Home buyers and investors were eagerly waiting for the Budget 2024 announcement. Tax relief and the availability of homes at affordable rates were the two main demands of the buyers. On the other hand, … READ FULL STORY
For taxpayers, computing gains from the sale of assets can be a challenging endeavor. If you are contemplating selling your property within a year of acquiring it and are uncertain about its potential tax … 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
Under India’s income tax law, the holding period is a key determinant of tax liability. For tax calculation purposes, the holding period is categorised into short-term holding period and long-term holding period. In case … 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
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
In a separate article we have discussed the provisions of tax deduction at source on payments being made to residents with respect to rental and sale transactions of property. For a resident Indian, who … READ FULL STORY
Income tax laws mandate a minimum holding period, before an owner sells his/her residential house, to avail of tax benefits. Let us analyse the various provisions, under the Income Tax Act, to understand the … READ FULL STORY
