INCOME FROM HOUSE PROPERTY
Income tax refund delayed? These taxpayers won’t get refund unless they confirm it on ITR portal
Income tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the 'Risk Management System (RMS) of the Income tax department. If your ITR is among the identified ITRs then no refund will be issued, unless you confirm it or file a revised ITR to fix the highlighted issue.
Housing prices in Hyderabad surge 80% in 4 years, highest in India; Chennai most affordable, Mumbai least
Housing prices in India have surged by 46 per cent over the last four years, with Hyderabad and Noida seeing the highest increases. This rise has impacted affordability, pushing the property price-to-annual household income ratio to 7.5 in 2024. The EMI burden on home buyers has also increased significantly.
Luxury property frenzy set to drive up home prices in India: Reuters poll
Home prices in India are predicted to rise steadily, driven by demand for luxury properties from wealthy individuals. Affordable housing supply remains low, pushing many first-time buyers into renting. Experts forecast home prices to increase significantly in the coming years, despite a slow economic growth reach for the broader population. Rents in major cities are expected to rise faster than consumer inflation, adding pressure on urban dwellers.
Housing prices in this Delhi-NCR area jump by 69% in Q2 2024; know how much property price has risen in your city
Property price in 2024: Residential housing prices in the Delhi-National Capital Region (Delhi-NCR) jumped by 30% year-on-year during the April-June quarter of 2024, the highest among the top eight cities in India, according to a report by CREDAI, Colliers and Liases Foras. Check how much property price has risen in your city.
Trying to use Capital Gains Scheme Account to cut LTCG tax on indexed gains from 20% to 12.5%? It won't work
LTCG tax on the sale of the house at 12.5%: If a taxpayer has sold the home on or before July 22, 2024, and put the money in a Capital Gains Scheme Account (CAGS), then they need to invest the money in a new residential house before the expiry of the deadline. Otherwise, the indexed long-term capital gains will be taxed at 20% instead of 12.5%.
LTCG tax on sale of house: Can you add home loan interest to property purchase price to cut capital gains tax?
LTCG tax rate on property sale with no indexation: If a taxpayer does not avail of the Section 24 deduction of Rs 2 lakh on interest paid on a housing loan, then the interest cost can be added to the property price to inflate the purchase price. However, what if you opt for a new tax regime and claim no deduction of Rs 2 lakh? Can you still add interest cost to the purchase price to lower the LTCG and tax on it?
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Tax implications for senior citizens after budget 2024, know what changed and what continues
Budget 2024: Senior citizens have different financial needs and tax planning is a significant factor in financial planning for senior citizens. With this in mind, senior citizens need to know if any benefit has been given to them in Budget 2024. In this article we list out some of the benefits offered to senior citizens.
No indexation benefit if property sold at a loss: Long-term capital loss to hit taxpayers harder
No indexation benefit on loss: The government has provided partial relief to the homeowners for properties bought before July 23, 2024 and sold after that. However, this relief is available only in the case of LTCG arising from the property sale. If the property is sold at a loss then there is no indexation benefit available.
No indexation for LTCG tax on property bought after July 23, 2024, is unfair; Will deter long term investment: View
The amendment tabled in the finance bill is a welcome move as it will provide an option to choose between LTCG tax of 20% with indexation or 12.5% without indexation for property. It would encourage honest tax payment, long-term investment and fair play. However, removal of indexation benefit for properties bought after July 23, 2024 and other Long Term Assets classes must be revisited. Here's why.
NRI cannot claim LTCG indexation benefit while selling property in India
LTCG indexation benefit on sale of house property: The government has provided partial relief to the homeowners by providing an option of indexation benefit for properties bought before July 23, 2024. However, this benefit is available only to resident individuals and resident Hindu Undivided Families (HUFs). The capital gains indexation benefit on selling a property is not available to NRI for properties bought before July 23, 2024.
Selling a house and worried about LTCG tax? You can still pay zero tax u/s 54 despite the budget 2024 shock
LTCG on property: You can still save income tax on selling a house despite Budget 2024 announcement. Revenue Secretary Sanjay Malhotra said "Tax kicks in only if the gains are not reinvested in a house. If you sell a house and you buy a house using only the gains, there is no taxation." Know how it works and what are the conditions.
Why we need lower taxes on capital gains
We need lower capital gains taxes because there is a large population capable of saving, investing, creating, growing and supporting businesses. We are no longer the country that approves centralisation of economic power. We are a nation where everyone aspires to be rich. Our policies must recognise and reward the capability of households to be in charge of their financial futures.
New capital gains tax rules on property: Can you add stamp duty, home loan interest amount to property cost to lower LTCG tax?
