In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
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You can invest the proceeds in capital gains bond or reinvest in another residential property.
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'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.'
There is a complete income tax exemption in respect of capital gains in Section 54.
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Most buyers are forced to back off in the face of delays because of the appreciation of the property.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
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Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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The government can seek details from sellers such as sources of funds while buying.
A division bench of Justices Vibhu Bakhru and Amit Mahajan set aside the single judge's December 24, 2019 order pegging the value of the property at Rs 130 crore.
Your decision to invest in capital gains bonds or otherwise should be determined by your risk appetite and investment objective among others.
Deduction on home loan interest cannot be claimed when the house is under construction
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This taxation applies to all types of transfer of property.
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Section 54 provides a tax-free method to convert unaccounted money into accounted money, says Harsh Roongta.
Sahara Chief Subrata Roy, who has been in jail for the last four months, on Thursday pleaded before the Supreme Court to allow him parole for at least 40 days to sell his properties to raise Rs 10,000 crore to get bail and expressed his willingness to dispose of luxury hotels in New York and London.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
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rediffGURU Samkit Maniar answers readers' personal income tax queries
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Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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