Rs , sq ft

Removed from Shortlist

My Shortlist ()
Keep track of your shortlisted properties here. Shortlist a property to get started.

Real Estate Forum on Income Tax

Real Estate Property Discussion Forum and Guide to Real Estate Queries

Filter On:


View Discussion from the month of
Q: I have bought a flat in Jan 2019 and paid registration fees for it in Jan, Feb 2019 can I apply for 80C Income tax benefits for it in 2019-2020?
Reply


Q: The city's real estate group wants finance minister Arun Jaitley to present a budget that will create a strong foundation for achieving the "home-for-all" goal of the Narendra Modi government.
Latest Answer: Hi all, I am agree with the above mentioned statement. And in my opinion reduction in home loan interest rates will be important so will be offering industry/infrastructure status for the housing industry. Also necessary is availability of finance at lower interest rates and clarity on taxation for real estate investment trusts and foreign direct investment (FDI) in housing.
Reply


Latest Answer: And if you dont want to invest in another property, you have an alternate way out. Section 54EC of the income tax act allows you to claim exemption by reinvesting your capital gains in bonds. These bonds are called capital gain bonds and are usually issued by the National Highway Authority of India (NHAI) and Rural Electrification Corporation (REC).
Reply



Latest Answer: Income Tax clearance Certificate in prescribed proforma 34A, under section 230 of Income Tax Act, from concerned Income Tax Officer where the transaction exceeds Rs.5,00,000 is must required document when buying property.
Reply


Q: Is it true that the I-T Act says if a house to be used by the buyer is not handed over the by the builder "within three years from the end of the financial year in which capital was borrowed", the exemption on the interest amount will only be Rs 30,000 and not Rs 2 lakh, raised from Rs 1.5 lakh in the budget.

Latest Answer: Hi Amit, One thing that should always keep in mind that in case of self occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).
Reply


Q: Instead of income tax we have to pay wealth tax. What is the difference between the two? Who is going to pay the wealth tax?
Latest Answer: As per my knowledge, income tax is payable on income whereas wealth tax is payable on wealth. People who posses wealth exceeding Rs15 lakhs is required to pay tax.
Reply


Show More
Ask a Question
120 Characters Left

    Ask a Question
    120 Characters Left





      Trending Categories








      CommonFloor Property Search Mobile App now available on Android, iOS and Windows!