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
Legal
Tag: Income Tax
Taxation
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
Stamp duty and tax on gift deed of property
Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration. Gifting of a house property, has certain income tax and stamp duty implications. … READ FULL STORY
Taxation
TDS provisions on rent paid, under the income tax laws
Tax deduction at source (TDS), is a process in which the payer of the income, pays you the income after deducting tax at the prescribed rates. What is the rate of TDS on … READ FULL STORY
Budget 2020
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
Taxation
Here’s 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
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
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
Must Knows
Claiming exemption from capital gains tax with no taxable income? You still have to file your ITR
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
Rent
Renting out your apartment and living on rent: The pros and cons
A number of home owners, who have invested in properties located in the suburbs, prefer to themselves live on rent. Consequently, they put their own house or apartment on rent. Such people let out … READ FULL STORY
