Results for #crore
Taxes & Duties
#save#taxes#property#flat#crore
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
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Answered on November 08, 2017
Under scenario 1, if you sell your residential flat and invest the capital gain arising therefrom in another residential flat then the provisions of section 54 of Income Tax Act would apply i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act will apply and capital gains so arised shall be exempted...
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Taxes & Duties
#sell#worth#crore#capital#reduce
My father wants to sell one of his houses. He has two houses in his name. He bought this one for INR 40,000 in 1986 and now it is worth 2.25 crore. What would be the capital gains tax he would have to pay and is there any way to reduce it?
My father wants to sell one of his houses. He has two houses in his name. He bought this one for INR 40,000 in 1986 and now it is worth 2.25 crore. What would be the capital gains tax he would have to pay and is there any way to reduce it?
Answered on November 08, 2017
To compute the amount of capital gain, you can refer to the provision of section 48 of the Income Tax Act. Based on the facts provided, as the property has been sold after a period of 24 months, the capital gains would be long term capital gains. Such capital gains would be computed as below:
Difference between Sale consideration (Rs. 2.25 crore) and the indexed purchase consideration (Rs. 40,...
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Purchase & Sales
#buying#crore#mumbai
When buying real estate for investment with a budget of 1.5 crore, which areas in Mumbai give the best ROI?
When buying real estate for investment with a budget of 1.5 crore, which areas in Mumbai give the best ROI?
Answered on November 08, 2017
Areas such as Mulund, Vikhroli on the central side and Dahisar, Borivali on the western sides are good places of investments. The price differentials between these places and their southern counterparts is almost 100%. With connectivity improving with metro and eastern freeway, commute time across the city is improving. This will eventually result in price appreciation in these areas over the n...
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