House Property Taxation

Forums House Property Taxation

Question Category : House Property Taxation

    • 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: 1 week, 6 days 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: 2 weeks, 3 days 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 1 replies 0 helpful answers Last Updated: 2 months 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: 2 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: 2 months, 2 weeks ago
    • Income tax query after selling a property

      I had sold my property worth Rs. 30 lakh in 2015-2016 after using the same for 13 years and invested this money in a under-construction property in 2015-2016 in name of my son, will there be any concerns w.r.t. Income Tax.

      Profile photo of Atul Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 months, 4 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: 3 months ago
    • I purchased a flat worth 59 lacs in March 2016 should I be p

      We’ve purchased our flat worth 59 lacs in March 2016. At the time of sale due to ignorance of the facts about the tax on sale of property is TDS, I gave the whole amount(59 lacs) to the seller. Recently one of the CA told me that TDS is not applicable for Individuals. Please clarify if I should have deducted TDS on that amount. Also let me know, what can I do now. The seller is still in touch and ready to co-operate.

      Please let me know if you need any more details from me.

      Profile photo of eswar Asked By: eswar 1 replies 1 helpful answers Last Updated: 3 months, 2 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 1 replies 0 helpful answers Last Updated: 3 months, 2 weeks ago
    • Ancestral property and tax related issue.

      Home in grandmothers name. Uncle wants to take it by way of gift from her. He will then later mortgage and pay the half of the hose value to my mom. If he gives the money how should we report it and how can we avoid tax when the cash is paid?

      Profile photo of Arjun Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 3 weeks ago
    • Can any person from IT dept enter our house without any noti

      Today, one person, claimed to be from Income tax dept, visited our house. He has asked why are we not filing IT returns and enquired about our property. He didn’t even know that my father is a retired state govt. employee. He gave us his mobile number and asked to call him once my dad returns from outstation. How to understand this situation?

      Profile photo of k prasad Asked By: k 1 replies 0 helpful answers Last Updated: 5 months, 4 weeks ago
    • Rental income of joint house – HUF

      I had a joint property co-owned with my mother. Rental income on that house was divided equally and paid taxes and submitted returns accordingly. In my case I clubbed the rental income with salary income and paid taxes. We have executed a partnership deed and transferred my mothers portion of property to sister who is married 25 years ago. As a kartha of HUF, I have other inherited property whose income is declared and paid taxes under HUF. Can I declare the income of the property which I jointly own with my sister under HUF account and pay the taxes accordingly.

      Profile photo of Bhaktha Asked By: Bhaktha 1 replies 0 helpful answers Last Updated: 10 months, 3 weeks ago
    • mistake in address of property while filling form 26QB, plea

      Recently I purchased a property, I was trying to fill form 26QB, but while filling the form I made a mistake in the address of the property and I realised this after confirmation, I am first time buyer and so I am confused. Please let me know if I can file it again for same transaction detail?

      Profile photo of Ankita Asked By: Ankita 1 replies 1 helpful answers Last Updated: 1 year ago
    • Income on house rent and deduction possible

      Hi ,I am H and R customer for a while.I have apartment given on rent. I am NRI. I pay 34K annual maintenance on the house. 10k property tax. I earn around 1.7 lakh on income from rent. how much deduction I can claim (I am checking how much investment I have to make)

      Profile photo of Jigar Shah Asked By: Jigar 1 replies 1 helpful answers Last Updated: 1 year, 1 month ago
    • Loss through interest on second let out property for FY R

      I have 2 properties presently both are let out and I am staying in rented property and I was claiming HRA benefit as well as actual interest on both let out properties after deducting the rent received. Is the rule same for FY 2017-18 if not then pls mention the present rule.
      If rule is changed then does making one property as self – occupied and one as let out allows me to claim the interest on both.

      Profile photo of VIKAS Asked By: VIKAS 1 replies 0 helpful answers Last Updated: 1 year, 3 months ago