All co-owners are eligible for the tax advantages connected with the solidarity mortgage under specific circumstances. Let’s look at it. All joint owners are eligible for the joint mortgage tax rebate. It should be emphasized that real estate tax advantages need “ownership” of the property. Even if you cosigned for the loan, you could not […]
Category Archives: Tax Guide
Know the tax implications for an inherited property: Tax Guide
Tags: Realty GuideTax Guide
Any asset that is given to the trustee after the owner’s passing, whether by will or in line with the laws of inheritance, is regarded as an inherited asset. Up until 1985, the executor of the estate was responsible for paying any inheritance taxes; this “property tax” was abolished in 1985. There aren’t any tax […]
TDS on property sale and purchase!
Tags: Real EstateTaxTax Guide
An individual’s income is subject to an indirect tax known as TDS. The TDS is withheld at source from both recurring and one-time income at the time of payment. For instance, if someone wins the lottery, their proceeds will be distributed to them after the appropriate withholding tax has been subtracted. The same holds for […]
How To Avoid Capital Gains Tax When Selling A Home!
You have sold your property and made a profit from it. Assume you purchased it, maintained it for a year, and then sold it. In that situation, the proceeds from its sale will be treated as short-term capital gains. Such profits are recorded to your taxable income and taxed according to your income bracket. There […]
Does the spouse’s reinvestment of LTCG qualify for the capital gains exemption?
Tags: Tax Guide
The Income Tax Appellate Tribunal (ITAT) ruled in January 2020 that reinvesting the entirety of long-term capital gains (LTCG) inside a partner’s call qualifies for exemption under the capital profits exemption rules. The decision was reached after an applicant’s claim was turned down by the evaluating officer. The sale earnings of an asset held for […]
How can I avoid paying capital gains tax on the sale of a home?
Tags: Real EstateTax Guide
In India, property owners must pay capital gains tax on the sale of residential property. The reasoning behind the capital gains tax on residential property sales – the sale of property often leads to profits for the owner.
In Lucknow, incorrect property tax self-assessment will result in penalties.
The Lucknow Municipal Corporation (LMC) has warned that inaccurate information entered into the property tax self-assessment software would result in a warning. The offender will be penalised four times the gap between the current property tax and the amount paid. LMC’s self-assessment programme, designed to eliminate the misconduct, is set to be released shortly. The […]
Everything About Road Tax in India
The Indian government levies a tax on the purchase of a brand-new vehicle to maintain the country’s road system. Vahan tax is essentially the government’s convalescing budget allocated to various sports like providing security and recovery services on Indian streets.
How can I pay the Vasai-Virar VVMC property tax?
The Vasai Virar City Municipal Corporation’s (VVMC) internet site provides a platform where people may pay their property taxes quickly. Furthermore, it may be used with the help of consumers to publish various provider demands. The Vasai Virar City Municipal Corporation (VVMC) levies a tax on all immovable properties within its jurisdiction. Every year, the […]
In Delhi, transfer duty will rise by 1%.
Tags: Tax Guide
Property transfers in Delhi could become more expensive as the combined Municipal Corporation of Delhi (MCD) proposes a 1% increase in transfer duty.
