Ans: Kishore Sir, you may want to think enrolling in another PU colleges: Attach Carmel PU College or university, Christ Jr University, St

Ans: To store income tax into long haul financial support gain; you could potentially purchase obtain total acquire domestic property as well as have exemption you/s 54.

For many who ordered able apartment (maybe not developed family assets / maybe not reserved not as much as structure household possessions which have builder) 12 months before day from import, you’re entitled to tax different

Additionally you’ll save taxation for the resource gain because of the investing in a different household property you can also and obtain specified ties, for many who fulfill other given conditions.

Since an income tax mentor, I’m able to concur that for individuals who offer your apartment and rehearse the newest continues to settle your own home loan for a passing fancy possessions, you continue to be liable to pay future financial support increases income tax.

New formula away from overall capital acquire income tax relies on various circumstances, like the price of flat, the fresh deals rate, and any write-offs you can claim, such as the cost of advancements otherwise repairs you made to the house.

not, there are particular exemptions and you may write-offs readily available within the Taxation Act, which you yourself can envision to minimize your own taxation responsibility. Such as, you can allege an exemption not as much as Part 54 of your Money Taxation Act for individuals who if you take income continues in another residential assets otherwise particular given securities inside a specified months.

To summarize, it’s always best to request an income tax professional otherwise a chartered accountant to know your own income tax accountability and you can mention all the offered choices to prevent your tax burden.

Ans: Due to the pointers rendered from you, I guess your in a position to offer your current house property within one 12 months about date out-of acquisition of another house. Read the rest of this entry »