Results for #save
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
#flat#save#taxes#consideration#loan
I had one flat which I sold and to save taxes, I purchased another flat partially from the sales consideration received and partially by taking loan. Now, if I sell this flat within period of 3 years of purchase then on what amount am I liable to pay taxes?
I had one flat which I sold and to save taxes, I purchased another flat partially from the sales consideration received and partially by taking loan. Now, if I sell this flat within period of 3 years of purchase then on what amount am I liable to pay taxes?
Answered on November 08, 2017
In order to save tax on capital gains arising out of sale of residential flat, expemtion can be claimed under section 54 of Income Tax Act 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. The new residential property so purchased should be held by you for subsequent period of 3 years. In case ...
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Legal
#flat#paid#rent#save#taxes
My mother owned a flat for which I paid rent to her so that I can show it as her income on the returns. We recently sold the flat and purchased a new flat. In order to save taxes I decided to take a home loan for the flat hence I was the first owner and my mother the joint owner. During the purchase of the flat we had a few doubts about taking a home loan and also we had to make the payment immediately hence we did not take a home loan. As I have already purchased the house and the house is on my name nor can I claim a home loan benefit neither can I show rent in my papers. Please guide me as to how I can save on my taxes?
My mother owned a flat for which I paid rent to her so that I can show it as her income on the returns. We recently sold the flat and purchased a new flat. In order to save taxes I decided to take a home loan for the flat hence I was the first owner and my mother the joint owner. During the purchase of the flat we had a few doubts about taking a home loan and also we had to make the payment immediately hence we did not take a home loan. As I have already purchased the house and the house is on my name nor can I claim a home loan benefit neither can I show rent in my papers. Please guide me as to how I can save on my taxes?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. You will not be entitled to deduct any amounts towards rent in your Income tax returns as the property will be used for your own residence. You can however pay interest to your mother towards the amounts invested by her whilst acquiring the flat.
