House Property Taxation

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Question Category : House Property Taxation

    • Is deemed rent still applicable during redevelopment

      I have two houses and am paying deemed rent on one of them. One flat will be demolished for redevelopment in around a year. The building in which my flat is located has already been declared as dangerous and dilapidated by the municipality and hence cannot be given for rent. Should I stop paying tax on deemed rent from the time the building was declared as dilapidated? If no, then should I stop paying tax on deemed rent from the time I vacate the building?

      Profile photo of Craig Lewis Asked By: Craig Lewis 0 replies 0 helpful answers Last Updated: 1 month ago
    • TDS on Purchase of a property – few questions

      Hi Everyone, I have few questions about TDS on purchase of property. In my case, demand for payment was made in Feb 2013 but I ended up paying a portion of that demand, after june 2013. In this case, Do I need to deduct payment on the amount paid after 1st june 2013 or on the whole amount of that demand, including the payment made before 1st june 2013? Another question is that in some cases, I made excess payment of TDS and in some case I paid TDS multiple time for the same installment. How should I rectify it?

      Profile photo of jigyasu Asked By: jigyasu 1 replies 1 helpful answers Last Updated: 3 months, 1 week ago
    • What components includes 50 Lakhs for TDS Deduction on immov

      I purchased a flat worth 57.6 Lakhs includes GST and other charges (Electricity,Water, Corpus fund, DG backup, Club membership charges). In my sale agreement with builder, total consideration 51.8 Lakhs. Where Annexure-1(Sale consideration) is 17.8 Lakhs, Annexure-2(Cost of construction) is 29.9L Annexure-3(Other charges like Electricity, water,Club membership, DG backup, Corpus fund) is around 4 Lakh. Flat cost is 47.8L and 4 Lakhs other charges. Now please explain me do i need to deduct TDS 1% on each installment or not?

      Profile photo of SIVA SANKAR Asked By: Anonymous 2 replies 1 helpful answers Last Updated: 5 months, 3 weeks ago
    • How to claim Home loan interest in income tax

      In bhopal i have one independent home which am paying Home loan Interest of Rs 167000/ yearly and another one is apartment under constructed which am paying home loan interest of Rs 103900 / how can i claim both intrest in income tax.

      Profile photo of srikanth Asked By: srikanth 2 replies 0 helpful answers Last Updated: 7 months, 1 week ago
    • tds on sale of property(FORM 29QB) – Joint ownership

      Hello,I have a few queries on tds on sale of property(form 29qb) as mentioned below.1)when do i have to fill this form,is it after the complete process is done.? or after the agreement and before the agreement of sale. 2)the property i have bought is a joint property between 2 owners(husband and wife(co-owner)). do i have to fill 2 forms or just 1.?

      Profile photo of vaibhav nayak Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 8 months ago
    • Regarding tax to be paid on sale of property

      Hi All,IIt will be great if you can help me with the below question that I have. My grand father had a property on his name which was transferred on my dad’s name after my grandfather’s death. Recently we sold off the property and the amount was divided among my Father,Uncles and  Aunts equally.

      Now the question that I have is that my two uncles further invested this amount which they have in property and they are saying that the tax which has to be paid for sale of property , they would be paying their own share individually though as far as I understand they can not get any rebate on buying a property as the entire thing was on my Dad’s name and he is entitled to pay the tax.  

      Please let me know  if

      1. They get a rebate on buying a property with the amount distributed even if the sale deed was on my dad’s name.

      2. Can they pay their part of tax  themselves.(Like if my dad has paid them can that amount be deducted from my dad’s share for tax purposes)

      I would really appreciate if someone can hhelp me on this.


      Profile photo of Neha Roy Asked By: Anonymous 3 replies 1 helpful answers Last Updated: 8 months, 1 week ago

      A is probate holder of immovable property. He wants to gift a part of property to his maternal uncle ( brother of A.s mother ) by a gift deed. Assuming the stamp duty property valuation is Rs40.00 lac & stamp duty payable is Rs. X . Please inform whether any gift tax is payable by the uncle ( having PAN , return filing not done as salary within taxable limit). If gift tax is to be paid , please indicate the amount on which the same is payable.

      Profile photo of JYOTIRMOY ADHYA Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 8 months, 1 week ago
    • My father in law purchased one plot in 2011 in 13 lac what i

      My father in law got transferred one plot from builderin 2011 in RS 13 lac but not registered as possession not offered . His daughter my Wife is only issue to him. Now he wants to gift that plot me at no cost or lower cost what is tax liability to me or my father in law. Rental income on house made by my income on this plot will be clubbed to whom income in future

      Profile photo of Akhilesh Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 9 months, 2 weeks ago
    • US tax on property sold in India if tax already paid in Indi

      I had booked a flat in India but moved to the US soon after. Upon allotment my brother in law paid for it and effectively owned it since except it stayed under my name. My brother in law has since moved to London and wants to now sell it. I don’t have an Indian account and have been told I have to open an NRO account for the sale proceeds. So far so good? I have been told that Indian authorities will charge a tax of 23% at source and I will be able to repatriate the monies to my brother in law’s account in the UK. Question I have is that will I then have to pay US tax as well effectively leading to double taxation even though I have never owned the property? Is there a more effective way?

      Profile photo of Amitabh Saini Asked By: Amitabh Saini 2 replies 0 helpful answers Last Updated: 9 months, 2 weeks ago
    • How to deduct TDS on rent when landlord is NRI?

      I am paying a rent of Rs 51,000 to my landlord who is an NRI. He has an NRO account in the one of the local Indian banks in which I am depositing rent via NEFT. How much TDS should i deduct on the rent and at what intervals? How do I deposit the TDS? DO i need a TAN? Which forms would I will have to fill and at what intervals?

      Profile photo of Sagi Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 11 months ago

      Myself (son)and my three Sisters(all married) are the Inheritor of an Immovable House Property of my late parents (my mother, who was owner of the property, died on 01 May,1995 and my father died on 21 April,2005). 1).If I Gift my portion of the said property to my any or all sisters, is there any Gift Tax or Income Tax to be Paid by Me (as the Giver/Donor of the said gift of house property) or by my Sister (as Receipant/Donne of the said gift of house property). Also, How the Such Gift should be properly made / executed. 2) If We Sell the said House Property,then to arrive at the Proper Long Term Capital Gain (LTCG) Calculation, What shoud I do so that Fair Market Value for the Property transferred (Considertion Value)is based on Property Valuer’s Valuation ( instead of Stamp Duty Value which is likely to be Much Higher) . Also, the Cost of Acqusition,which shall be the FMV as per the Base Year 2001-2002 as I understand, how best can be obtained through Proper Valuation by a Proper Valuer .

      Profile photo of S. K. Nath Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 11 months, 2 weeks ago
    • How to Claim Home Loan Interest on Income tax.

      In Bhopal I have one independent home (not given to Rent ) Interest paying RS 167000 / Yearly & another one Apartment ( Under construction)Interest Paying 103900 / Yearly. But am staying in Goa in Rented home. I have Tax certificate of both home loan .So i need information of where i can claim home loan interest on Income tax .( Slef Ocuupaid, Whole Let out,Partly Let Out ).

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 12 months ago