Section 54EC of Income Tax Act 1961 provides for tax exemption on capital gains from sale of any Long Term Asset (original asset) provided that capital gains are invested in specified bonds (new asset) within a period of 6 months after the date of transfer of original asset. For the purpose of Section 54EC: Original Asset …
“What are the additional charges when buying a house?”, asked one of our readers. So, we thought of writing a detailed post on the topic and clearing the doubt once and for all. All of us want to buy a house or invest in property at some point in our lives. Isn’t it? Once you …
Section 54D of Income Tax Act 1961 provides for tax exemption on capital gains that arises from compulsory acquisition, under any law of capital asset, of land or building or any right in land or building (original asset) belonging to an industrial undertaking. Following conditions should be satisfied to claim exemption under section 54D: 1. …
Before you buy a property, you must check all property documents to make sure that you buy a genuine property. The documents that need to be checked are different for under construction and ready to move properties. Here is a list of all property documents to check before buying a flat or plot. Property Documents …
Property Documents to check before buying a Flat or Plot Read More »
Cost Inflation Index is used for computation of long term capital gain/ loss from the sale of assets such as property, gold, shares, bonds etc. While calculating applicable capital gain tax, the index is used to reduce inflationary gains which eventually reduces the income tax liability. What is Cost Inflation Index? The value of an …
Cost Inflation Index | Capital Gain Index | Upto 2014-15 Read More »
Section 54B of Income Tax Act 1961 applies to an individual or Hindu Undivided Family. Section 54B provides for tax exemption on capital gain that arises from sale of agricultural land (original asset) provided that 1. The land was being used by the assessee or his parents for agricultural purposes for atleast last 2 years …
Want to buy or sell property? Not sure whether to use a real estate agent or not? While doing the work yourself can save you some money, the deal can end up being costlier than agent’s commission. Perhaps you are not aware how a Real Estate Agent can help you. Here is our list of …
Why Use A Real Estate Agent? – 10 Compelling Reasons Read More »
Section 54 of Income Tax Act 1961 provides tax exemption on capital gains that result from sale of residential house property. In this article we will discuss about tax exemptions available under section 54 in detail. Conditions to be satisfied under section 54 Who can claim exemption under section 54 of Income Tax Act? Any …
Though our career can take us places, all of us want to settle at some point in time. Then many people ask, which is the best city in India to live? Most surveys answer this question by simply telling that city X is best because of Y reason. However, every individual’s needs are different. One …
Best City in India – How to Select Best City to Live in India? Read More »
Are you planning to sell a property or sold one already? Do you know that capital gains from your property are taxable? But Income Tax Act provides various exemptions & benefits that you can avail to avoid capital gain tax on sale of property. One of such benefits is Capital Gain Account Scheme. In this …
Capital Gain Account Scheme 1988 – Complete Guide Read More »