February 8th, 2010
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Booked under construction flat in Jan’06 from M/s Sonal Developers which got completed in Apr’06. Now M/s Sonal Developers is asking for payment towards service tax liability arising.Its a society plot of M/s Op Coop Hsg Soc. which gave development right to the M/s Sonal Developers in Dec’05. Chairman of Society is also the Proprieter of M/s Sonal Developers. At the time of booking we were never told about any service tax liability. However now we are threatend with various legal actions if we don’t pay the service tax. Altough we have started staying in our flats still the possession certificate is pending.
Tags: Apayble, Flat, Purchase, Service
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February 8th, 2010
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I have purchased a flat in 2004 and i am claiming for rebate since then in my income tax for hosuing prinicipal and interest component. Recently in 2008 i purchased another flat with a new housing loan. Does the interest component of second flat also be considered for tax exemption including the earlier one?
Please clarify.
Thanks
Sandeep
Tags: Different, From, Housing, Income, Loans.., Properties, Saving
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February 7th, 2010
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In 2007 years back I had given a advance of Rs 7 lakhs (White) to a builder for my flat. Building was under construction and that time till today. Till date I only have flat allotment letter from builder, agreement for flat is still pending. Because of slow work I told builder to return my money with interest. Now he is giving re 13 lakhs in white on my name. Builder is not ready to give any amount in BLACK.
I will be buying a new flat till this December 2009.Please let me know if I put this amount (White) in my bank account, do I need to pay additional tax on it or not.
Someone told me this will come in CAPTIAL GAIN and if I use this money in some other property in 1year time, than I need not pay any tax on the same. (Income from asset reinvestment in same asset is exempted as per sect 54 (i.e capital gain)
Please guild me on the same.
Tags: Amount, Captial, Flat.please, Gain, Help
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February 7th, 2010
with additional incomes being taxed in the following increments?.. 20% up to $300,000 income, and 25% up to $700,000 income, 30% up to 1 million dollars, 35% up to 3 million 40 % up to 5 million, 45% up to 20 million dollars a year…and anyone making over 20 million dolllars a year would have to pay 50% of that additional income that is over 20 million dollars.
Republicans….is this a reasonable fair income tax system? and is it practical in terms of generating enough funds for societal expenditures and balanced budgets?
Tags: Accept, Anyone, Federal, Flat, Income, Less, Making, Republicans, Than, Would
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February 6th, 2010
This isn’t a small business just yet, so is it necessary?
I live in Washington and if I sell them at fairs and festivals do I charge a flat rate & add sales tax?
What if I sell online? Do I charge shipping & handling & add tax if it’s out of state?
Tags: Charge, Hand, Items, Made, Sales
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February 6th, 2010
I like this idea… why wouldn’t it work?
The guy who makes $3,000,000 pays $300,000.
The guy who makes $30,000 pays $3,000.
No deduction junk, no loopholes. Just a flat 10% for everybody.
Good idea?
Tags: "fair, Everyone, Flat, Income, Would
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February 6th, 2010
It depends on what band it is in.
Band A £785.49 Band B £916.40 Band C £1047.32 Band D £1178.23 Band E £1440.06 Band F £1701.88 Band G £1963.72 Band H £2356.46
Tags: Bedroom, Council, Does, Doncaster, Flat, Know, Much, Roughly, Tickhill
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February 5th, 2010
I doubt it will ever happen, however many politicians have made hay with that concept, even though they do not intend to do it.
Tags: Code, Ever, Fairness, Flat, Making, Restored, Will
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February 5th, 2010
a. The Federal Government cannot tax the States or any of their local governments in the exercise of their governmental functions. . .
b. The Federal Government cannot tax the States or any of their local governments in the exercise of nongovernmental activities
c. The Federal Government must impose a “flat,” or uniform, income tax rate on individuals of all income levels.
d. The Federal Government cannot tax those who earn too little to pay taxes
Tags: Expressed, Federal, Government's, Limits, Power, What
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February 5th, 2010
My query is regarding my tax implication for FY2008-2009
1. I have a flat in delhi which I purchased using a home loan
2. My principal component of EMI is greater than 1 Lakh and interest component is greater than 1.5 Lakh
3. I submitted this EMI details to my employer and this deduction is mentioned in my form-16
4. For the entire FY2008-2009, I was outside India and the flat was on rent. The income earned through rent amount for entire year is 1.2Lakh
No my query is how should I display this in my return?
1. Do I show this entire amount as my income or only 70%
2. If I show this rental income, am I still eligible to claim tax benifit for principal/interest part?
3. Basically what is the IT rule for this scenario?
Any feedback/suggestions/replies will be greatly welcomed.
