The Income Tax (I-T) Department has charged six family members of Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav, under the new and stringent anti-benami assets Act, and also served notices of attachment of … 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
Stating that the tax incentive for second home loan borrowers is being virtually misused, revenue secretary Hasmukh Adhia, on February 4, 2017, citing limited resources, said that it was prudent to subsidise first-time buyers … 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
The central government introduced the reverse mortgage scheme in 2008. Under the scheme, senior citizens were provided with a facility to get money, in the form of monthly or lump-sum payments, or a combination … READ FULL STORY
