Section 54 states that exemption from capital gains arising on sale of house property will be available to individuals and HUF if new property is purchased within one year prior to date of sale or within two years after sale.
The CBDT has instructed the banks through a notification dated September 13, 2017 regarding deduction of tax at source (TDS) on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has d
In case the house acquired with a home loan is sold within five years from the end of the year in which possession of the house has been taken, all the deductions allowed on principal amount under Section 80C in the earlier y
Non-resident can claim benefit of DTAA to avoid income tax here. A non-resident is taxed only on income that is received in India, or that accrues or arises, or is deemed to accrue or arise, in India. Since salary income is r
The newly introduced Rule 26C of the Income-tax Rules, 1962 requires employee to mandatorily furnish Form 12BB mentioning name, address and details of PAN of landlord where rent paid during the year exceeds Rs 1 lakh as evide
or taxation in India, you shall be required to include the UK rental income while computing your total income and you can claim credit of the taxes paid in UK against the Indian income tax liability subject to the maximum of
For assessment year (AY) 2016-17 (i.e. FY 2015-16), if the income tax returns are not filed within the prescribed due date under section 139(1), then the same can be filed as belated return within one year from the end of the
I had entered into an agreement to sell a part of my land (purchased for more than 10 years ago) in January 2013. The sale deed was signed only in May 2016. What shall be the value of the sale consideration?
The real estate sector as well as home buyers have high expectations from this year’s Budget. It is expected that the Budget will fix many long-standing tax related issues. Deduction of home loan interest Section 80EE of th
Section 24 provides two kinds of deductions, firstly, 30 % of the actual value and secondly, the interest payable on the capital borrowed for acquiring, construction, repair, etc., subject to the fulfillment of specified cond
To promote digital payment, the ministry of finance vide press release December 19, 2016 announced reduction in existing rate of deemed profit to 6% of turnover, for payment received through banking channels / digital means.