Results for #lakh
Taxes & Duties
#flat#lakh
I am a 36 years old salaried individual. I bought a flat 7 years ago for 5 lakh and sold it recently for 16 lakhs. I purchased another flat this year for 32 lakhs. How do I file my return?
I am a 36 years old salaried individual. I bought a flat 7 years ago for 5 lakh and sold it recently for 16 lakhs. I purchased another flat this year for 32 lakhs. How do I file my return?
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Answered on November 08, 2017
Difference between sale consideration (16 lacs) and indexed purchase cost (5 lacs plus indexation) will be charged as capital gains. Since you are purchasing new residential property of Rs. 32 lacs, the entire capital gains will be exempt u/s. 54 of the Income Tax Act which is available on sale of residential property by investing in new residential property. For ther year under consideration, ...
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Legal
#will#property#share#promised#agricultural
Firstly, can a will be broken? What needs to be the case, if it can be broken? Secondly, my wife's grandfather had a property and he made a will which stated that the property should be shared only between 2 children out of the 5. He promised agricultural lands to the other 3 children. But the will states that the three children will receive a sum of one lakh rupees from the 2 children who got the property. Now, one of them has claimed the money. Are there any chances that the other two would ask for equal share in the property?
Firstly, can a will be broken? What needs to be the case, if it can be broken? Secondly, my wife's grandfather had a property and he made a will which stated that the property should be shared only between 2 children out of the 5. He promised agricultural lands to the other 3 children. But the will states that the three children will receive a sum of one lakh rupees from the 2 children who got the property. Now, one of them has claimed the money. Are there any chances that the other two would ask for equal share in the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The question is vague. However, a testator can change his will as many times as he wants and only the last will made by the testator will have any relevance.
Taxes & Duties
#society#mumbai#july#capital#lakh
I have sold my society plot in Mumbai in July 2012 and I have capital gain of 10.50 lakh. I don't want to buy a property of this money rather want to invest in tax free bonds. Can you advice as which tax free bonds are good to invest in at what interest rate and locking period?
I have sold my society plot in Mumbai in July 2012 and I have capital gain of 10.50 lakh. I don't want to buy a property of this money rather want to invest in tax free bonds. Can you advice as which tax free bonds are good to invest in at what interest rate and locking period?
Answered on November 08, 2017
Both the tax free bonds notified by Central Government currently i.e. NHAI and RECL have the same lock in period of 3 years and rate of interest of 5.25%. So the capital gains of Rs. 10.50 lakhs can be invested in any of the bonds to claim exemption under section 54EC of the Income Tax Act.
Purchase & Sales
#paid#token#lakh#builder#cheque
I paid a token amount of 1 lakh rupees to a builder via cheque. But I could not go ahead and register the flat as the sale of my existing flat didnt go as planned. Now, the builder refuses to return my money. What can I do in terms of legal action?
I paid a token amount of 1 lakh rupees to a builder via cheque. But I could not go ahead and register the flat as the sale of my existing flat didnt go as planned. Now, the builder refuses to return my money. What can I do in terms of legal action?
Answered on November 08, 2017
It will all depend on the terms and conditions mentioned in the letter of allotment and/or agreement
