Under the Indian tax law, the profit earned through sale of a property is considered an income. On this income, the seller must pay taxes. However, sellers can lower their tax liability by claiming … READ FULL STORY
The income earned by individuals from renting a property is subject to taxation if it exceeds a specified amount. The provisions of Section 194-1 of the Income Tax Act, 1961, mention the tax deducted … READ FULL STORY
The income tax law in India mandates collection of tax at source (TCS) on sale of specific goods. Section 206CR elaborates on this subject. What does the section 206CR mean? Section 206CR of the … READ FULL STORY
Bangalore is a well-established IT hub and attracts several working professionals. Hence, the city is also a coveted property destination. The Bangalore Development Authority (BDA) is responsible for developing the city and creating quality … READ FULL STORY
Municipal bodies can charge property tax from residents only after a building has been issued an occupancy certificate (OC), the Kerala High Court (HC) has ruled. “Without (an) occupancy certificate, the building would not … READ FULL STORY
To calculate the depreciation of an asset, experts turn to two methods of valuation – the Straight Line Method (SLM) and the Written Down Value (WDV) method. Of these, the written down value method … READ FULL STORY
Salaried employees in India can claim tax deductions on the house rent allowance (HRA) component of their monthly salary under Section 10(13A), Rule number 2A of the Income Tax Act. However, to claim this exemption, … READ FULL STORY
Income tax e-filing login is key to filing income tax in India. This guide will explain how to use income tax return login to pay income tax. Details needed for ITR login registration Valid … READ FULL STORY
If you own a house in Warangal, Telangana, you must pay a property tax to the Greater Warangal Municipal Corporation (GWMC). The GWMC is the civic body responsible for the administration of the city. … READ FULL STORY
Those who own properties such as lands, plots or houses in Kerala are required to pay land tax or property tax to the local authority or village office of the concerned area. The land … READ FULL STORY
Under the Indian income tax (IT) laws, a property owner is liable to pay taxes to the government on its sale, based on the holding period and profit earned (known as capital gains). The … READ FULL STORY
When renting a property, tenants have specific responsibilities to fulfil. Of these, a tenant’s most important obligation is the payment of rent to their landlords. The process can become complex if the landlord is … READ FULL STORY
There are numerous ways for senior citizens to make a living. It may come in the form of a pension, savings account interest, rental income, fixed deposit, reverse mortgage or another type of income. … READ FULL STORY
