Capital gain - have sold a land
Capital gain - have sold a land
I have sold a land which was jointly held by me and my wife after more than 10 years.Capital gain was around 2 lakhs.The fund was utlilized to buy a flat in the name of my unmarried major daughter.Of
9 months ago
A. Dear client,
Capital Gains Tax: When you sell a property, such as land, and make a profit, it is considered a capital gain. Capital gains are subject to tax in many countries. The tax rate and rules regarding exemptions can differ based on the country's tax laws.
Exemptions on Capital Gains: In some countries, there are provisions for capital gains tax exemptions when the gains are reinvested in certain assets, such as residential property. This is known as the "rollover relief" or "section 54 ...ReadMore
Property Tax while demolishing and reconstructing
Hi, I am demolishing my house and reconstructing it as an apartment. Should I have to pay the property tax as in previous bills, or should I change it to vacant land or land under construction and pay
9 months ago
A. Dear Client,
The demolition and restructuring or reconstruction of any property requires prior approval of the concerned Civic Authority who are also collecting authority of property tax from the Owner of the property on the assessment of the valuation of the Property following the standard rules. So, your query needs to be clarified by the concerned deptt of the Municipal Authority based on your updated information regarding the property. Any change or alteration in any property affecting prope ...ReadMore
Incorrect deduction of TDS
Why the builder is deducting 10 percent TDS on the rent(commercial shop) which i get even though the annual rent he pays me is 2lakh 20thousand, as per my understanding TDS deduction should be 5percen
1 year ago
A. Dear Client
The Indian Income Tax Act mandates that 10% TDS should be deducted on rent paid for commercial properties. However, if the annual rent paid is less than Rs 2,40,000, TDS can be deducted at 5% if the landlord provides a valid PAN. In this case, since the annual rent paid is Rs 2,20,000, TDS should have been deducted at 5%. If the landlord did not provide their PAN, the builder may have deducted TDS at 10%. It is advisable to check with the builder and provide PAN details to avoid dis ...ReadMore
Tax on selling a house
I bought a new house in September 2021 on SBI home loan in a village panchayet area . If I sell this house now for a sale price of my cost price plus bank's total interest till date , will I inc
1 year ago
A. Dear client,
Yes, you will have to pay tax for additional capital gain. To know the exact numbers, please consult a CA.
Property mutation not done at 2010
My family bought a flat at 2009 after a year mother passed away.Flat was in her name... property mutation was not done and we didnt pay taxes till now....online payment dosent show or house...now as i
1 year ago
A. Dear Client
There will be no problem for not mutating the property when you try to get the property transferred to your name legally following the due legal process.
Planning to buy NRI apartment with SPA execution
Planning to buy apparent which is holder of NRI ( As of now in UK ) more than 6 years he is staying out of india. This NRI will give SPA to his father so that he will register/sell the property. 1) T
2 years ago
A. Dear Client,
It's best if you get an opinion on this TDS-related component from a trained chartered accountant or a banking specialist, as they're better placed to do so. Hope this clarifies your query.
Thank you!
Vaidehi Samant
Capital gain exemption while selling a flat and repaying the loan for another house?
I am purchasing a house with bank loan. After registration of this house, I will sell my other house and make repayment to the bank. In this case can I claim capital gain exemption? Thank you.
2 years ago
A. Dear Sir,
You may contact any chartered accountant for accurate information and guidance as it pertains to financial matter.
Tax on agricultural land
The land has approximately value of 90lakhs and it is divided in 6 people on selling the land do a individual come under any kind of taxation
2 years ago
A. Hi,
Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961. Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
Please rate my answer
Thank You
Ayantika Mondal @ Prime Legal
Pending property tax from transferor(previous owner)
Hi All, I purchased my first flat in April 2019. I got the property tax receipt this month(July 2021) from corporation for the period October 2016 to 2020-2021. The pending tax was from October 201
2 years ago
A. Kya aap ke dawara flate lete time jo sale deed likha gya tha usme aisi koi baat likhi gai thi ki bakaya tax aap hi jama karega ya phir landlord jama karega.
Agar aisa likha hai ki bakaya tax land lord jama karega tab aap ek application vibhag ko sari baate likhte hue bheje ki is tax ko purane land lord se vashul kiya jae.
Jab aap property ko dekh rahe the tab aap ki duty thi ki aap uske baare me sahi jaankari prapt kare.
Phir bhi aap vibhag se contact kare or unko apni problems share kare ki ...ReadMore
Pardeep Kumar Dhiman Dhiman
Property Tax in Pune
Are there any extra charges if property tax is not paid for 2-3 years
2 years ago
A. Dear Sir,
Normally, there will be no extra charges if you do not pay tax for 2-3 years. But, be sure that you pay the tax every year regularly otherwise somebody else pay the tax on your behalf and may create some documents to falsely claim your property.
Rate me Five Star*
