Results for #reduce
Taxes & Duties
#reduce#capital
Is it possible to reduce the tax burden on homes? What are the ways of calculating the capital gain tax?
Is it possible to reduce the tax burden on homes? What are the ways of calculating the capital gain tax?
| 
Answered on November 08, 2017
Tax burden can be reduced on capital gains arising on sale of residential property by claiming exemption under section 54 or 54EC or 54EE of the Income Tax Act by fulfilling the condition prescribed in the sections.
Exemption u/s. 54 of the Income Tax Act can be claimed by investing the capital gains in purchase of new residential flat.
Exemption of capital gains to the extent of Rs. 50... (View more)
Exemption u/s. 54 of the Income Tax Act can be claimed by investing the capital gains in purchase of new residential flat.
Exemption of capital gains to the extent of Rs. 50... (View more)
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,...
(View more)
Architecture & Interiors
#reduce
What steps can residents of an existing building take to go green and reduce their environmental footprint?
What steps can residents of an existing building take to go green and reduce their environmental footprint?
Answered on November 08, 2017
This a hypothetical question if not superficial. You must accept that we as Indians are 'green' from birth. No amount of recycling, reuse, optimisation , energy conservation ,etc. can be better in our country than any part of the world. At the same time your personal effort can barely impact environmental footprint but for the self satisfaction. We must push governments to impose policies for '...
(View more)
