You can carry forward losses and revise the returns umpteen times in case of mistakes.
Deduction on home loan interest cannot be claimed when the house is under construction
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
Standard draft for sharing agreement between two individuals taking a home loan
Real estate, or property, is one of the one of the major asset classes people the world over invest in. Such real estate could be residential house property, whether self-occupied or let out, commercial property, whether used for one's own business or profession or meant for letting out, farm house, agricultural, urban and rural lands, and so on. Through proper planning it is possible to save a great deal of tax on real estate investments -- on income and on capital gains.
If you are a salaried person, you will be filing your returns using the new income tax return form, ITR. Do you think the ITR is simpler than Saral? Or are there drawbacks in the new ITRs? Tell us.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Section 54F permits investment of consideration in maximum two properties and not more.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
New ITR form may be simpler, but some changes could stump you.
Your decision to invest in capital gains bonds or otherwise should be determined by your risk appetite and investment objective among others.
GIC entered Indian real estate in 2005, when it did a deal with residential developer XS Real, a Chennai-based developer
A fall in home loan rates since last September as well as a few provisions in the Union Budget 2016-17 are working in favour of the home buyers, says Rajiv Raj
There have been two changes announced so far as MF taxation is concerned.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Restricting the input credit is not a good idea for any sector, particularly real estate which requires more formalisation.
Pranay Bhatia offers insights on some key issues from Nirmala Sitharaman's maiden Budget.
The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
The council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
It's such a well-kept secret that even well-heeled financial planners aren't aware of it, says Harsh Roongta.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
Builders bet on affordable homes as luxury sales dip, however, signs of revival after note ban and Rera are slowly visible
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
The company has been given time till June by mortgage holders Reuben Brothers
Archit Gupta on how can you maximise your savings and reduce your taxable income.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Hyderabad is perhaps one of the most affordable cities among all tier 1 cities of India.
It is not advisable to touch retirement corpus if property is being purchased for investment.
Reports said that the two hotels can fetch up to $1 billion.
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