MUMBAI: The Mumbai branch of the Income Tax Appellate Tribunal (ITAT) ruled in favor of a non-resident taxpayer who had bought an apartment in a posh area of the city, saying that she could not be taxed on the difference of Rs. 55.9 lacks between the agreement value of the apartment and the stamp duty […]
Stamp duty difference and flat agreement price cannot be taxed: ITATmore
A property belonging to a tax assessee should be declared when filing income tax returns, even if it is a self-occupied or rented. Revenue from a property is a separate revenue head eligible for deductions based on whether the property is rented or self-occupied. Treatment of self-occupied property income in line with rules of income […]
Rules to be followed for filing ITR under self-occupied properties.more
By Abhay Shah, Realty Quarter The Indian real estate market provides non-resident Indians (NRIs) a profitable investment opportunity. NRIs are also permitted to purchase property in India, through home loans, just like residents of India. But for NRIs and resident Indians, the rules on home loans are not the same. Therefore, key distinctions are essential […]
Important things to know by NRIs before taking a home loan in India.more
By Abhay Shah, Realty Quarter Profits derived from the sale of a house with a holding period over 24 months are referred to as long-term capital gains and are taxed at the rate of 20.80%. In various ways, you can save long-term capital gains. Profits derived from the sale of a house with a holding […]
How to save on long-term capital gains tax from a residential property sale.more