Sale of Ancestral Property: Reinvest Long Term Gains to Get Income Tax Exemption

However, look at the conditions before invest..!. by Ms. Parizad Sirwalla, KPMG For ancestral property, the period of holding is reckoned from the date of purchase of the property by the owner who actually acquired it otherwise than by inheritance or /  gift. Since,  the prop…

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Your IncomeTax Returns May Require Disclosure of All Your Assets..!

The intention was mainly to get information about those high-networth individuals (HNIs) who had not been paying wealth tax.  Paying Wealth Tax..! Many HNIs have not been declaring all their assets to avoid paying wealth tax. That bliss is set to end soon, with the finance mi…

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Housing Property Helps Save On Income Taxes, Multiply Gains

by Mr. Adhil Shetty, BankBazaar.com Timing is significant in financial planning especially when you are looking to earn a profit as you need to know when to take advantage of the increase in value. However, it is equally important to be careful to avoid paying a huge amount …

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Property Got From Special Relative Does Not Attract Income Tax.!

By Ms. Parizad Sirwalla, KPMG As per section 56 of the Indian Income-tax (IT) Act, 1961, any immovable property received by an individual without consideration, the stamp duty value of which exceeds Rs.50,000, shall be taxable under the head “income from other sources”. Exem…

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Earnest Money and Income Tax in India..!

By Mr. M.K Agarwal, CA, Mahesh K Agarwal & Co You do not have to pay income tax on earnest money received from a failed deal. But, there are other income tax implications you should be familiar with, says Mr. MK Agarwal, CA at Mahesh K Agarwal & Co When you buy or / s…

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NRIs Selling Property Have to a Pay Capital Gains Tax

By Mr. Sandeep Shanbhag, Director, Wonderland Consultants Any NRI (Non-Resident Indian) / or  PIO (Person of Indian Origin)  will be required to pay tax on capital gains. If NRI or  PIO  holding period is less than three years (36 Months), it would be treated as STCG (short-…

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Minimise Long Term Capital Gains Tax Liability on Sale of property : 5 Facts Can Be Kept in Mind..!

By VINEET AGARWAL, KPMG. The Income -Tax Act, 1961 (IT Act) provides specific relief to an individual & HUF (Hindu undivided family from long-term gains realised from the sale of a property that has been held for 36 months (3 years) or more. The following 5 (five facts) ca…

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Interest on Housing Loans: Stay Out of Income Tax Net..!

Income-Tax Appellate Tribunal (ITAT) of Chennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. In an order that will provide relief to those who invest in houses, the ITAT, Chennai, held that interest on loan…

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From 1981 to 2012 : Cost Inflation Index Chart

Cost Inflation Index Chart:  From 1981 to 2012  Sl. No. FY * CII** Sl. No. FY* CI I** 1 1981-82 100 17 1997-98 331 2 1982-83 109 18 1998-99 351 3 1983-84 116 19 1999-00 389

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