Tags: Allowed, Benefit, Flat, Given, Home, Loan, Rent
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February 4th, 2010
I am going to sell a residential site bought in August, 2003 ,in this month (May 2007). If I reinvest the proceeds in a flat , would it attract any tax according to Indian taxation laws?
Tags: From, House., Investing, Proceeds, Sale, Save, Your
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February 4th, 2010
Since liberals can only derive power from judicial activism and taxing the heck out of people and then redistributing the money, if the current personal income tax was abolished in favor of a flat tax or a national sales tax would the liberals be so furious that their heads would explode?
Could they cope with the federal government losing that much control over people’s lives? I don’t think so. Feel free to disagree. If you do please explain why.
Tags: Abolished, Current, Explode, Heads, Income, Liberals, Personal, Regressive, Would
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February 3rd, 2010
No gift tax on giving gift to your mother.
If your mother sells the property:
Her cost will be your cost of purchase (5 years back). Say 5 years back you have purchased for 10 lakhs, then her cost will be 10 lakhs and not zero. Also the purchased date for her will be your purchase date.
Now if she sells it, it will become long term capital gains for her and she has to pay 20% tax at flat rate after indexation.
If she has no other income, then she can deduct 1.8 lakhs from the capital gains and pay tax for the balance amount. (If your mother is more than 65 years old, then she can deduct 2.25 lakhs instead of 1.8 lakhs)
Say Capital gains are 3 lakhs: (3-1.8= 1.2 lakhs taxable @20% rate= Rs.24,000)
Tags: Backi, Bought, Flat, From, Gift, Liabilityif, Mother.what, Salary.now, Sells, Years
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February 3rd, 2010
There are so many non british billionaires living tax free in the UK. Why has Alistair Darling gone back on his promise to levy a tax on these people. As it is, he was only going to tax them at a flat rate of £30,000 a year if they have lived here for at least 7 years. Isn’t it a slap in the face for honest hardworking non-billionaire tax payers in this country?
Tags: Alistair, Backing, Chancllor, Darling, Down, Labour, Living, Promises, Superrich
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February 3rd, 2010
Here are some more details. The flat was constructed in early 90’s. I bought it in Nov 1995 for Rs. 3 lakhs and spent another 2 lakhs on it. Also, let us say that I sell it for Rs.15 lakhs. How much tax will I owe on this sale? Will the tax be duducted at the time of selling? Thanks again.
Tags: Delhi., Flat, Much, Need, Sell
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February 2nd, 2010
You can buy a flat out of the remittances, the tax implications ill arise only when you sell the flat
Tags: Flat, Implications, India, Indian, Resident, Want, What
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February 2nd, 2010
What is the service tax applicable for a appartment with 420 flats.
Tags: Appartment, Applicable, Flats, Service, What, With
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February 2nd, 2010
Personally he’d probably love it, since he’d pay less tax.
Philosophically he would probably not agree with the idea of a flat tax.
Tags: Flat, Hannity, Hate, Income, Rate, Sean, Would
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February 1st, 2010
FLAT TAX
Everyone pays so that EVERYONE wants to vote for the person who will keep taxes low.
Do you agree?
Tags: Care, Didn't, Rate, Taxes, Went, Would
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February 1st, 2010
The American stock exchange is the most stable and secure in the world (for the time being). Every weekday, hundreds of billions are exchanged without any sort of tax on the transactions. We pay sales and use tax when we buy other capital assets (then subject to capital gains or losses upon sale) but Wall Street is treated as a sacred cow. A transaction tax would serve to further stablize the markets since no one would be inclined to invest in short-term strategies. I believe a transaction tax needs to be studied and considered as a way of allowing our income tax code to be made much simpler than it is today. The so-called Flat Tax and Fair Tax (National sales tax) would only shift most of the tax burden to the poor. I mean do you really want to pay 10 or 20 percent of profit to the government when you sell your home?
Tags: Bonds, Don't, Place, Sales, Stocks, Trades, Transaction
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February 1st, 2010
The property should be registered in your name from your brothers name. This can be done at the Sub Register office in your area. Since the transfer is in between brothers, register the property as Gift deed. By gift deed, the registration charges will be very much less and at the same time there will not be any Gift Tax liability at all .
Tags: Brother, Flat, Liability, Name, Procedure, Transfer, Wants, What
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January 31st, 2010
Me my girlfriend and out best mate are planning on gettign a flat 2gethor..private rent. and we all have full time jobs.. the council tax for the flat is 120 pounds.. do we have to pay that amount each or not or what
Tags: Cauncil, Does, Work
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