FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT


FAIR MARKET VALUE OF PROPERTIES FROM 01-10-2009 Effective 1/10/2009, difference of over Rs. 50,000 between fair market value and purchase value of immovable property will be taxed as income from other sources in the hand of the buyer if buyer is an individual or HUF. Property is as defined in Section 56 and includes immovable property,  jewellery, … Continue reading FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT

HINDU WOMEN CAN CLAIM HER SHARE IN ANCESTRAL PROPERTIES FROM 1956


A HINDU WOMEN IS ENTITLED TO CLAIM HER EQUAL SHARE THAT OF A SON IN THE ANCESTRAL PROPERTIES  PROPERTIES AND IRRESPECTIVE OF HER MARRIAGE STATUS(MARRIED OR UNMARRIED)FROM 17-06-1956, IF IT(PROPERTY) HAD NOT BEEN(SOLD) ALIENATED, DISPOSSESSED, OR PARTITION AFFECTED BY A REGISTERED PARTITION DEED BEFORE 20-12-2004. THE STATE AMENDMENTS IN THIS REGARD, AUTOMATICALLY GETS REPEALED, AS … Continue reading HINDU WOMEN CAN CLAIM HER SHARE IN ANCESTRAL PROPERTIES FROM 1956