E-PaperCost Inflation Index News
No bar on claiming tax deduction for home loans of multiple houses
The difference between the net sale proceeds and the indexed cost of acquisition and improvement of the property is taxable as LTCG at the rate of 20.60%
2 min read16 May 2018New house not ready in 3 years? In some cases, you may get to retain the LTCG tax exemption
The new asset is required to be constructed within a period of 3 years from the date of sale of the original asset
4 min read12 Mar 2018You can deduct 30% of annual rental value for repairs, regardless of actual expenses incurred
Independent of the same, whether any renovation expense can be considered as cost of improvement would be subject to examination of the nature of expenditure
3 min read27 Nov 2017Gains from sale of property can be invested in specified bonds to get tax exemption
The balance LTCG can be set off against any qualifying short-term capital loss (STCL) carried forward from earlier years or incurred during the year
4 min read13 Nov 2017While filing tax in India, NRIs do not have to state overseas income
Non resident Indians (NRIs) do not have to include income earned abroad in their tax returns filed in India
3 min read14 Nov 2017Gift of immovable property, even from a relative, may have stamp duty implications
Gifts received from specified relatives are not taxed in the in the hands of recipients. However, they can attract other levies or fees
3 min read4 Sep 2017NRIs can remit up to $1 million from the sale of property in India
NRIs are allowed to remit up to $1 million from the sale proceeds of property in India from their NRO account
4 min read18 Apr 2017Know the fair market value of your house
To know the capital gains from selling a property, you need to know how to calculate its fair market value
4 min read9 Mar 2017Mint classroom: How to calculate long-term capital gains from property transfer
The tax liability depends on the period that the asset was held by the seller
1 min read28 Nov 2016De-jargoned: Cost inflation index
The Central Board of Direct Taxes maintains the CII, and the figure is updated annually
2 min read13 Jun 2016Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared