We are going to sell a house in my wife’s name. My wife and I had a joint home loan on the house which I paid fully. I did not claim any tax deduction on the home loan interest. At the time of sale, can my wife add the unclaimed interest to the cost of…
As students and young working professionals flock to Bengaluru’s booming IT hub for opportunities, the 1BHK house has seen rising demand, according to a Hindustan Times report. Let’s look at how much it costs to rent a 1BHK in Bengaluru. Demand for 1BHKs in Bengaluru Skyrocketing The report added that local brokers pegged the demand…
For instance, if assets are gifted to a spouse, any income generated from those assets will be clubbed with the income of the person who originally owned the asset. In the case of a minor child, any income generated from those assets will be clubbed with the income of the highest-earning family member. Any income…
India’s Central Consumer Protection Authority plans to collaborate with the Real Estate Regulatory Authority (Rera) to help homebuyers file complaints, seek compensation, and address unfair contracts with developers, according to two officials familiar with CCPA’s plans. CCPA plans to address issues such as delays in obtaining possession of properties, defective home appliances provided by developers,…
The actual flows are contingent on how these elements perform and are thus beyond the government’s control. True, better compliance has been witnessed in the past, thanks to better systems being put in place. But beyond a point, such flows tend to plateau out. Therefore, the government needs to look at new avenues of taxation…
The Budget has dealt a blow to property owners by removing the indexation benefit. Previously, sellers could adjust the purchase price of a property for inflation, which would significantly reduce capital gains tax. The silver lining, however, is that the long-term capital gain (LTCG) tax has been reduced to 12.5% from 20% earlier. But, those…
Real estate transactions had enjoyed lower effective tax rates due to indexation benefits that adjusted for inflation before levies were made. With the union budget removing indexation benefits across asset classes, a higher appreciation in property prices would actually reduce the tax payout for real estate investors. If the returns are higher, the new long-term…
