Neeraj Gupta
13 October 2013 at 13:13
I am going to purchase a house property worth Rs 45 lacs and taking a
bank loan of Rs 30 lacs for it. I am a salaried employee and does not
own any house property in my own name. Although I have a flat
(purchased in 2008 under Power of Attorney in name of my mother). With
a pure intention to save stamp duty (of around 2% on cost of purchase)
and also to avail income tax deductions, I wish to use the following
route to acquire the above mentioned house.
Route
I will buy the house in name of my mother (registry in her name). Bank
loan will be in her name with my name as co-applicant (as she will not
be eligible for 30 lac bank loan due to her low monthly income).
Although she will use her own funds for balance portion (15 lacs, 45
minus 30).
On the date of registry, my mother will sell the house to me at same
price (or with some mark-up) through a sale agreement (this will not
be registered) and/or power of attorney in my name. Sale agreement
will also comprise that I will take over bank loan from her. Now EMIs
will be paid from my account only. Thus it will make me owner of the
house as per section 24, 27, 269UA of the Income Tax Act 1961 and i
will be eligible for income tax deduction of housing loan interest and
principal.
Instead of going for sale agreement with my mother (as stated in above
para), my mother can make a will in my favour in regard to above
mentioned house which may or may not be registered. This will make me
owner of the house as per section 24, 27, 269UA of the Income Tax Act
1961 and i will be eligible for income tax deduction of housing loan
interest and principal.
Please give your suggestion on my understandings or suggest any other option.
Anonymous
12 October 2013 at 20:10
Dear Sir Kindly advice on mulciple tax chargeable to me if l where to sublet my flat in dadar.
KRISHNAMURARI
11 October 2013 at 17:49
Dear Sir,
If a person has continously filed return up to A.y. 2006-07 and in the year 31-3-2010 his shop is completely destroyed due to fire in premises and all the document everything destroyed. sir now what is to be done to make income tax file up to to current date.
can it be possible to access the copy of ITR filed in the last year or upto which year returns ar being filed by the assessee.
if yes pls reply with complete process
WARM Regards,
K I SHARMA
atul gupta
11 October 2013 at 17:20
dear sir,
i have a problem that excise department make liability of excise duty upon me based on the scanned bills and they resumed the hard disk without computer can you resolve my problem: that is the evidence of printouts from that hard disk which was resumed without computer are admissible in evidence and evidence act works for excise laws or not.
VARUN GUPTA
10 October 2013 at 19:30
One of my Party is engage in the manufacturing of "Protective RCC Cover with two doors of X-Mas Tree of Gas". Therefore, for casting purpose, it purchase "M40 SCC" & for it, party pays Vat @ 14.5% on it. So, Can the Input Vat Credit can be taken from the vat paid on account of purchase of "M40 SCC Cover" against the Sale of "Protective RCC Cover with two doors of X-Mas Tree of Gas"???
Is "M40 SCC" hit by the Negative List under WB Vat according to which Input vat credit cannot be taken on some goods??? If yes, then it also applicable to above party in this case???
Harish Chauhan
10 October 2013 at 14:42
Sir I recently bought A car Of General Motor Beat Diesel from one Dealer of Delhi ,When I asked car Dealer for provide manufacturer Invoice(factory/plant invoice) Of GM,Then Dealer gave me invoice copy of manufacturer GM,you will get it on attachment,I shocked to saw that No excise duties paid by manufacturer.But sir when I was trying to attach copy of invoice(pdf)system failed to upload it.If any members/expert send email then I can attach copy of invoice.Look format of invoice below
car base price=398199
Tradediscount -22222
Total 375,977
Ins.+freight + 12180
Total 388157(car price to pay for Dealer)
---------------------------------------------
prakash
10 October 2013 at 08:42
Sir,
My friend has sold his residential plot and wants to purchase a house from the amount received.Can he save the long term capital gain by purchasing a residential house.
Please advice.
Vinayak Zambre
10 October 2013 at 07:46
Sir,
I have purchased flat in 2012 which agreement was done before 1 april 2012. At that time service tax was 2.575%.Till date I have not given tax to builder. Builder is insisting me to pay the tax at the revised rate of 3.09%.Should I paid at the rate of 3.09% or 2.575%?
Please suggest and what document I heve to show him so that he will get convinced to accept at the rate of 2.575%.
anil
10 October 2013 at 03:28
Hi,
If my account every month has a transaction of 30000 for last 15 years.
Now my question if i earn a commission of 12 lakhs and i deposit the money in account.
1 Will i be asked question for this transaction.
2 Being a real estate deal i have taking the money in cash and not in cheque.
Please advise me on legal ground.
Thanks
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