NBR Developers
Citiescities-arrow
  • more-arrow-down
    • Please wait while loading other cities loading...

Land owners set free fromTax Deductions

  • No. 1 Property Portal in India
  • Over 25 Lakhs Apartments and More
  • Post Free Residential Properties in India
  • Find Property in Bangalore
  • Buy/Sell/Rent Apartments in India
  • Search Latest Residential Property in India
  • Get Free Alerts on Property Requirements
  • Find Agents/Buyers for your Property
mobile-ad
As per the sources available with www.propertykhazana.com, the options for capital gains tax in auction of the property is that the auction of the housing property draws the capital gains tax as for the provisions of Income Tax Act, where Housing Property is treated as Capital asset. There are 2 types of gains Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) and the sale of the capital asset will be for more than 3 yrs which give rise to LTCG and draws CGT at 20% and in STCG it will be for less than 3 yrs and draws CGT at 30%. CGT can be reduced if the gains are reinvested as provided for and only LTCG be eligible for exception supply under Income Tax Act and not for STCG. CG is happening on account of auction of a house which is LTC asset and is owned by a Hindu Undivided Family (HUF) and covered by Section 54 and 54EC of IT Act.
CG is determined as per the supply of the IT Act are excused from IT or by National Highways Authority of India or by Rural Electrification Corporation Bonds. The greatest amount can be invested in these securities up to Rs. 50 Lakhs in a fiscal year and shall get returns of about 5.5-6%.
The property proprietor is free from deduction against the Municipal Tax paid for his property from the rent received and after deducting the rent he is also free from deduction of 30% of the rent received towards maintenance expenses. Payment must be made from money received in India through standard banking channels through inward payment from any locations outside India or in agreement with supply of the Act and the regulations which is made by RBI. It should not be made either through traveler’s cheques or by foreign currency. NRI or PIO may also buy the lands in India other than Agricultural Lands, Farm houses and Plantation Lands as the gift from a person who inhabitants in India or from a person of Indian origin inhabitant outside India, but NRI or PIO may give back the land in India to a person occupant.
How to choose a loan and how to decide on occupancy? Choosing a loan occupancy option depends on different factors such as person age, current economical condition, income earning, repayment capacity and whether he is an IT assessor or not. It differ from person to person depending on there necessities and on repayment capability. If the borrower is lesser in age can resort to a longer term and can also benefited by availing higher amount and in such cases EMI’s will be comparatively less. So, provisions will not be main issue and the cash extra available can be used for the other reasons. He will free from the deduction from rental income without any limits and the IT on the rental income from the resident will be decreased. Suppose if in case the co-borrowers who are also co-owners like husband and wife will go for a house loan together either to build of purchase the home and both are IT assesses and both are paying EMIs. In this case both are free to the benefits of Section 80C and 24 of the IT Act. Under the Section 80C the maximum deduction will be Rs. 1 Lakh and contributions to PF, LIC premium paid and investing in National Savings Certificate will also be considered along with refund of principal amount of the home loan. Same way there is also benefit against the interest on the home loans and if the property is self-occupied the amount is limited to Rs. 1.5 Lakhs and if in case the property is let out then the whole interest paid can be deducted from the rental income.
If NRIs and PIOs invest on the property in Bangalore then the payment should be made from their NRI accounts and the investments in property are covered by the supply of Foreign Exchange Management Act. For more details browse www.propertykhazana.com.
Source: NIMMA BENGALURU

Property Listings

Apartments, Flats and Property for Sale in Bangalore

Jun 09, 2017
BREN brings to you unparalleled comfort combined with a lifestyle that embraces modern trends while providing a quality experience. Total Plot..
Jun 09, 2017
Finding a new and never-before living experience has never been so easy. Sri Guru BR Elite presents an expansive array of living options at one of..
Jun 08, 2017
Bren Woods is located in Bangalore and comprises of thoughtfully built Residential Apartments. The project is located at a prime address in the..
Jun 06, 2017
Shriram Summitt, set on 15 acres, offers 1, 2 & 3 BHK units in various sizes. 1 BHK units range from 720 to 780 sq.ft, 2 BHK units from..
Jun 05, 2017
Greetings from the “SHIVA SKANDA RESIDENCY ”!!! Introducing '' SHIVA SKANDA RESIDENCY '' BBMP approved well planned 2&3..
Jun 05, 2017
Vaishnavi Builders, you experience the magic of spaces designed holistically. Each and every element exemplifies a profound understanding of your..
Jun 04, 2017
Greetings from the Grand Gandhrava Apartments Grand Gandharva Luxurues 2 & 3 Bedroom Builder floor Apartments. Located Next to Gopalan..
Jun 04, 2017
Greetings from the Grand Gandhrava Apartments Grand Gandharva Luxurues 2 & 3 Bedroom Builder floor Apartments. Located Next to..
Jun 04, 2017
Discover the Joy of Living in an Environment that’s Sustainable for Ever A Star is Born - Welcome to the Asset Northern Star! Presenting..
spacer

Apartments, Flats and Property for Rent in Bangalore

May 16, 2017
Spread over 6.9 acres of land and comprising of 3 Blocks, SOBHA CLASSIC is strategically located off Sarjapur Road, Bangalore and offers close..
May 15, 2017
Flat for rent in Haralur Road near Kudlu(AECS Layout). East facing 2BHK (1235sq.ft) flat for rent. It is situated on the main road(Haralur Road)..
Apr 23, 2017
As my office is far from Flat, planning to..
Apr 21, 2017
New Era Luxury Hostels for Girls , accommodation for every budget • Brand New building • Spacious and well ventilated..
Apr 19, 2017
2BHK apt for rent, ground floor, car parking, power backup, arkere BPL bus stop, next to Mitra Academy school, Bannerghatta main road, available..
Mar 31, 2017
LEASE OR RENT Near Manyath tech park brand new 2b/r multistory apartment with swimming pool, gym party hall, power backup, car..
Dec 23, 2016
MY 2 BHK SEMI FURNISHED FLAT AT AJMERA INFINITY ( 11 FLOOR, FRONT FACING,GOOD VIEW ) WILL BE AVAILABLE FOR RENT FROM 01 FEB 2017 ONWARDS. IF..
Dec 04, 2016
A safe secure society of defence officers, with clean air and environment. With facilities like, gym, pool, ATM, parking, etc near the..
Sep 30, 2016
Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..
Sep 30, 2016
Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..
spacer
spacer
spacer
spacer
spacer