The process of buying or selling a property involves various financial considerations, and among them, stamp duty and registration charges play a pivotal role. In the vibrant city of Pune, understanding the intricacies of these charges is crucial for anyone entering the real estate market in 2024. This article aims to demystify stamp duty and […]
Category Archives: Tax Guide
How to Include Rental Income in Your Indian Tax Return
Earning rental income is a common practice in India, whether it be from residential or commercial properties. While the additional income is a welcome boost, it is crucial to understand the tax implications and fulfill the necessary obligations. In this guide, tailored for Indian readers, we explore the intricacies of including rental incomes in your […]
Strategies to Save Capital Gains Tax on the Sale of Residential Property in India
In the realm of real estate transactions in India, the sale of a residential property can trigger capital gains tax implications. As property values continue to appreciate, understanding how to optimize your tax liability becomes paramount. In this article, we explore strategies tailored for Indian readers on how to save capital gains tax on the […]
TDS on Sale of Property: Your Ultimate Tax Guide!
Tags: Tax Guide
Tax Deducted at Source (TDS) is a system of tax collection in India where the payer of certain types of income deducts a certain percentage of tax at the source of payment and deposits it with the government. TDS is applicable on a variety of incomes, including the sale of property.
Unlocking CGAS: Your Key to Tax Relief on Capital Gains in India!
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The Capital Gains Account Scheme (CGAS) is a tax-saving scheme introduced by the Indian government in 1988 to provide relief to taxpayers from capital gains tax. The scheme allows taxpayers to deposit their capital gains into a special account and reinvest them in certain specified assets within a specified time to avoid paying capital gains […]
Plan Wisely, Pay Smartly: Using Section 89 for Tax Savings!
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Salary arrears are taxable as income in the year in which they are received. This is because the income is deemed to have accrued in the year to which the arrears relate.
Understanding Section 44AA and Proper Bookkeeping!
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Maintaining proper books of accounts is a fundamental requirement for businesses and professionals in India. It is not only crucial for financial transparency but also a legal obligation. Section 44AA of the Income Tax Act lays down the rules and regulations governing the maintenance of books of accounts for different categories of taxpayers. In this […]
Taxing Matters: Exploring Direct Tax in the Real Estate Landscape!
Tags: Tax Guide
Real estate is a cornerstone of investment for many in India. However, it’s essential for property buyers and owners to have a comprehensive understanding of the direct tax implications associated with real estate transactions. This blog delves into the current tax rates and explores tax-saving mechanisms to help property owners and investors make informed financial […]
Can You Claim Section 54 and 54F Exemptions Simultaneously?
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Section 54 and Section 54F of the Income Tax Act, 1961 (the Act) provide for exemption from tax on long-term capital gains (LTCG) arising from the sale of certain assets, subject to certain conditions. Section 54 provides for exemption on LTCG arising from the sale of a residential house property, if the taxpayer invests the […]
What You Need to Know About TDS Penalty on Rent?
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The penalty for not deducting TDS on rent is as follows:
