Results for #calculate
Taxes & Duties
#flat#allotted#purchase#consideration#paid
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
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Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the residential flat is held by you for a period more than 24 months than the same will be long term else short term. Indexation needs...
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Legal
#possession#rented#flat#paid#construction
I bought a house in Noida and gained possession for the same in March 2012. I live in a rented apartment in Noida. I want to claim a TAX benefit on my other flat for the period of 2011-12. And also 1/5 of the interest on the amount I paid during construction. My query is if I should calculate the notional rent for the month of March as well? I could show it as an income form and show total interest paid as a loss of income. Or should I calculate the rent for the whole year?
I bought a house in Noida and gained possession for the same in March 2012. I live in a rented apartment in Noida. I want to claim a TAX benefit on my other flat for the period of 2011-12. And also 1/5 of the interest on the amount I paid during construction. My query is if I should calculate the notional rent for the month of March as well? I could show it as an income form and show total interest paid as a loss of income. Or should I calculate the rent for the whole year?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague.
