Results for #implications

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Answered on November 09, 2017
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  • Deductions qua interest are limited, if your payment towards interest is more than the stipulated limited permitted under the IT rules, then that much amount will be disallowed whilst computing your income and further, you will be charged notional rent as income from the second flat (on and from receipt of possession of the second flat), even if the same is not rented out then.

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    Answered on November 09, 2017
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  • There would be no capital gain tax if you sell the old residential flat and buy another residential flat as the capital gains can be claimed exempt u/s. 54 of the Income Tax Act. The exemption will be to the extent of investment in the new residential flat or the long term capital gains arising on sale of old flat, whichever is lower. If the investment is lower than the long term capital gains,...
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    Answered on November 09, 2017
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  • The grandson can no longer claim any interet in the property if the subsequent purchasers of the property have acquired the same bonafide. The grandson however claims his share in the consideration amount recieved by the father on sale of the property. All this is subect to the Will in question having been duly probtated.

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    Answered on November 09, 2017
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  • According to Section 56(2) of the Income Tax Act, the gift of flat received by your daughter shall be exempt, as it is a gift received from relative. On registering the gift deed the stamp duty and registration fees needs to be paid. There will be no gift tax on the said transaction.

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    Answered on November 09, 2017
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  • Question is vague and would depend on when you brought the property and what is the capital gains that you have made from sale of such property.

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    Answered on November 09, 2017
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  • VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.

    Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi...
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    Answered on November 09, 2017
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  • It is permissible to gift the under construction property to your wife by way of a gift deed.

    Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid as per prevailing state laws.

    However clubbing provisions with regards to any income arising from the s...
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