Budget 2024 has reduced the tax on long-term capital gains arising on the sale of immovable property from 20% to 12.5%, without indexation. Taxpayers took to social media platforms to voice their concerns on how property prices will be calculated to determine long-term capital gains following Budget 2024. Does the Finance Act, 2024, amend the rule to calculate the property's base price? Can you add stamp duty, home loan interest amount to your property's cost while calculating capital gains during sale now? All your queries on new capital gains rules on property answered.
Proposed change in income tax may hit homestay owners
The move is aimed at plugging the loophole that house owners used to lower their tax liability. "The amendment will take effect from the 1st day of April, 2025 and will, accordingly, apply in relation to assessment year 2025-26 and subsequent assessment years," as per the Memorandum to Union Budget 2024.
Could render home not-so-sweet home
The intended objective of removing tax arbitrage to make household savings more fluid across asset classes may not be served if the housing market were to become more illiquid. It would further trap capital stranded by the varied implementation of GoI's model regulation for the real estate sector. The market is seeing a fragmentation in supply in favour of luxury and affordable homes.
Union Budget 2024: FM Nirmala Sitharaman's 10 key announcements for India Inc
Budget 2024: India's Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, impacting India Inc. Key points include ending tax concessions for new manufacturing plants, revival of Vivad se Vishwas scheme, reduced TDS rates, gifts as asset transfers, shorter tax assessment time, removal of Angel tax, no prison risk for tax deductors, penalties for late filing, and changes to taxing rented properties for business purposes.
Removal of indexation benefit on sale of property: Majority of taxpayers to have substantial tax savings, says tax department
Removal of indexation benefit in Budget 2024: Tax rates on capital gains on the sale of long-term held real estate have been lowered by the budget, although taxpayers will no longer receive the indexation benefit.
Removal of indexation benefit on sale of property: Why 2001 is a critical year when selling your house
The long term capital gains (LTCG) tax has been reduced from 20% to 12.5% for all property sales. However, the benefit of indexation has been taken away from properties bought or inherited on or after 2001, while it has been retained for properties bought or inherited before 2001.
Now you can’t declare house rental income as business income to save tax: Budget 2024 plugs tax avoidance loophole
Union Budget 2024 House Rental Income: Now you can't save tax from rental income of residential house property. You have to mandatorily declare it under the house property heads of income. The loophole to save income tax from rental income of house property has been plugged in by the government in Budget 2024.
Budget 2024: Now you can’t escape TDS on sale of house property of over Rs 50 lakh by splitting the sale value
Union Budget 2024: Now the aggregate value of a house property is to be considered for determining whether TDS is to be deducted on purchase of property. Joint buyers not deducting TDS on their portion of payment, even if the value of the immovable property or stamp duty value exceeds Rs. 50 lakh, is against the intent of the legislature.
What FM gave and took away from you in Budget 2024 impacting your money and taxes
Who gains and who losses in Budget 2024: The finance minister Nirmala Sitharaman has announced many changes in the Budget 2024 presented today. However, some will have to pay more taxes going forward and some are likely to pay less taxes going forward.
Budget 2024: Rate of TDS on house rent payment of more than Rs 50,000 per month cut to 2% from 5%
Union Budget 2024: Now you will have to pay a lower percentage of tax deducted at source (TDS) on house rent payments exceeding Rs 50,000. The Union Budget has amended section 194-IB and reduced the rate of TDS to 2% from 5%. Here's what this means for you.
Home loan tax benefits (FY2023-24): How to save tax on home loan
How to save tax on home loan: The two components of the home loan EMI you pay are the principal repayment and interest. The majority of the EMI is deductible for self-occupied property under section 80C of the Income-tax Act of 1961.
Latest HRA tax exemption rules: Step-by-step guide on how to save income tax on house rent allowance under old income tax regime
HRA tax exemption rules: The HRA tax exemption reduces the total salary before calculating taxable income, helping employees save on taxes. It's important to note that if an employee lives in their own house or does not pay any rent, the HRA received from the employer is fully taxable.
What homeowners want from Budget 2024: Higher exemption limit, shorter period for CGAS holding, bond lock-in and more
With Budget 2024 scheduled in the coming weeks, the Finance Minister is expected to make announcements that will set the path for India to achieve the vision. Towards this, the government may look to providing various incentives to taxpayers, especially on capital gain taxation boosting investment and in providing stimulus to the housing sector. Here is the list of expectations an individual taxpayer would have with respect to a property sale transaction from Budget 2024.
ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
Can you carry forward losses while filing ITR under the new tax regime? Read the fine print
Carry forward and set off of losses in new tax regime: The income tax laws under the old tax regime allow carrying forward and set off of losses from capital assets. However, the question arises if the same benefit is available for all capital assets under the new tax regime.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
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