In the last couple of days, i received loads of queries on "What will be the impact of demonetisation on the property market?". The reason for this panic is news reports on "collapse" or "Free Fall" of the property market. Many of my clients who are in a process of buying a property asked me whether to cancel the deal and should they wait for prices to fall. Quite interestingly, they are "Happily" willing to bear the loss of up to Rs 5L. On the other hand, rumor mongering is at its peak in the property market. In city A there are rumors that builders have slashed property prices by 40% in a ... Read More
Gift Tax – What Is The Tax Implication For An Individual And HUF
Everyone loves to receive gifts but hates to pay gift tax or tax on gifts. The basic definition of gift is an asset received by you without consideration. The definition of asset covers both productive and non-productive asset. Productive assets are those which fundamentally appreciates in value and provide returns like property or flat. A non-productive asset is depreciating in nature like a car. Today a car bought for 6L will be worth only 4L after 1 year. In my opinion, idle cash lying in the locker is also a non-productive asset as inflation depreciates the value of cash. All the assets ... Read More
Social Media Accounts – 7 Reasons Why I Deleted Personal Accounts
Social Media Accounts are both blessing and a curse. I still remember one of my first social media accounts was with Orkut. I was quite excited with a thought of being connected with my friends, family members, and acquaintances. Similar to a mobile phone, these days there is a common chatter to take a break/holiday from Social Media. I think one of the reasons is that we are over-connected now. There is no official count available on no of social media networking sites. My personal observation is that on an average an individual has 5-6 active social media accounts. Trust me if you are truly ... Read More
Under-Construction Property – How To Calculate and SAVE Capital Gain
One of the million dollar questions is today's topic i.e. How to calculate capital gain for Under-Construction Property :). Lack of clarity in income tax act is responsible for numerous interpretations available online. The seller gets confused and left high & dry. In my post, Register under-construction property for a home loan, i shared my opinion as a buyer. In other words, i shared negatives of registering under-construction property. If i consider myself as a seller, the biggest advantage is that i can save on capital gain if i register under-construction property. The seller can ... Read More
4 Major Income Tax Return Assessment Under Income Tax Act 1961
Recently, Prime Minister Sh. Narendra Modi said that "Indian Taxpayers are Honest". I completely agree with him. My conviction is based on the queries posted by the readers of this blog. The intent of most of the income taxpayers is not to hide any information or underpay tax. Any discrepancy observed during the Income Tax Return Assessment is mostly because of mistake or oversight from the taxpayer. In some cases, taxpayer realizes the mistake after filing ITR. To avoid any adverse observation in Income Tax Return Assessment, he/she is willing to correct the same through revised ITR. Large no ... Read More
7 Types of Income Tax Notice – Understand the Reason Before You Reply
Income tax notice is a very loosely defined term in India. The taxpayer gets scared without understanding the type of income tax notice and reason/s for the same. The readers of this blog keep sharing their queries related to Income Tax Notice under my posts on the similar topic. Trust me from quite long i was planning to write a dedicated post on Income Tax Notice but somehow it never made to my calendar. Recently, i myself received Income Tax Notice :) . Therefore, i thought it's high time to share a post on Income Tax Notice. In past also, i received Income Tax Notice but every time i ... Read More
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