Though I-T Act does not prohibit taxpayers from buying a new house in the name of close relatives, it is better that the owner of the property sold becomes the title holder in the new house property to get LTCG tax exemption.
With the Modi government tightening its noose on tax evaders, there has been a tremendous rise in the number of prosecutions initiated by the income tax department. Taxpayers are receiving notices requiring them to furnish de
There is no requirement to quote PAN of landlord while filing ITR. Considering you are a salaried assessee, PAN of landlord must be furnished to the employer as aggregate rent paid for the year is above Rs 1 lakh.
As per the Income Tax Act, 1961 if the value of gifts received is more than `50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form—cash, jewellery, movable and immov
Where the sale consideration received or accruing on transfer of a capital asset, being land or building or both is less than the stamp duty value, then the stamp duty value (SDV) is deemed to be the sale consideration.
Purchasing property for investment purposes and selling it later at a higher price has become common practice. If you sell real estate for a profit, you will need to pay capital gains tax on the money.