Tax precautions while paying rent to close relatives
Suppose you live with a family member and receive HRA as part of your salary package. Did you know that there is a way to save taxes, in case you pay rent to the … READ FULL STORY
Rent
Tag: TDS
Property Trends
What can home buyers do, under RERA, if agreements don’t mention possession dates
There have been cases galore, where home buyers have faced delays in getting the possession of their flats. In many cases, the delays have been for more than five to six years. Some developers … 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
Must Knows
How to deal with advance payments during property purchase
A buyer has to bear a lot of miscellaneous costs while purchasing a property, including the cost incurred towards legally transferring the asset under his name. Buyers may sometimes find themselves in a position … READ FULL STORY
NRI
Dos and don’ts for buying a property from an NRI
Among the many impacts that the Coronavirus pandemic is likely to have on India’s real estate sector, is an increased interest from non-resident Indians (NRIs). Experts are of the opinion that the unprecedented crisis … READ FULL STORY
Current News
Tax payers’ charter will empower citizens to get time-bound services: CBDT chairman
The chairman of the Central Board of Direct Taxes (CBDT), Pramod Chandra Mody, has said the tax payers’ charter announced in Budget 2020, will be notified very soon and once operationalised, India will be … READ FULL STORY
Budget 2022
Will the new tax regime proposed in Budget 2020 lead to greater savings for those hoping to buy a home?
The Budget presented by finance minister Nirmala Sitharaman, on February 1, 2020, has proposed a new tax regime for individuals and HUFs, where they are offered lower rates of tax for different slabs, provided … READ FULL STORY
Taxation
These are the property transactions for which PAN card is a must
With rapid computerisation, an individual’s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out. For … READ FULL STORY
Legal
Guide to buying a property under auction
In the event where a home owner defaults on the loan taken, the lender is entitled to legally repossess the property. Such repossessed properties are ultimately sold through physical or electronic versions of auctions. … READ FULL STORY
NRI
TDS laws on property transactions with NRIs
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
Rent
Income tax benefits on rent paid
Update on February 1, 2019: The exemption for TDS on house 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 … READ FULL STORY
Property Trends
Affordable housing witnesses a revival owing to multiple tax benefits
According to a recent CII-ANAROCK survey, it was found that nearly 55% of the net affordable housing supply came from Delhi-NCR and the Mumbai Metropolitan Region (MMR). Industry experts opine that the major reasons … READ FULL STORY
Taxation
What is long-term capital gains tax on property: 5 things you must know
Many home buyers are often confused when it comes to understanding the applicability of long-term capital gains (LTCG) tax, when they sell a property. Let us check out five important things related to LTCG … READ FULL STORY
