Apartment Registration
I had a plot in my name and my wifes name, we sold that and purchased a flat and registered in self, wife and two of my sons. After this we will all be holding a second flat. ( Assuming the flat registered in all the four names to be unoccupied ) I want to know the following:
a) As per income tax law second flat is assumed to be rented and income is taxed, can the Tax be paid by one single holder or is it to be shared equally by all.
b) Is there any way to delete the names of the sons from the registered sale deed, what are it implications? more
a) As per income tax law second flat is assumed to be rented and income is taxed, can the Tax be paid by one single holder or is it to be shared equally by all.
b) Is there any way to delete the names of the sons from the registered sale deed, what are it implications? more
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Deleting without consent ma not be possible unless consented by Or like gift, sale in relatives, Love and Affection &/or minimal consideration etc. Reg. IT there are some leads to state that even the 2 nd flat/home/house is not under the provisions assumption but the actual Income by way of rent, if so rented. more
Sep 26
a) If the flat is purchased with your funds, you are beneficial owner, entire tax liability would be to your account. b) Be if you are deleting your son's name, you may also need to pay necessary tax on gift/transfer. more
Sep 22
I am raising a fundamental question. Is it a crime that as citizens we give our services to the society in our chosen field and receive income therefor as a reward--income is an index of service rendered. The more you serve the society, the more you receive income--why there is tax thereon. Higher is contribution to the society, higher you pay tax. Is it logical or justifiable? At the same time as you spend the money on the services you need pay tax on them also. Income indicates service rendered and expenditure the service received. Why tax both--tax us only for the service received that is expenditure incurred by us. Secondly, if I keep money with me without depositing it in the bank, I do not have to pay tax. However if I use it to acquire a second house and do not give it on rent--which is my privilege--how come there is 'presumptive tax' thereon. Who would decide what is the presumptive 'rent' payable. Refer the valuation to ten different Income Tax Officers they will come out with as many varied valuation. Can the State force the individual to give his second house on rent; failing which charge him 'presumptive tax' Please think it over. Why not we collectively write to the government to abolish Income Tax as such and tell them that if they do not do it, our votes are not their for the present government. No dharna or demonstration or agitation. It would be a silent revolution. Kindly respond. Thanks and regards = vishwanath kaushik sviss38@yahoo.com more
Sep 20
I am unable to agree with your view that 'all the income tax rules came assuming that most of the Indian prefer to avoid.....thus various restrictions of owning properties in a single name has come. I raised mainly two questions. (1) As citizens we give our service to the society (CONTRIBUTE) and receive income (AN INDEX OF OUR CONTRIBUTION) therefor. Why one should be penalised for making CONTRIBUTION which adds to the National wealth. Secondly suppose I earn 2 lakhs (value of my contribution) and you earn 20 lakhs (value of your contribution) why you should be charged as much as 30% while I pay no tax.
Secondly, you spend only 2 lakhs and save 18 lakhs in the Banks which is available to the society for productive purposes. Real benefit to you is only Rs.2 lakhs which you have spent for your personal use/benefit. My question is why not you be charged tax only on Rs.2 lakh that you have benefited from.
With my income (on which I have paid tax) I construct two houses--one where I normally live and one at my native place which I or my family members visit periodically. Why I should be asked to pay 'presumptive tax' on a property from which I do not receive any income; I only pay property tax thereon as per the local terms. Also who can decide the rental value--which varies from time to time. Each Income Tax Officer as an Assessing Officer would come out with different 'presumptive tax' depending on his wisdome, whims and fancy. It would lead to only unnecessary litigation.
Anyhow you are entitled to your own opinion. Whether we agree or disagree would not matter much. Things are going to remain as it is now. I would prefer to end this matter here itself as there would be bitter feelings between us two strangers. All I can say that your remarks that 'most of the Indians prefer to avoid taxes' hurt me immensely. You have assumed that citizens of all other countries are by and large honest.
Dear Shri Chandan Pal if I have hurt you in any way by writing this reply please do excuse this 78 year senior citizen who retired from the Central Secretariat Services. Anyhow my thousand humble and sincere apologies to you which was never my intention. Regards and good wishes. more
Secondly, you spend only 2 lakhs and save 18 lakhs in the Banks which is available to the society for productive purposes. Real benefit to you is only Rs.2 lakhs which you have spent for your personal use/benefit. My question is why not you be charged tax only on Rs.2 lakh that you have benefited from.
With my income (on which I have paid tax) I construct two houses--one where I normally live and one at my native place which I or my family members visit periodically. Why I should be asked to pay 'presumptive tax' on a property from which I do not receive any income; I only pay property tax thereon as per the local terms. Also who can decide the rental value--which varies from time to time. Each Income Tax Officer as an Assessing Officer would come out with different 'presumptive tax' depending on his wisdome, whims and fancy. It would lead to only unnecessary litigation.
Anyhow you are entitled to your own opinion. Whether we agree or disagree would not matter much. Things are going to remain as it is now. I would prefer to end this matter here itself as there would be bitter feelings between us two strangers. All I can say that your remarks that 'most of the Indians prefer to avoid taxes' hurt me immensely. You have assumed that citizens of all other countries are by and large honest.
Dear Shri Chandan Pal if I have hurt you in any way by writing this reply please do excuse this 78 year senior citizen who retired from the Central Secretariat Services. Anyhow my thousand humble and sincere apologies to you which was never my intention. Regards and good wishes. more
Sep 21
Remember that all the income tax rules came assuming that most of the Indian prefer to avoid taxes, thus various restrictions of owning properties in a single name has come. You own as many properties and declare as asset and related income from the asset in the income tax return and pay the applicable taxes and leave peacefully. No one will disturb your sleep. more
Sep 20
Mr.Sundaram given incomplete information. You have not mentioned your state, place of residence, location percentage of share of each owner in the apartment etc. As per income tax laws tax can be equally paid by all the owners equally provided they have equal share in the apartment ownership. Or only one owner can also pay the entire tax as per your mutual understanding. Regarding deleting the names of the sons you have two options 1) to get the relinquishment deed registered by your son and giving the share in the property to you. 2) Your sons making a gift deed and donate their share in the apartments to you by registering the gift deed in your favour more
Sep 20
Like GST, single income tax provision should be on sources of income. more
Sep 22
