When filing a return for income earned from the rented property, Section 24 of the Income Tax Act allows property owners to claim two exemptions, or say two house property deductions. The details of the exemptions are outlined below. Standard deduction: A flat 30% of the deduction is allowed on the property's gross value for any repairs and maintenance. When calculating this amount, the...
April 2022
Every property owner who rents out their home in return for money is considered to be making rental income. And the landlords who are making money through rental income must pay a certain percentage of their earnings towards tax. According to the Income Tax Act of 1961, the rental income from a house or building is taxable under the head- Income from House and Property. However, if the property...
According to the Income Tax Act of 1961, the rental income from a house or building is taxable under the head- Income from House and Property. However, if the property owner earns any income from renting out their vacant land or any other type of property, such income will be taxable under - Income from Other Sources. Every property owner who rents out their home in return for money is considered to...
Women are buying homes either for end-use or investment purposes. Real estate is now the preferred investment asset class for 64 percent of women respondents; it was 62 percent in the last study (H2 2020) and 57 percent in the pre-Covid survey (H2 2019). Present-day women portray immense desirability towards financial independence, security, and stability. They desire to lead an aspirational lifestyle and...
Being aware of women’s legal claims to property is the first step towards achieving a more equitable and just society India doesn’t have a uniform law, it has different personal laws among other other religions pertaining to inheritance and thus, inheritance is governed by the different customary laws based on religion. The Hindu Succession Act, 2005 and the Indian Succession Act, 1925 can be...
In the recent times post pandemic 85 per cent of the builders reported that millennials were the most active buyer segment. Property prices reduced by almost 15-20 per cent, most of the governments reduced the stamp duty rates, and the home loan interest rates were at a decadal low. According to a survey conducted by a leading tech-based brokerage-free real estate platform, 85 per cent of the...
Few precautions you must take while selling a property. Don’t fall for false promises Many real estate agencies and brokers make false promises to buyers just to juggle money. You are more likely to meet such scammers when you try to sell house online. It is important to steer clear of such people, else you will end up wasting your time and money. You must also do a thorough background check...
Documents required while buying and selling a property: Sale deed The original sale deed is needed to seal the deal. Sale deed from all the previous owners is required at the time of selling a property. In case it is submitted at the registrar’s office, then you ought to provide the copy of the deed as well as a copy of the receipt from the sub-registrar. Building plan A copy of the approved...
Selling a house can be a major undertaking, mainly because it involves one of your most prized possessions. You surely have many emotions and memories associated with the structure that has sheltered and protected you for so long. And you have invested a lot in it too, financially. So, even though you have decided to move on or upgrade to a new home, selling your old house is not a cakewalk. Apart from...
While owning a home is everyone's dream, do your calculation and analyse what would be beneficial to you in the long-term Buying a home is not an easy task and not many are able to afford their dream home within their budget, and hence, many prefer to live on rent. Renting gives you the luxury of living in your preferred home. On the other hand, investing in a home means owning an asset that provides...