Don't Worry , Be Happy !
The RBI has under Liberalized Remittance Scheme allowed all resident Indians to invest abroad in all kinds of investment except prohibited items . The limit of remittance abroad without approval of RBI is upto US Dollar 2,00,000 in one financial year. So now an Indian resident can approach its bank for remitting US Dollar 2,00,000 for following types...
Assessment of persons likely to transfer property to avoid tax. 175. Notwithstanding anything contained in section 4, if it appears to the Assessing Officer during any current assessment year that any person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets with a view to avoiding payment of [...]
The exemption from capital gains on sale of any capital asset other than a residential house is provided u/s 54F of the Income Tax Act. In simple terms , although there are a few conditions attached to exemption u/s 54F, is that if a person gets capital gains on sale of any capital asset other...
TDS on property sale is another bad news out of Budget 2012 proposals . The earlier bad news from Budget 2012 was about imposition of Alternate Minimum Tax on almost everyone.Now , the fine print of Finance Bill 2012 shows that government has provided by inserting section 194LLA effective from 1st October 2012 that every [...]
CBDT publishes books for the help of tax payers . It has long ago released a book updated as per Finance Act 2010 on “Income from House Property” which is one of the important heads of income under the Income Tax Act. The book is in layman’s language and help tax payers know about the...
Loss from house property something is the only hope for salaried employees to save tax on the loan borrowed for home and as such reporting such loss in a prescribed form is beneficial to salaried class.Income Tax Act under sub-section (2B) of section 192 enables a taxpayer to furnish particulars of income under any head...
If the Maharashtra state Government has its way, one will have to pay more property tax, on account of a cess that the Government plans to levy on property tax in addition to the existing ones pertaining to trees, education and repairs. The urban development (UD) department has proposed a 0.5% cess on the general [...]
Assesses can now pay their property taxes on a quarterly basis instead of an annual basis. The last dates for depositing taxes on quarterly basis are: June 30, September 30, December 31 and March 31. The interest on late payment of taxes will also be calculated on the actual period of delay and not for [...]
A person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin) can hold any immovable property in India acquired by way of inheritance from a person resident in India.[regulation 3 and 4 of Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000}Further, with the specific approval of...
Sale proceeds of any immovable property inherited by NRI / PIO from a person resident in India can be remitted abroad subject to a ceiling of USD one million per financial year subject to production of documentary evidence in support of inheritance and Tax clearance certificate / no objection certificate from the Income Tax authority...
Deduction of Interest on home loan is one of the oft asked question on tax. Nishmitha Shetty of Mumbai asks “When loan is taken for two homes then how much interest paid on them is allowed for deduction u/s 24 under the head House Property? Is it only Rs. 150000 or more?” Following points shall...
The Chennai Corporation and the Department of Posts are coming together to launch a facility where-in people can make their property tax payment to the Chennai Corporation at computerised post offices in the city. Currently there are over 90 computerised post offices in the Chennai Corporation limit. This service if activated will prove very beneficial [...]
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