If we sell our residential house for, say, âš50 lakh, do we have to invest the full 50 lakh to buy another residential house property, or do we only need to invest the long-term capital gains? I was under the impression that only the capital gains amount needed to be invested in another residential house…
My wife’s PPF will mature in April. She wants to transfer âš23 lakh to my senior citizen savings account and balance âš7 lakh to our daughter. What will be the tax position implications for all of us? As from April, interest will be earned in my name. I should and will be liable to pay…
Three sisters inherited one piece of land in 2003, but it was partitioned among the sisters in 2010. For the indexed cost of the purchase in the calculation of long-term capital gain, should we take the market value as of 2003 (date of inheritance) or the market value as of 2010 (date when the inherited…
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…
Once upon a time, only story- tellers took it upon themselves to challenge Mark Twainâs quip that death and taxes were the two certainties of life. They came up with zombies, neither dead nor alive. Policymakers might be relatively new to the task, but did not take long to sap the certainty of taxation. Among…
With the new rules effective from 23 July, the shift from a 20% LTCG tax rate with indexation benefits to a reduced rate of 12.5% without indexation could dramatically increase your tax burden from property sales, especially for those who have seen modest appreciation in their investments. As the real estate markets grapple with this…
In life, nothing comes for free. After Tuesdayâs budget, add taxation relief. Take the changes in Indiaâs tax regime for capital gains. While investors now have rules that are somewhat easier to recall, thanks to greater uniformity in rates across asset classes and the time limit beyond which assets qualify as having been held âlong-term,â…
