WebApr 1, 2024 · The Goods and Services Tax (GST) Council in the 34th meeting has reduced the GST rate on 19th March 2024 on under-construction houses. For flats rated more … WebOct 29, 2024 · “From the year 2024, the criteria have been updated for the immovable property such as plot, house, commercial spaces, etc. Currently, the Short Term Capital Gain tax is considered as a gain from holding the property for less than 2 years (24 months)”. The Tax applicable on the Short Term Capital Gains is calculated on the basis …
Income Tax on sale of property - TaxGuru
WebJan 27, 2024 · Subsequently when HUF repaid back all the amounts for the property, it was proved that the property was for HUF. No clubbing was applied here. Gifts to and from HUF– Following gifts received by HUF shall be taxable-1. Money of more than Rs.50000. 2. Movable/Immovable property whose FMV/SDV exceeds Rs.50000. 3. The notion that GST is not exigible on immovable properties is false. Although, Schedule III mentioned in Section 7 (2) (a) of CGST, 2024, specifies sale of land and building as one such activity, which is kept outside the scope of GST. But specific inclusion of one means exclusion of others. This clears that the … See more In GST, Schedule II of CGST describes works contract as defined under Section 2 (119) as a composite supply which means that it involves two or more supply of goods/supply naturally bundled). Work contracts are … See more What is TDR? For effective planning of the city and/or to construct any public place, widening of road, public garden, civic amenities, etc., State … See more The whole complexity has been arisen because of the commonality of clause ‘benefits arising out of land’ in the definition of ‘immovable property’ and ‘land’. The Authority … See more Immovable property includes land, things attached to earth and any benefits arising out of land. It has a wide scope to include mostly everything arising out of land. One such benefit arising out of land is TDR, which is considered … See more undisclosed recipients google
Clarification w.e.f. 05-04-2024 on Section 192 of the Income Tax …
WebJan 13, 2024 · Benefit of threshold limit specified under Section 22 of the GST Act is available subject to compulsory registration as per Sec.24 of the GST Act,2024. E. Example for aggregate turnover: (i) If any taxable … WebApr 11, 2024 · Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. WebApr 5, 2024 · A percentage of the property value has to be paid as the stamp duty on gift deed registrations in a state. In UP, for example, the receiver of the gift has to pay 2% of the gift value as the stamp duty. Supposing the stated value of a property that is being gifted is Rs 1 crore. Then, the person receiving it would have to pay Rs 2 lakh as stamp ... undisclosed driver notice