If the population exceeds one lakh but doesn’t exceed 10 lakh, then it shall not be within six kilometers and if it exceeds 10 lakhs, then it shall not be within eight kilometers.
You will lose LTCG tax benefit if new property is sold within three years of purchase
For the first question, you can invest the proceeds from sale of more than one house property into one house property and deduction for capital gains shall be available on investment in one residential house property in India.
If you have taken the deduction of capital gain in the year of sale of original flat, the construction of new flat had to be completed within three years from the date of sale of the original flat.
If your total income taxable in India exceeds Rs 3,00,000; then you would be liable to file income tax return in India.
The postal department may not have mentioned correct PAN while filing TDS and hence it is not reflected in your 26AS. Hence, we would advise follow-up with them to get the TDS return corrected.
Normally, interest earned on small savings scheme attract TDS @ 10%.
You can get capital gains tax benefit on investing proceeds in assets held in own name.
Any expenses which are attributable to the purchase of property are allowed to be added in the cost of acquisition of the property.
Income from agriculture is exempt under income tax. However, while computing the tax on total income, it has to be included as per a certain formula due to which the other incomes are taxed at somewhat higher rate though agricultural income per se remains exempt.
Such prize money will be treated as income under Section 56 of the Income-tax Act and shall be classified as ‘Winning from Lotteries, etc.,’ Hence, U/S 115BB, such income shall be taxed at 30% (plus applicable surcharge and cess).
A deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.
Gifts received by a person from his/her relatives who are lineal ascendants and lineal descendants do not attract income tax, explains Amit Maheshwari.
My wife has a salary income of Rs 10 lakh a year on which she pays tax. Apart from that, I deposit Rs 25,000 every month into her account from my account for household expenses. Will she have to pay tax on the money that I deposit into her account and show it as income from other sources?
Immovable property received by way of inheritance is not considered as income of the recepient
As per the provisions of Income-tax Act, 1961, HRA exemption can be claimed only if the rent is actually paid for the accommodation occupied by you and you should not be the owner/partial owner of the property.
Under section 80TTA, a corresponding deduction of such interest income up to Rs 10,000 shall be allowed and hence it shall not form part of the income to this extent.
My National Pension System (NPS) investments will mature next year as I will turn 60. Will PFRDA deduct TDS on the maturity proceeds?
How to link your PAN card with Aadhaar card? Here are easy steps you should follow. Also, July 01 is not the last date to link PAN Card with Aadhaar card.
Union Budget 2016: Some unresolved issues like stamp duty and capital gain tax may prove to a roadblock, but the DDT exemption could turn out to be a game-changer for REITs.
Under the I-T Act, 1961, taxpayers are broadly categorised as Ordinary Resident, Not Ordinarily Resident (NOR) and Non-Resident (NR).