Kapil Tiwari
18 October 2012 at 01:52
I have understood that to claim exemption of Long Term Capital Gains Tax on the sale of a vacant land, the following are the conditions:
1)We have to construct a new residential house within 3 years from the date of transfer, or
2)We should have purchased a residential house one year before, or
3)We have to purchase a residential house two years after the date of transfer.
The conditions for claiming the exemption are:
a)We should not own more than one residential house, other than new asset, on the date of transfer of original asset.
b)We should not purchase within a year or construct within three years any residential house, other than new asset after the date of transfer of the asset.
c)The income from such residential house is chargeable under the head "Income from House Property", other than the one owned at the time of transfer.
In one particular case, the assessee owned one residential house(given on rent) plus one commercial property(given on rent),that is total two properties, on the date of transfer of the original asset. Since the assessee owned only one residential house on the date of transfer of the original asset, can he claim exemption under section 54F by purchasing a new residential house within the stipulated period?
(Can the ownership of the commercial property be ignored?)
Vishal
17 October 2012 at 21:19
1) VAT TAX on Property:-
A few buyers have entered into agreement before the Completion of Construction. Are they liable to pay VAT on such purchase. Builder has put a clause in agreement also regarding payment of VAT if the Government wins the case.
A few buyers have entered into agreement after the Completion of Construction ie OC have been received. Builder has put a clause in agreement also regarding payment of VAT if the Government wins the case in such agreements as well. But to our knowledge such transaction does not give rise to VAT tax liability. Are they liable to pay VAT on such purchase.
Builder is asking VAT @ 5% on Agreement Value. Is he justified. He must pass the set off benefit to us or not.
If he must then what must be effective Rate at which VAT payment must be made. Also on what Value such VAT must be paid.
2) Builder is not passing the Conveyance in favour of society:-
He is delaying it on the pretext that that he still has 4 Galas left to be sold & that if the Society bears the Registration free then only he will transfer the Conveyance to Society. Is he Correct in asking so???
We would be very helpful if you could guide us.
Thanks & Regards,
Vishal Jain
Member of Kushal Mangal Industrial Estate..
Daljit Singh Mann
17 October 2012 at 12:40
Respected Sir,
We (Husband & Wife) have taken joint home loan from Axis Bank. Mode of repayment of home loan is auto debited from my Axis saving Bank Account and my wife is owner of such house. Please tell me :-
1 Who can take rebate in Income tax on such payments, my self or my wife ?
2 Can we both take rebate jointly in Income tax on such payments.
Thanks and Have a Nice Day
Kapil Tiwari
17 October 2012 at 02:55
1)A person has leased out commercial property @ Rs 30000/- per month. Rent is received after TDS deduction @ 10% = Rs 27000/- per month. What would be the taxable income and net tax payable with regard to this rent received? Please help and elaborate with calculations if possible. Also provide any ways of tax planning/saving regarding the same. 2)Is there any difference between computing tax on rental income from residential property and rental income from commercial property? Do they both fall under the same head "Income from House Property"? 3)How does one differentiate Residential Property from Commercial Property? What are the documents which show the difference between the two? 4)Is there any possibility that rental income from such a simple lease agreement can tantamount to profits/gains/income from profession or business? The assesee, who has given the property on rent, is a retired semi-literate person and is not involved in the activity going on in the leased premises.
sneha
16 October 2012 at 22:13
what is the Capital gain tax on sale of land and building of industrial unit ? and what are the exemptions that can be claimed ?
sneha
16 October 2012 at 22:10
Can you please provide the details under which TDS on Royalty is deducted.
Please provide the whole article on it.
sneha
16 October 2012 at 22:04
Can you please provide the whole article on TDS on GTA (GOODS TRANSPORT AGENCY).
Member (Account Deleted)
15 October 2012 at 12:31
As part of MCD, I have got a settlement amount of 10,00,000. My queries as follows,
1. Do I need to include them when I do my Income Tax returns?
2. If so, under what section it come?
3. Is it expemted from Tax or tax will be deducted from it ?
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
For exemption from income tax under 80g for chrity trust procedure for filing application for that
i have a charity trust some donation wants exemption under sec 80g of it so what is the procedure for getting certificate of 80g for isssuing certificate for tax exemption i want this certificate for my trust when and when it will be possible or so on