Stamp duty and tax on gift deed of property
Do you have to get the deed registered, if you are gifting a property? Do you have to pay stamp duty, if you are gifting your property to another person? In case of gift, … READ FULL STORY
Must Knows
Tag: Income Tax
Must Knows
TDS provisions on rent paid, under the income tax laws
In order to curb instances of tax evasion, especially in big-ticket transactions, authorities in India have mandated the deduction of tax right at the source of the transaction. This means, one party, typically the … READ FULL STORY
Must Knows
How to arrive at the fair market value of a property, and its importance in income tax laws
The concept of fair market value is very important under the income tax laws. The buyer, as well as the seller of a property will be impacted, if the sale/purchase consideration as stated in … READ FULL STORY
Taxation
Here is why you should submit your IT returns (ITR) if you want a home loan
In addition to your basic KYC documents (like your proof of address and identity) and property documents (like chain of documents and title deeds of the land), the home loan lender asks you to … READ FULL STORY
Taxation
Income tax benefits on house rent
To meet the high costs of living in rented accommodations, employers pay house rent allowance (HRA) to their employees. India’s income tax laws also provide benefits to people who do not own a house … READ FULL STORY
Must Knows
Income tax rules for cooperative housing societies
As housing societies are not apparently engaged in any income earning activities, there is a perception that they are not required to comply with any income tax provisions. This impression is heightened by the … READ FULL STORY
Taxation
Taxation on sale of inherited property
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
Legal
All about benami property in India
A ‘benami’ property is one, where a property is purchased in the name of a person, who is not the real beneficiary. The person, in whose name the property is purchased, is known as … READ FULL STORY
Budget 2021
Budget 2020: Income tax laws that will affect home buyers and builders
The Union Budget, presented on February 1, 2020, has attempted to give certain reliefs to developers and home buyers. It also attempts to introduce some provisions, to minimise unnecessary litigation between tax payers and … READ FULL STORY
Must Knows
Why is it advisable to take a legal opinion while buying a property…
Buying a property is not just about paying the money and taking possession of the unit. The process and the documentation involved in the transaction, is complicated and is often beyond the comprehension of … READ FULL STORY
Legal
How to calculate the holding period for an under-construction property
A holding period of 24 months is crucial for a person to be able to claim tax benefits associated with long-term capital gains on property sale. Long-term capital gains give a property seller the … READ FULL STORY
Rent
How is accommodation provided by the employer, taxed
Due to the paucity of available accommodation and in order to attract the talent pool, many employers provide free accommodation or accommodation at concessional rent, to their employees. This is particularly true, in case … READ FULL STORY
Rent
Income tax benefits on rent paid
Update on February 1, 2019: TDS exemption on 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 self-occupied as well, … READ FULL STORY
