I’ve 2 flats in Nasik and I intend to supply one residence inNasik I’m the First proprietor secondly is my companion. I intend to purchase a brand-new peel atPune I want to take the persevering with to be mortgage in my child’s title. Please overview me for earnings tax obligation benefits. – Nirmal
In order to preserve such funding positive factors tax obligation, the seller would possibly take into accounts availing exception u/s 54 utilizing re-investing the funding positive factors continues in a brand-new residence residential property in India based mostly on the checklist under issues:
The brand-new property residence residential property should be purchased 1 12 months previous to or inside 2 years after the sale of your house and in state of affairs of constructing and building, such constructing and building have to be completed inside 3 years after the sale of your house.
Such residence residential property bought/constructed should be positioned in India.
The brand-new residence residential property purchased would definitely endure a lock-in length of roughly 3 years from the day of acquisition.
In state of affairs the monetary funding within the brand-new residence residential property is just not made previous to equipping the revenue tax return, the exception can nonetheless be declared by transferring the amount of funding positive factors within the Capital Gains Account Scheme.
The amount of exception would definitely be decreased of the funding positive factors rising on the sale of your house or the monetary funding in a brand-new residence residential property.
Further, because the residential property is co-owned by the assessee and his companion, the buildup of the funding positive factors exception will likely be admitted share to the share of the actual co-owners of your house.
Tax benefits on mortgage
If the mortgage is absorbed the child’s title for purchasing the brand-new degree, he can assert tax obligation benefits on the eagerness paid on the mortgage below Section 24( b), which allows a discount of roughly Rs 2 lakh per fiscal 12 months on ardour spent for a self-occupied residential property. Further, please observe that usually, the lenders urge that the patron (on this state of affairs your child) should moreover collectively have the brand-new residential property which you’re suggesting to purchase in Pune.
Additionally, the child can assert a discount of roughly Rs 1.5 lakh below Section 80C for the foremost settlement of the mortgage.
As such, advertising and marketing the extent in Nashik and shopping for a brand-new one in Pune can provide appreciable tax obligation benefits when you reinvest the funding positive factors correctly and use mortgage reductions effectively.
(Views shared by the monetary funding skilled are his/her very personal. Email us your monetary funding questions at askmoneytoday@intoday.com. We will definitely get hold of your questions addressed by our panel of specialists.)
