CBDT : Cost Inflation indexes CII - with Base Year as 2001-02, 2017-18 CII 272..!

CBDT : Cost Inflation indexes CII - with Base Year as 2001-02, 2017-18 CII 272..! CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18. M…

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Budget 2017 - 18: Three Cheers For Property Holders..!

Budget 2017 - 18: Three Cheers For   property holders Capital Gains Tax Provisions..! By   SNEHA SHARON MAMMEN ,  proptiger.com Three measures announced by Finance Minister  mr. Arun Jaitley in his Budget 2017-18 have come as some good news for property holders. · The holding perio…

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TAX ON LONG-TERM CAPITAL GAINS

TAX ON LONG-TERM CAPITAL GAINS  Introduction Gain arising on transfer of capital asset is charged to tax under the head “Capital Gains”. Income from capital gains is classified as “Short Term Capital Gains” and “Long Term Capital Gains”.  In this part you can gain knowledge a…

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Capital Gains Tax Based on Guideline Value..!

Property Sales:  Capital Gains  Tax Based  on Guideline Value..! by Mr. G. KARTHIKEYAN,  Coimbatore Ms. Chitra Kumar sold a plot of land for Rs. 54 lakh. The guideline value of the property as assessed by the stamp duty authorities is about Rs. 72 lakh. Stamp duty on transfer was…

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Four Options - Reduce Income Tax Burden from Sale of Property..!

by Mr. Rakesh Nangia, Nangia & Co Capital gains tax is an aspect that every property (Real Estate) seller needs to consider in a cost-sensitive market. The amount of capital gains tax depends on the time period the property is held on to. If the property is sold after thre…

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Capital Gain Account Scheme - 6 Smart Features

Capital Gain Account Scheme -   6 Smart Features..!  1. Capital Gain Account Scheme (CGAS) allows you to park sale proceeds of a property without capital gains tax liability, provided another property is bought within 2 years of sale or built within 3 years of the sale. 2 . To…

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COST INFLATION INDEX - CII- FOR FINANCIAL YEAR 2016-17 IS 1125

CBDT Notified Cost Inflation Index for F Y 2016-17 is 1125 The Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary  Notification No. 42 /2016/F.No.142/5/2016-TPL dated 02-06-2016  the …

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I have a home at Guindy. Can I sold this house and buy a home at Adyar. What I pay the Income tax?

Answer: The person is eligible to invest the proceeds of Guindy House in to a residential house at Adyar and there is no need to pay Capital Gain Tax. But, there are some exception to this situations and they are as follows: Situation I:  If it is a Short Term Capital Gain (Gui…

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Agricultural Land in Certain Areas is Not Capital Asset..!

by Ms. Parizad Sirwalla, Partner (Tax), KPMG For capital gain purposes, an agricultural land situated in specified areas is not considered as capital asset. If you are planning to sell such land, there will not be any capital gain tax implications on sale. In other cases, de…

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Set Off Losses Against from house property Income, capital gain etc...!

by Mr. Rakesh Nangia, Nangia & Co . Everyone strives to make profits from whatever venture he/she undertakes, but in the quest for gains, the possibility of losses can’t be ruled out. The Income Tax Act, 1961, provides for a mechanism to use your losses to reduce the tax …

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