Income tax benefits on rent paid
Update on February 1, 2019: The exemption for TDS on house rent increased from Rs 1.8 lakhs to Rs 2.40 lakhs. There will also be an exemption on the notional rent of second homes which are … READ FULL STORY
Update on February 1, 2019: The exemption for TDS on house rent increased from Rs 1.8 lakhs to Rs 2.40 lakhs. There will also be an exemption on the notional rent of second homes which are … READ FULL STORY
Acquisition of immovable property by a minor A minor can acquire an immovable in various ways. He can acquire it by way of inheritance, either through a will or through the intestate succession law … READ FULL STORY
When you buy a property or book a property, it is necessary for you to have sufficient funds at your disposal. These liquid assets can be in the form of bank balance or investments … READ FULL STORY
Presently, less than 4% of the entire population of India files its income tax return (ITR). Consequently, successive governments have been introducing various measures, to enhance the tax payers’ base. Finance minister Nirmala Sitharaman, … READ FULL STORY
Besides checking an applicant’s eligibility for a home loan, lenders also have certain criteria to ascertain the quantum of home loan that they can grant to the person. Income of the applicant decides home … READ FULL STORY
The income tax laws allow you to claim various tax benefits, with respect to the house occupied by the assessee – whether it is owned by you or taken on rent. Claiming tax benefits … READ FULL STORY
The Mumbai Income Tax Tribunal delivered a very important decision on the claim for tax exemption on HRA (House Rent Allowance). Let us analyse the decision in details, with its ramification and relevance for … READ FULL STORY
The reply to a question raised in the Indian parliament revealed that deposits worth Rs 5,124.98 crores were lying unclaimed for 10 years or more, with scheduled banks. This is a huge amount, considering … READ FULL STORY
Stamp duty for transactions of immovable property, is benchmarked against the rates published by state governments in advance, which are called as ‘ready reckoner rates’ in Maharashtra and ‘circle rates’ in north India. The … READ FULL STORY
In order to provide an impetus to the ‘Housing for All by 2022’ mission, the finance minister has proposed an additional tax benefit of Rs 1.5 lakhs, with respect to the home loan taken … READ FULL STORY
Stamp duty is a state subject and is administered by the respective states. The government of Maharashtra, on March 1, 2019, announced an amnesty scheme with respect to the penalty that can be levied … READ FULL STORY
‘Capital gains’ is one of the income heads, under the Indian tax laws. Any profit from the sale of a capital asset, is taxed under the head ‘capital gains’. Holding period as the basis … READ FULL STORY
When a person buys any property, it generally involves taking a home loan and also exhausting a substantial amount of one’s savings, to fund the margin money. Moreover, home buyers also try to avail … READ FULL STORY