M
Mridula C
My husband works abroad. I am a homemaker. Have bought a property as I as applicant and husband as co-applicant. How to reduce tds ? Since I am not working can insubnit form 16b? Where do I get this form from?
M
Mridula C
What is tds when buying property
Facebook
Twitter
Linkedin
The rate of TDS is 1% but upto 31.03.2021 it has been reduced to 0.75%. For any type of return filing related task please connect with us at ca.pujasharma@outlook.com or +91 94615 28592
CA Puja Sharma 16 Mar 2021In case of immovable property the rate of TDS is 1%, if the sale consideration exceeds Rs. 50 Lakhs. Further upto 31st March 2021 the rate of TDS have been reduced to 0.75%.
T&C applyA
Anuj Gupta
I and my sister inherited a flat from our mother. We go the flat transfer in my name to make the process easy. So the flat is in my name now. We have rental income from the flat. If the rent is paid in my sister account. Who is liable to pay the Income tax. And is there any issue with this arrangement. Do I need to get my sister name also added to the flat ownership.
Yes, if your sister is also the owner of the property and she is receiving rent then she will be required to register as co-owner.
T&C applyM
Manjunatha
Can I run a Business for Charity And avail tax Discount? Please help me
Yes you can have a Charitable Trust. If the trust is having 12AA certificate then there will be tax exemption on the income of the trust.
CA Naman Maloo 21 Mar 2021It cannot be a business you can run a charitable trust and do charitable activities and get tax benefits.
T&C applyV
Vh
Hi
My wife owns property though she is a housewife. Home loan is being
paid off from my bank account.
The financial service provider created loan account as both names.
Can I claim tax benefits? If Yes, then what is the process?
As per our opinion, you can avail the tax benefit only if you are the co-owner of the property.
CA Naman Maloo 21 Mar 2021If you are not the owner you cannot claim tax benefits as per section 24.
