Must Knows

Taxation of jointly owned property

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

Taxation

All about indexation benefits

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 benefits. … READ FULL STORY

Taxation

What are capital gains?

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