HOUSE PROPERTY INCOME
Reporting foreign income in income tax return: How to report foreign income, equity share in ITR form
Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.
Mumbai records luxury housing sales worth Rs 12,300 cr in January-June
The luxury housing market in Mumbai is experiencing significant growth, driven by a surge in sales of properties priced at Rs 10 crore and above. Sales in the first half of 2024 reached a record high of Rs 12,300 crore, marking an 8% increase compared to previous periods. Factors contributing to this trend include rising disposable incomes, favorable government policies, and strong interest from both domestic and international investors.
ITR filing 2023-24: Types of income not part of ITR-1 form
Individual taxpayers must file different income tax returns (ITR) based on their source of income and residence status. From AY 2024-25, the new tax regime will be the default option. Every year, you must select between the old and new tax regimes for that particular assessment year. Here is a look at a few important FAQs regarding ITR-1 form available on the Income Tax Department’s website.
Latest HRA tax exemption rules: Step-by-step guide on how to save income tax on house rent allowance under old income tax regime
HRA tax exemption rules: The HRA tax exemption reduces the total salary before calculating taxable income, helping employees save on taxes. It's important to note that if an employee lives in their own house or does not pay any rent, the HRA received from the employer is fully taxable.
Q1 Earnings Preview: Flat to 4% growth in net profit expected from Nifty pack; auto, financials, health to outperform
Motilal Oswal and Kotak Mahindra differ in their Q2 earnings projections for the Nifty universe. While Kotak forecasts a nearly flat growth of 0.6%, Motilal Oswal projects a 4% increase in net profits. Both firms predict stronger growth when excluding global commodities. Motilal Oswal anticipates a 10% YoY increase for the Nifty excluding oil & gas and metals, while Kotak forecasts a 9.3% rise excluding oil marketing companies.
What homeowners want from Budget 2024: Higher exemption limit, shorter period for CGAS holding, bond lock-in and more
With Budget 2024 scheduled in the coming weeks, the Finance Minister is expected to make announcements that will set the path for India to achieve the vision. Towards this, the government may look to providing various incentives to taxpayers, especially on capital gain taxation boosting investment and in providing stimulus to the housing sector. Here is the list of expectations an individual taxpayer would have with respect to a property sale transaction from Budget 2024.
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ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
Can you carry forward losses while filing ITR under the new tax regime? Read the fine print
Carry forward and set off of losses in new tax regime: The income tax laws under the old tax regime allow carrying forward and set off of losses from capital assets. However, the question arises if the same benefit is available for all capital assets under the new tax regime.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
Retirement income: Why we need both, an income stream and a corpus
A monthly allowance will keep it simple and straightforward. The children and parents can agree on the amount and the former can simply credit it like a monthly pension or income. The dependent parent, spouse, sibling or relative is spared the discomfort of asking and enjoys the discretion to spend and save.PSM ID:
Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay Agarwal
Realty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
Mumbai property market sets yet another benchmark, records best-ever June; registrations rise 12%
Mumbai, India's largest and priciest property market, has achieved a new milestone by recording its highest-ever property registrations for the month of June. In June, the city saw 11,538 property registrations, marking a 12% increase from the previous year. This led to the state exchequer collecting over Rs 998 crore in stamp duty revenue, reflecting a 16% year-on-year rise
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
Nadir Godrej, family buy 3 luxury apartments in SOBO’s Malabar Hill for Rs 180 cr
Godrej Industries’ Chairman Nadir Godrej and his family have acquired three sea-view luxury apartments in South Mumbai’s Malabar Hill for a total of nearly Rs 180 crore from a real estate development subsidiary of the JSW Group. The under-construction super-luxury residential project, Ruparel House, on Ridge Road at the top of Malabar Hill with the view of Queen’s Necklace, is being developed by R House Realty, part of JSW Realty.
