s how you can include rental incomes in your IT return file:… Read more
Tips for reducing taxes on a joint home loan – Tax Guide
All co-owners are eligible for the tax advantages connected with the solidarity mortgage under specific circumstances. Let’s look at it. All joint owners are eligible for the joint mortgage tax rebate. It should be emphasized that real estate tax advantages need “ownership” of the property. Even if you cosigned for the loan, you could not be qualified for tax benefits if you don’t own the property.… Read more
Know the tax implications for an inherited property: Tax Guide
Tags: Realty GuideTax Guide
Any asset that is given to the trustee after the owner’s passing, whether by will or in line with the laws of inheritance, is regarded as an inherited asset. Up until 1985, the executor of the estate was responsible for paying any inheritance taxes; this “property tax” was abolished in 1985. There aren’t any tax repercussions associated with acquiring riches right now. Two restrictions, nevertheless, could have an impact on taxes. Check out when and how it applies.… Read more
TDS on property sale and purchase!
Tags: Real EstateTaxTax Guide
An individual’s income is subject to an indirect tax known as TDS. The TDS is withheld at source from both recurring and one-time income at the time of payment. For instance, if someone wins the lottery, their proceeds will be distributed to them after the appropriate withholding tax has been subtracted. The same holds for recurring earnings like salary payments. Employers are required by TDS laws to withhold a specific amount of tax before disbursing earnings.… Read more
How To Avoid Capital Gains Tax When Selling A Home!
You have sold your property and made a profit from it. Assume you purchased it, maintained it for a year, and then sold it. In that situation, the proceeds from its sale will be treated as short-term capital gains. Such profits are recorded to your taxable income and taxed according to your income bracket. There are no concessions available to prevent paying this tax.… Read more
Does the spouse’s reinvestment of LTCG qualify for the capital gains exemption?
Tags: Tax Guide
The Income Tax Appellate Tribunal (ITAT) ruled in January 2020 that reinvesting the entirety of long-term capital gains (LTCG) inside a partner’s call qualifies for exemption under the capital profits exemption rules. The decision was reached after an applicant’s claim was turned down by the evaluating officer. The sale earnings of an asset held for more than years must be invested in residential property per the regulations about exemptions below the reinvestment of LTCG.… Read more
Here’s how to save tax on a commercial property
There is no way to avoid capital gains tax on the sale of property in the case of a short-term capital gain. The entire capital benefit amount may be included in your income, and you will be taxed according to the income tax bracket you may be in. The provisions of Sections 54, 54EC, and 54F of the income tax only apply to the long-term capital gains tax on the sale of the property.… Read more
How can I avoid paying capital gains tax on the sale of a home?
Tags: Real EstateTax Guide
In India, property owners must pay capital gains tax on the sale of residential property. The reasoning behind the capital gains tax on residential property sales – the sale of property often leads to profits for the owner.… Read more
In Lucknow, incorrect property tax self-assessment will result in penalties.
The Lucknow Municipal Corporation (LMC) has warned that inaccurate information entered into the property tax self-assessment software would result in a warning. The offender will be penalised four times the gap between the current property tax and the amount paid. LMC’s self-assessment programme, designed to eliminate the misconduct, is set to be released shortly. The programme would track property-related data in a jurisdiction and help buyers to compute and pay property and commercial taxes online. They will be expected to complete a self-assessment form, that will be reviewed by the local revenue officer.… Read more
Everything About Road Tax in India
The Indian government levies a tax on the purchase of a brand-new vehicle to maintain the country’s road system. Vahan tax is essentially the government’s convalescing budget allocated to various sports like providing security and recovery services on Indian streets.… Read more
