Sir i have purchased a house in july 2011 and made full payment to the builder. I am likely to get possession in November 2013. Can I get tax exemption on principal and intrest amount for this current financial year i.e. 2012-13?
i have taken home loan from a bank.i will get possession of house in 2011.presently i am regurlarly paying monthly instalments to bank.please tell me can i claim tax rebate on the interest/principal part of the loan
I have purchased the 3 BHK flat (under construction) in Pune (Maharashtra State) in October 2007. Registration and Stamp Duty procedures were completed in the month of October itself. However, the possession of the flat is not yet completed due to the incomplete work from builder as well the payment I have to make at the time of possession. Now the flat work is almost complete (90-95%).
My point here is that actually Pune Corporation has sent me the notice regarding the 'Property Tax' due for year 2008 (amounting 5,500 Rs.). My concern is that if I have not taken a possession of the flat, whether it is my liability to pay that amount or its builder liability to pay this tax amount till the time I take the possession of my flat?
1.Is it beneficial to buy a house in wife's name irrespective of the fact that the wife is working or not? 2.If the answer for the above is yes, then who's name should be the first name, husband or wife? 3.Is a property purchased in a different state eligible for tax rebate?
A plot was allotted to me in November 2004 and I got the possession in March 2007. I took loan for that. 60% loan have been payed and rest has to be payed by April 2010. I intend to sell the plot now. In this regard I have 2 querries: a. Will it be Long Term Capital Gain or Short Term Capital Gain. b. And, since, the registeration of the plot has not been done so far, can it be considered as transfer case only?
I have purchased a flat for which registration is done in Sept 2005 and I got the possession In OCT 2006 , my question is about the calculation of capital gain period will it start from registration date or from date of possession Thanks,
I got possession of my flat in September 2005 but I moved to my flat in April 2006. I claimed rebate on the rent paid for 2005-06 but I didn't claimed the rebate on interest for my housing loan in 2005-06. Can the part of interest which I paid till september 2005 be claimed under pre-pocession interest, which can be claimed 20% per year?
I have purchased a land in Jan-2004. Constructed a house on that flat in Jan-2006. Now I am selling this house (along with land) in Jan-2008. Separate consideration for land & construction is not available. Please let me know whether the capital gain will be short-term or long-term and how the same will be calculated? Whether the construction made will be treated as cost of improvement? If the answer is long-term capital gain, from which year I can get the benefit of indexation?
RE:Capital Gains?
by Amitabh on Feb 10, 2008 12:21 AM
Construction of house on land is NOT improvement on land.Your asset at present is your house only,not the land.The house includes the building and land appertenant thereto.So this will be treated as sale of house only and as you have sold the house within 3 years of construction it is short term capital gain.
Please let me know if there is any tax rebate for the gift checks. If so to whom (relatives) it can be gifted and also let me know how much amoount can be gifted.
RE:Hi Vikas
by Amitabh on Feb 09, 2008 08:28 AM
No tax rebate on gifts.The payer does not have to pay extra tax but he does not get any relief either.The relatives will not have to pay tax on the gifted amount,whatever it may be.
Vikas, I went to US (on L1 visa) on 10-Feb-07 and returned on 28-Oct-07. I was getting salary after tax deduction in US. Now my company has deducted around 1.2 lakh saying that there was indian salary component involved in your US salary. But now I do not see anything in my W2 as salary paid in India. So I end paying tax in India and in US as well. Is there any way I can claim returns with Indian govt?