Mahindra Lifespace eyes Rs 8-10K crore sales in housing, industrial spaces by FY28
Amit Sinha, MD & CEO, mentioned the successful annual sales and highest pre-sales of Rs 2,328 crore in residential business for Mahindra Lifespace. They also achieved land leasing of 119.4 acres for industrial business.
India will need to build 100 million homes this decade amid rising household incomes
India's property market has heated up since the pandemic, with 2023 being the best year for home sales in at least 15 years. With about 70 mn Indian households turning eligible for home ownership over the next 10 years, there would be a requirement for as many as 100 million new houses.
High-rise skyline of the property market
India's property market is in an upcycle since the pandemic, driven by demand for larger living spaces during WFH. Real estate prices have climbed due to the wealth effect of stock market returns and incentives for affordable housing.
Should you buy a house now before property prices soar or wait for home loan interest rates to drop?
A favourable wealth effect, driven by a sharp rise in the equity markets, is enticing many first-time homebuy ers to take the plunge, while affluent buyers are looking for second homes. If you are a fence-sitter, still unsure about when to buy a house, this market presents a big dilemma. Is it the right time to buy a house?
Holiday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. Luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down.
Aadhar Housing Finance aims 20% AUM growth in FY25
Aadhar, 76% owned by Blackstone Group Company BCP Topco VII Pte, has a robust asset quality with gross non-performing assets being at just a tad over 1% at the end of March. That compares with 1.16% a year ago.
Dalal St is likely pricing in a Modi 3.0 but election winners already have a bitter household burden
India's stock market hit an all-time high last week, as investors anticipate a third term for Prime Minister Narendra Modi will boost corporate profits. However, consumer debt poses a significant risk. Slow wage growth, high interest rates, and heavy borrowing have strained spending for over 300 million families. Despite this, investors expect post-election growth in private capital expenditure and infrastructure projects
Affordable homes supply down 38%
New supply of affordable homes - priced up to ₹60 lakh each - declined 38% across eight major cities to 33,420 units during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity attributed the fall in new supply to sharp rise in land and construction costs, which has made development of affordable housing projects less profitable or unviable.
Date of house possession key for tax benefit under section 54 says ITAT; all you need to know
Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely investment in a new house to reduce tax liability on profits from selling an old property.
ED makes 5th arrest in Mumbai Income Tax refund fraud case
The Enforcement Directorate arrested Purshottam Chavan in connection to a Rs 263 crore income tax refund fraud money laundering case. He was taken into custody after a raid on his Mumbai premises and has been detained until May 27. This is the fifth arrest in the case. The investigation involves alleged fraudulent issuance of TDS refunds. Chavan accused of attempting to obstruct the probe by destroying evidence.
Godrej Properties acquires 10 land parcels in FY24 to build Rs 21,000 crore worth projects
Godrej Properties acquired 10 land parcels worth over Rs 21,000 crore last fiscal to build projects. The company aims to buy more parcels generating Rs 20,000 crore sales bookings this fiscal. It plans to launch projects worth Rs 30,000 crore to achieve 20% growth in sales. Quarterly profits rose by 14%.
DLF Q4 Results: Net profit jumps 62% YoY to Rs 920.71 crore
Realty major DLF Ltd on Monday reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March on higher income amid strong housing sales. Its net profit stood at Rs 570.01 crore in the year-ago period.
Godrej Properties cuts net debt by 10% in Q4 on strong cash flow: Pirojsha Godrej
Godrej Properties reported a 10% reduction in its net debt in the latest March quarter to nearly Rs 6,200 crore, attributed to strong sales and customer fund collections. Executive Chairperson Pirojsha Godrej highlighted a reduction of Rs 700 crore in net debt during Q4, despite ongoing land acquisitions for future development.
Aadhar Housing Finance IPO: Should you bid for this Rs 3,000 cr offer?
Aadhar Housing Finance IPO, valued at Rs 3,000 crore, offers shares through a combination of fresh issue and offer-for-sale. It aims to cater to low-income housing needs with a focus on lending and general corporate purposes.
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