Legal Guidance
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IT Department Cautions General Public About Getting Involved in Benami Property
Just a few days back the Income tax department of the country released an advertisement in the newspapers stating about the adverse consequences one could face for getting involved in Benami transaction. The advertisement focused on how severe the punishments could get if one is involved in unlawful tricks. The department and went on encouraging the citizens in eradicating Benami property from the...
LEGAL GUIDANCE -
Things about the Terms of Agreement that Everyone should Know About
Most of us who enter the real estate market with great confusion. For example, some would think that the agreement of sale and sale deed is the same thing. But, it is not. Agreement of sale is the document that holds all the details of the agreement between the parties. While the sale is deed is the legal document which tells that the purchase and sale have been done. Like the above, there may ...
LEGAL GUIDANCE -
What if You Avoid Paying Stamp Duty Charges?
While buying a property, the price of the property is one of the costs that the buyer has to bears. Among many other stamp duty charges is another cost which counts about 2 to 3 percent of the entire price of the property but that stamp duty charges vary from state to state. So depending on the state you are in and value of your property, the stamp duty charges are calculated and have to be paid b...
LEGAL GUIDANCE -
Facts about Income Tax Benefits on House Rent
In order to meet high rented cost, employers pay HRA- House Rent Allowance to their employees. The income tax laws of our country provide benefits to those who live on rent without getting HRA. The income tax benefits on house rent paid differs on whether you pay rent and do not receive the HRA or you are a salaried person who is eligible to receive HRA from the employer. Salaried people are el...
LEGAL GUIDANCE -
Tax Benefits on Home Loan that You should Know
A home loan makes home buying easier. And to make home buying more attractive, the government provides several tax benefits on the home loan which are usually in the form of income tax deductions. Home loan broadly has two components: repayment of principal amount and home loan interest payment. And different sections of the Income Tax (I-T) act 1961, rule the various components of home loan re...
LEGAL GUIDANCE -
Here is how you can Claim Tax Benefits on Both HRA and Home Loans
Every tax payers dream is to avail more exemption to have more savings. One can claim tax exemption for they are paying both home loan and are paid home rent allowance (HRA) by their employer. The principal amount and the interest amount together make the monthly EMI amount. After all the conditions are fulfilled, they can be claimed for exemption under different sections of Income tax Act, 1961. ...
LEGAL GUIDANCE -
Here is how One can Claim Tax Exemptions on Multiple Home Loans
There’s a common misconception that a homebuyer cannot take more than one home loan at a time. But it is not true. A homebuyer can buy as many homes as they wish and take as many home loans for the same. One’s income and ability to pay back the home loan does play an important factor in the amount of home loan one can take. A homebuyer can also claim for necessary tax exemption on the multi...
LEGAL GUIDANCE -
Tax Liabilities of Reverse Mortgage
Before we go to the tax liabilities of the reverse mortgage, let us first explain what reverse mortgage is. The reverse mortgage scheme (RMS) is the scheme for the senior citizens where they can opt to receive an additional source of income on the security of the owned residential home without having to service it for the lifetime. RMS provides the senior citizens with two options, either receive ...
LEGAL GUIDANCE -
Taxation on the Jointly Owned Property
People buy the property in the name of more than one people due to various reasons. Foremost reason will be funding for the property while another reason is for a smooth succession of the property. There are some tax implications for the jointly owned properties which we will discuss below: Status of a joint owner for tax purpose: The income tax act has divided the tax entities into var...
LEGAL GUIDANCE -
How Stamp Duty is Related to Income Tax Purposes
When you buy a property, you need to pay a certain amount to the government which is known as stamp duty. The stamp duty amount that has to be paid is based on the value of the property that is mentioned in the agreement. However, if there is any difference between the value mentioned in the agreement and the ready reckoner value of the property, then there might be some implications on the stamp ...
LEGAL GUIDANCE
