Sadashiv Singh

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Taxes & Duties #land#capital#payment#sell#exemption
My brother has recently sold some land. He wants to buy my house so that he can minimize his capital gains tax payment. If I sell him my house, will he be eligible to claim exemption on the tax as intended?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • As your brother is selling land and is willing to acquire residential flat, he can claim the exemption under section 54F of the Income Tax Act which allows purchase of residential property against sale of any long term capital asset. If the cost of property purchased is higher than sale consideration of the land then entire capital gains will be exempt otherwise only proportionate gains will be...
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    Bank Finance #mortgage#loan
    What is reverse mortgage loan? What is my eligibility and how I will get back the title deeds?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • The scheme of reverse mortgage has been introduced recently for the benefit of senior citizens owning a house but having inadequate income to meet their needs. Some important features of reverse mortgage are:A homeowner who is above 60 years of age is eligible for reverse mortgage loan. It allows him to turn the equity in his home into one lump sum or periodic payments mutually agreed by the bo...
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