Results for #exemption
Taxes & Duties
#transfer#flat#costs#involved#rent
If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?
If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?
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Answered on November 08, 2017
You can transfer your share to your wife by executing a gift deed. Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid in this case.
If the gift deed is executed, any payment of rent received by your wife in respect of the said property will be clubbed in...
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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?
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?
Answered on November 08, 2017
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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Taxes & Duties
#property#capital#exemption#land
I gave my property of 2 and a half acres for a JV and got 20 apartments out of that. The capital gains tax on this is very high and I wish to get capital tax exemption, how can I do that? Also, which sections should I be cautious about with regards to the land?
I gave my property of 2 and a half acres for a JV and got 20 apartments out of that. The capital gains tax on this is very high and I wish to get capital tax exemption, how can I do that? Also, which sections should I be cautious about with regards to the land?
Answered on November 08, 2017
The capital gains will arise in the year in which the land is transferred to JV. Exemption to the extent of Rs. 50,00,000/- will be available under section 54EC of the Income Tax Act provided you invest in specified bonds or under section 54EE of the Income Tax Act on investing in the units of specified start up funds as notified by central government within a period of six months from the date...
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