There is considerable confusion over the taxes applicable on the sale of an inherited property. While many think that the money received on sale of an inherited house is fully tax exempt, others feel … READ FULL STORY
Disputes, settlements and arrangements within a family over property, have been a part of human civilisation. The war of Mahabharat happened due to a family dispute over property, which could not be resolved by … READ FULL STORY
When you enter into an agreement to buy a property, you have to pay stamp duty to the government. The amount of stamp duty is generally based on the value of the property mentioned in … READ FULL STORY
Income tax laws mandate a minimum holding period, before an owner sells his/her residential house, to avail of tax benefits. Let us analyse the various provisions, under the Income Tax Act, to understand the … READ FULL STORY
The income tax laws give various options to the tax payers, to save the tax liability arising from the sale/transfer of long-term capital gains, if certain investments are made. Section 54 exempts long-term capital … READ FULL STORY
As per the income tax laws, any profit on sale or transfer of your house or land becomes taxable, in the year in which you transfer the same. As per the Transfer of Property … READ FULL STORY
Under the present tax laws, a person is taxed on profit from the sale of any immovable asset held as a capital asset, under the head ‘capital gains’. For computing capital gains, the immovable … READ FULL STORY
While the real estate fraternity has largely welcomed the announcements in the Union Budget 2017-18, certain sections in this sector, apart from the affordable housing segment, as well as buyers, are still trying to … READ FULL STORY
Often people pick booking under-construction properties over ready houses because of their lower rates. However, they do so without realising the risks involved; both, the income tax and financial implications. This feature deals with … READ FULL STORY
A Mumbai bench of the Income Tax Appellate Tribunal (ITAT), has recently held that property illegally encroached by an assessee, cannot be considered as a ‘capital asset’ under section 2 (14) of Income Tax … READ FULL STORY
