TAX ON SELLING OF HOUSE
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Redevelopment projects: 8 common mistakes housing societies make when embarking on redevelopment, how to avoid it
The lure of new, modern flats can land ageing housing societies in big trouble. Find out how to avoid it.
Budget 2024 HRA Exemption: Will Bengaluru, Hyderabad, other non-metro cities be included in 50% HRA tax exemption list?
Budget 2024 HRA Exemption: Many employers offer an HRA as part of their employees' compensation. If an employee receiving HRA is paying rent for their accommodation, they can claim a tax exemption on the HRA. Currently, a rented house in Delhi, Mumbai, Kolkata, and Chennai qualifies for a 50% exemption from HRA, while those located in other places come under the 40% bracket.
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.
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
Tax parity for IFSC funds to help HNIs avoid US inheritance levy
Wealthy Indians can use GIFT City to avoid US inheritance tax on offshore investments. IFSCA is seeking tax parity for funds in GIFT City to attract HNI investors.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
Focus and execution will increase on affordable housing: Prashant Thakur
Now, the definition of affordable needs to be increased. There were certain incentive that have been rolled back. So, these are the demands which were unmet and I strongly believe that with this government coming back in power the focus will be there and we will see an overall spurt in affordable housing which was lagging significantly.
Should you buy a house now or rent it? Key factors that will help you to decide
While property market dynamics play a big role in effecting this decision, equally important is your personal financial situation and lifestage. There are other factors to consider. If you are thinking of buying a house, here the key things you need to check.
Taking a home loan? 5 ways you can reduce cost of borrowing and save money
The longer the tenure of a loan, the higher the interest burden. Home loan rates will not come down as the RBI has kept policy rates unchanged. If you are planning to buy a house with a loan, ET Wealth suggests some ways to reduce the cost of borrowing.
India set for wheat imports after six years, to shore up reserves
India is set to resume wheat imports after a six-year hiatus to replenish dwindling reserves and stabilize soaring prices caused by poor harvests. The government is expected to scrap the 40% import tax post-election, allowing private traders to source from top exporter Russia. This move is crucial to ensure ample wheat supply in the market and avoid further price hikes.
Gold storage at home: How much gold can you legally keep at home, government rules, taxation
Gold storage at home: Gold is a valuable metal in India. People buy it during festivals for luck and keep it at home. It's crucial to be aware of government rules on gold storage.
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.
Biden's China tariffs are the end of an era for cheap Chinese goods
Biden's decision this past week to codify and escalate tariffs imposed by Trump made clear that the United States has closed out a decades-long era that embraced trade with China and prized the gains of lower-cost products over the loss of geographically concentrated manufacturing jobs. A single tariff rate embodies that closure: a 100% tax on Chinese electric vehicles, which start at less than $10,000 each and have surged into showrooms around the world but have struggled to crack government barriers to the U.S. market.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Higher ability to withstand sudden headwinds: 5 largecap stocks with right mix of RoE & RoCE
There are two kinds of risk in equity markets, first the overall market or asset class risk. Second is individual risk. First risk is not under control of anyone, because it can hit the market due to any reason, right from any geopolitical uncertainty to any monetary event in any part of the world. Probably the first kind of risk got played recently with the flip flop of the US and development in the middle east. The second risk which is individual risk is about the choice of the stock which one buys. In equities after a point of time it is more important to manage individual risk than to take risk. In equities the risk is more in the short term, over longer term, it is not very high. One way to manage risk is that when valuations are high, move to companies which have strong and large balance sheets and have seen many economic cycles and have survived the slowdowns in the past.
Joint-ownership in existing flat will not bar tax benefit on investments in another house: ITAT
When a taxpayer earns long-term capital gains from sale of any asset (other than a house property), the tax arising on the gains can be saved by investing the net sale proceeds in a residential property. The quantum of exemption depends on the amount invested in the new house. If the amount invested is less than the net sale consideration then the exemption is proportional.
Income tax laws need to recognize more cities as metros for HRA tax exemption: Will Budget 2024 include these?
The house rent allowance (HRA) is one of the common component in the salary structure of an employee. However, not all employees get similar benefit due to difference in the place of residence. The HRA rules allow 50% exemption for metro cities and 40% for non-metro cities. There is a need to amend definition of metro cities under the Income-tax Act.
Ease TDS rules for buying house property from NRIs in Budget 2024
The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult.
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