Results for #taxable
Taxes & Duties
#flat#offer#taxable#taxes#sell
I bought a flat in Coimbatore for 11 lakhs in 2007.Now, I have an offer of Rs 21 lakhs for the flat. Is the difference amount taxable? If yes then what would be the taxes I would have to pay? I wouldn't be willing to sell it if the taxes are too high. Please advice me as soon as possible, thanks.
I bought a flat in Coimbatore for 11 lakhs in 2007.Now, I have an offer of Rs 21 lakhs for the flat. Is the difference amount taxable? If yes then what would be the taxes I would have to pay? I wouldn't be willing to sell it if the taxes are too high. Please advice me as soon as possible, thanks.
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Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the property is held by you for a period more than 24 months than the same will be long term else short term. Assuming that the sale w...
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Legal
#land#builder#residential#property#2bhk
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property.
Bank Finance
#paid#loan#taxable
Does the interest paid on a home loan get exempted from one's taxable income
Does the interest paid on a home loan get exempted from one's taxable income
Answered on November 08, 2017
Interest paid on a home loan can be taken as a tax deduction
Taxes & Duties
#capital#taxable#property#agreement
Is the capital gains taxable if the property is sold after 3 years of the date on the sale agreement?
Is the capital gains taxable if the property is sold after 3 years of the date on the sale agreement?
Answered on November 08, 2017
Yes. The capital gains arising from the sale of property after holding the same for 2 years is taxable as long term capital gains. Indexation will be availble on the purchase cost as the asset is long term capital assets.
