Income Tax On selling Property Jointly Owned With Spouse : Court Important Ruling..!

If you have purchased a  property (Plot of Land or House) in joint name with your spouse (Husband or Wife), you can now claim full exemption from  LTCG Tax (Long Term Capital Gain Tax) when you sell it. Delhi High Court recently held that full exemption under Section 54 F …

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GIFT TAX - Land & Property

GIFT  TAX - Land & Property : A - Z GUIDE If the value of the gifts received by you during the financial year is above Rs. 50,000, you will have to pay tax on it. However, there are some exceptions to this gift tax. According to the Indian Income Tax Act (as well as th…

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Sub-contractors in Infra. projects exempt from service tax : CBEC circular

Services provided by sub-contractors to a works contract service (WCS) provider engaged in infrastructure projects will not have to pay service tax - if they are independently classifiable under the WCS - if they are in relation to the infrastructure projects undertaken by …

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Home Loan Tax benefits : The Terms and conditions..!

Under the Indian Income Tax Act, 1961,  Income tax benefits for the resident Indians based on the principal and interest component of a loan.  It may help one get tax benefit, interest repayment (Section 24 ) of Rs. 1,50,000 per year is paid. In addition to this, one also i…

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The Income Tax benefit of exchange property

In India any one  can actually exchange his/her property with relatives, friends, neighbours. The exchange of property need not be in the same city alone, but any part of the country. Transfer of Property Act As per section 118 to 121 of the Transfer of Property Act, 1882, w…

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Pune Municipal Corporation's plan: Reduce property tax for women

A proposal to grant 5% concession in general tax of the property tax to women who have properties registered in their names will be implemented from the next financial year in Pune Municipal Corporation. Mr. Vilas Kanade, Tax Department Chief  of P.M.C said, "This pro…

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Property : Income Tax on Capital Gains

What is Income Tax on Capital Gains? Profit arising from sale of capital assets is Capital Gains. Major Capital Asset is Property. It means home/ flat/ office/ plot/ Agricultural Land. CAPITAL GAINS Types of Capital Gains – There are two types of Capital Gains 1.   Long Term C…

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TN Chamber of Commerce Plea to refix property tax in Madurai

The Tamil Nadu Chamber of Commerce and Industry has sought a review and refixation of property tax in Madurai Corporation according to the guidelines issued by the Tamil Nadu Government. A delegation from the Chamber led by its president, Mr. N Jegatheesan, with senior pre…

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