Gifting of a house property in India has certain income tax and stamp duty implications. Stamp duty on gift deeds in India varies from state to state. Stamp duty on gift deeds can vary … READ FULL STORY
The Income Tax Act has divided tax entities into various categories. All individuals are taxed under the category of an ‘Individual’. However, if more than one people come together to own a building, they … READ FULL STORY
When one buys a property, the sale consideration is generally paid for, by way of money. However it is not necessary that the consideration for the transfer of a property, should always involve money. … READ FULL STORY
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
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
For the sale of an immovable property, generally two types of agreements are made:Â an agreement for sale and a sale deed or sale agreement. The agreement for sale is required to be stamped … READ FULL STORY
The Budget 2023-24 has capped the deduction from capital gains on investment in residential house under Sections 54 and Section 54F at at Rs 10 crore for better targeting of tax concessions and exemptions. … READ FULL STORY
Starting April 1, 2023, long-term capital gains tax exemption towards buying residential units will be capped at Rs 10 crore, according to the amendments made to Section 54 and 54 F, as announced in … READ FULL STORY
Capital gains refers to any profit received through the sale of a capital asset. The profit received falls under the income category. Thus, a tax must be paid on this income, which is known … READ FULL STORY
The profit earned through the sale of property, attracts tax under the Indian Income Tax Act. However, the owner can significantly lower his outstanding tax liability on the proceeds earned by using indexation. An … READ FULL STORY
Prior to every Union Budget, real estate stakeholders get into a huddle to set the narrative that could influence the fiscal policy. They are conscious of the fact that the business of real estate … 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
10% relief on price-stamp duty variance applies from 2002-03: Mumbai ITAT The benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and its stamp duty … READ FULL STORY
