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TDS on Purchase of property

By   /  August 19, 2013  /  All About House  /  No Comments

The Central Board of Direct Taxes had notified the new provision of Tax deducted at source on immovable property. The amendment is effective from June 1, 2013. With developers, builders, residential societies and associations starting up with the process, this article aims to provide you with procedure that is to be followed to pay the […]

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Tax treatment of Income from House Property

By   /  August 18, 2013  /  All About House  /  No Comments

  Generally, income from residential property is presumed to be income from rent. It is quite possible that the residential property does not give you any rent as it might be vacant or self-occupied. However, from the perspective of the Income-Tax Act, you will still be considered to have income from the property, because what is […]

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Tax Benefits of Home Loan

By   /  August 15, 2013  /  All About House, Tax Saving Instrument  /  No Comments

As per the provisions of the Income Tax Act, 1961, you can claim tax benefits on both the principal (under Section 80C) and interest components [under Section 24(b)] of the home loan. These deductions are available to assessees who have taken a loan to either buy or build a house.   Tax benefits on loan […]

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Property Received by Will or Inheritance

By   /  August 11, 2013  /  All About House, Random Articles  /  No Comments

  There is no tax on money or property received by will or inheritance. However, the recipient of assets is subject to Wealth Tax. Net wealth tax is levied at one per cent on a taxpayers net assets if it exceeds Rs15,00,000. Net assets are calculated by deducting debts relating to the properties against their […]

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TYPES OF HOME LOAN

By   /  August 9, 2013  /  All About House  /  No Comments

  Let’s have a look at various types of loans available for purchase/repurchase or even for improvement of house property:     HOME PURCHASE LOAN This is the common loan for purchasing a home.   HOME IMPROVEMENT LOAN This loan is given for undertaking repairs, renovations and/or up-gradation to your home.   HOME CONSTRUCTION LOAN […]

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Indexation

By   /  June 2, 2013  /  All About House, Mutual Fund, Tax Saving Instrument  /  10 Comments

Planning to sell your House Property, Gold, Debt Mutual Funds, have a look at how Indexation can reduce your Tax Liability. Remember that Indexation can be applied only when the capital asset sold is Long Term Capital Asset. Have a look at few asset class & how they are taxed on the basis of their […]

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