Mutual Fund Investment: Capital Gains & Indexation

Mutual Fund Investment: Capital Gains & Indexation By FundsIndia.com , Mutual Fund Research Desk Over the last couple of weeks, we looked at how mutual funds are taxed. We spoke about indexation benefit being available for long term capital gains in debt funds. What is ind…

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Cost inflation Index for Financial Year 1981- 82 to 2014 - 15..

Cost Inflation Index (CII) for Financial Year 1981 - 82  ( Base Year)  to 2014 - 15 is given below for your reference. Financial  Year    Cost Inflation Index 1981 - 82                    100 1982 - 83                     109 1983 - 84                     116 1984 - 85          …

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2012-13 Assessment Year: IncomeTaxpayers have to Declare Foreign Properties

Tightening the norms,income tax (IT) department has introduced a new column seeking details of foreign assets in the Income Tax return (ITR) forms for the 2012-13 assessment year.(For the financial year 2011-12) Taxpayers, who hold foreign properties or foreign bank accounts…

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Chennai Corporation Property Tax Payment : 145 branches of 3 banks have Facility..!

Currently, any one can pay his/her property tax at 146 branches of 3 banks across the Chennai city. The Chennai Corporation has made arrangemants for payment of property tax at selected branches of IOB ( Indian Overseas Bank), City Union Bank &  Karur Vysya Bank beginnin…

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If New House Sold In 3 Years, Tax Exemption Will Be Revoked

Ms. Parizad Sirwalla, Partner - Tax, KPMG The income tax implications on sale of house properties &  agricultural land have to been seen separately. House properties: We are assuming that the house properties have been inherited by you &  your brothers jointly in an …

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For Second House: Deemed to be rented, full housing loan interest is deductible

The limit of deduction towards home loan interest payment can be determined based on full facts. Assuming that you do not own more than one house, the said house shall be considered self-occupied property. You shall be eligible to claim a deduction towards interest payment …

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2012-13 : 54 EC Capital Gains Bonds Are Open - Tax Saving Scheme

The NHAI (National Highway Authority of India) opened its fresh issue of NHAI bonds (Section 54 EC bonds) from 2 April 2012. These bonds are open till 31 March 2013. The date of allotment of the bond will be the last day of every month. Keep in mind that the issuer has the …

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From October, 2012 : TDS slips to be must for Property Registration

Indian real estate is considered to be one of the most widely used means to generate and park black money. Cash component in pot of land and property transactions/registrations could be as high as 60%. 1% TDS..! After imposing a 1% TDS (Tax Deduction at Source) on property tr…

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If a house bought from jewellery sale, There is no capital gains tax

By Nitin Baijal, Director, BMR Advisors Q: My mother has Rs. 1.2 crore worth of gold jewellery accumulated over years which she plans to gift me. Now I want to sell Rs. 50 lakh worth of jewellery for the down payment of my house. How will the tax arising from the jewellery s…

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Direct Taxes Code : Only actual rent for a house property to be taxed

By Sanjiv Chaudhary, KPMG According to the Union budget 2012- 2013, the new DTC (Direct Taxes Code) will be enacted after taking into account the report of the parliamentary standing committee. Simplify Tax Structure ..! DTC is an attempt to simplify the tax structure of our …

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Hyderabad : Tax on Vacant Land to be Reduced by 50%

With property owners not coming forward to pay tax on their open plot of lands, the GHMC (Greater Hyderabad Municipal Corporation) is contemplating to reduce vacant land tax (VLT). As per the GHMC Act, 0.5% of registration value is being collected as vacant land tax by the …

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