Q:I have purchased new flat in Oct 2012 in Panvel,Navi Mumbai.I have paid 20% (4Lakh)amount and made 80 (12 lakh) % loan.i confuse about who's will pay service tax and VAT and how much?
Latest Answer: Hi,
Sir, I need to know regarding Stamp Duty and other charges. like I buy already a Flat now a time to take position so before that i need to make registration so what type of taxes should be paid by me? example stamp duty and what? Appreciate your immediate response.
Q:Dear Sirs,Suppose I sell a residential flat in 2013 for Rs 1.62 cr approx. (going market rate) which was purchased in 1985 - 1986 for Rs 2.55 lacs:1) What is the VAT / Service tax / TDS tax / any other tax me / buyer will have to bear / pay (if any)? It seems some new rule is come into effect from June 01, 2013 regarding service tax. I request clarification.2) What is the long term capital gain tax I have to pay on sale of the flat?Likewise, if I invest the proceeds of sale in part or full in purchase of residential flat (new / resale) what will be my tax outgo (VAT / Service tax / TDS tax etc)Thanks,Shivakumar R Sharmaemail:shivakumar_sharma@yahoo.co.in
Latest Answer: i all,
To give buyers relief, the government has allowed income tax deductions if the property is bought on a loan. Under Section 80C, the borrower can claim deduction of up to Rs 1.5 lakh. For a self-occupied property, a Rs 2 lakh benefit is available under Section 24 (b) of the Income Tax Act for interest on the home loan. If the property is not self-occupied, the entire interest paid to the lender can be deducted from income.
