The Finance Bill 2016, which is expected to be approved by Parliament during the ongoing second half of the Budget session, provides for up to Rs 50,000 tax benefit on housing loans up to Rs 35 lakh taken for first residential property. The proposal aims to promote the government’s ‘housing for all’ scheme and strengthen […]
Income Tax Act Archive
January 2, 2016 6:00 pm
New Year gift for property buyers – hike in RR rates effective April 1
Ready Reckoner, RR is an annual statement of rates based on which the stamps and registration department collects stamp duty from property buyers which are revised on January 1 every year. However, in a key policy shift, the Maharashtra Government has issued a gazette notification that the prevailing RR rates with an average increase of […]
September 5, 2015 10:00 am
Tax treatment on property transactions for NRIs
Sometimes it’s good to know the tax treatment on property transactions, which depends on your tax status and account for capital gain. In the country like India the taxation of an individual is in directly proportion to the residential status that is dependent on the presence on that particular individual in the country. However; in […]