Results for #implications
Legal
#loan#implications#possession
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Deductions qua interest are limited, if your payment towards interest is more than the stipulated limited permitted under the IT rules, then that much amount will be disallowed whilst computing your income and further, you will be charged notional rent as income from the second flat (on and from receipt of possession of the second flat), even if the same is not rented out then.
Taxes & Duties
#sell#flat#city#capital#implications
I bought an apartment seven years ago jointly with my husband. Now if I sell this flat and buy another flat in the same city itself, what are the capital gains implications on this transaction?
I bought an apartment seven years ago jointly with my husband. Now if I sell this flat and buy another flat in the same city itself, what are the capital gains implications on this transaction?
Answered on November 08, 2017
There would be no capital gain tax if you sell the old residential flat and buy another residential flat as the capital gains can be claimed exempt u/s. 54 of the Income Tax Act. The exemption will be to the extent of investment in the new residential flat or the long term capital gains arising on sale of old flat, whichever is lower. If the investment is lower than the long term capital gains,...
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Legal
#transferred#grandson#property#implications#buying
A father transferred his will to his son and grandson. His son sold the property without letting know the grandson and signed the registry. The property was later sold four times. Can the grandson claim this property now? If yes, what are the implications in buying it?
A father transferred his will to his son and grandson. His son sold the property without letting know the grandson and signed the registry. The property was later sold four times. Can the grandson claim this property now? If yes, what are the implications in buying it?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The grandson can no longer claim any interet in the property if the subsequent purchasers of the property have acquired the same bonafide. The grandson however claims his share in the consideration amount recieved by the father on sale of the property. All this is subect to the Will in question having been duly probtated.
Taxes & Duties
#gift#flat#legal#implications
If I want to gift my flat to my daughter, what are the legal implications regarding: 1. Title and how is this established, 2. Is gift tax leviable and when?
If I want to gift my flat to my daughter, what are the legal implications regarding: 1. Title and how is this established, 2. Is gift tax leviable and when?
Answered on November 08, 2017
According to Section 56(2) of the Income Tax Act, the gift of flat received by your daughter shall be exempt, as it is a gift received from relative. On registering the gift deed the stamp duty and registration fees needs to be paid. There will be no gift tax on the said transaction.
Legal
#loan#property#remaining#implications
I have used 75% of my sale proceeds to clear the loan on the property and the remaining to invest in gold, what would be the tax implications that I face?
I have used 75% of my sale proceeds to clear the loan on the property and the remaining to invest in gold, what would be the tax implications that I face?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and would depend on when you brought the property and what is the capital gains that you have made from sale of such property.
Taxes & Duties
#construction#property#mumbai#allotted#builder
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
Answered on November 08, 2017
VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Taxes & Duties
#property#registered#construction#possession#loan
Will it be possible for me to get a property registered under my wife's name which I bought when it was under construction and for which the possession is due in August 2017. I bought the property by taking some loan and by adding my own funds as well. I want to gift this property to my wife while keeping the loan under my name only. Also, are there any tax implications for this service?
Will it be possible for me to get a property registered under my wife's name which I bought when it was under construction and for which the possession is due in August 2017. I bought the property by taking some loan and by adding my own funds as well. I want to gift this property to my wife while keeping the loan under my name only. Also, are there any tax implications for this service?
Answered on November 08, 2017
It is permissible to gift the under construction property to your wife by way of 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 as per prevailing state laws.
However clubbing provisions with regards to any income arising from the s... (View more)
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 as per prevailing state laws.
However clubbing provisions with regards to any income arising from the s... (View more)
Legal
#inherited#property#selling#gift#implications
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. However, your mother can surely buy a flat and gift the same to you. You will incur long term or short term captial gains tax in connection with the same when you sell it, depending on the number of years you have held the Flat.
Purchase & Sales
#implications#involved#flat#crz
Are there any implications involved in the re-sale of a flat in a building that falls under CRZ?
Are there any implications involved in the re-sale of a flat in a building that falls under CRZ?
Answered on November 08, 2017
One can sell flat in the building that falls under CRZ.
