capital gains

I have two small residential apartments. One was bought in 2001 and we lived there until 2017, then we moved to a smaller apartment bought in 2016 by taking out a housing loan. Now we want to buy a bigger house for self use…

I had benefited from an exemption under articles 54 and 54EC for the long term capital gains on the sale of my dwelling house in 2010. Can I again apply for an exemption for the sale of the current dwelling house purchased in…

Whether you are saving or investing, tax efficiency is an important aspect to consider as it can make a significant difference to your overall wealth and minimize the tax burden. Capital Gains Tax (CGT) is levied on gains realized after…

(The Center Square) – Liberty Lake is the latest municipality to ban a local income tax, joining 11 other…

As Benjamin Franklin once said, "Nothing in this world is certain except death and taxes."2 And for many Canadian business owners, that's exactly what comes to mind. They have worked hard, built a thriving business, and hope!--3rd>…

How to choose between the new and the old tax system? The new tax system differs from the old one in two respects. First, it has more slabs with lower tax rates. And second, all major exemptions and deductions…

The cost of acquisition and improvement is indexed in the case of long-term fixed assets to take into account inflation over the years. By Chirag Nangia I had bought a property jointly with my father in 1987. We then invested Rs 1.6…

This Friday (2/4) at 10 a.m., Douglas County Superior Court will hold a summary judgment hearing on the capital gains tax passed last year. The State Supreme Court has consistently ruled that income is…

Is it time to impose income tax in Washington State? State Senator Bob Hasegawa wants to do it. Capital gains tax, minimum wage increase among new laws coming into force in 2022 A concern many people have had…

MOST Americans earn the first part of their money entirely tax free through a standard deduction. This ensures that taxpayers have at least some income that is not subject to federal income tax. 1Whether you should file depends on your age,…

Under the Income Tax Act, gifts received from certain "relatives" are not subject to tax. Grandparents are also covered by the definition of specified parents. By Chirag Nangia My annual salary is Rs 3 lakh and I received Rs 12 lakh…

The latest tax directory for parliamentarians published by the Federal Board of Revenue (FBR) has sparked controversy. Prime Minister Imran Khan paid a total of 9.85 million rupees in income tax for the 2019 tax year. His income…

Almost half of all income tax returns (ITRs) filed for the 2021-22 fiscal year were filed using the ITR-1 form. This is the ITR form used by most salaried taxpayers and is also known as Sahaj. RTI-1 can be deposited if: The taxpayer…

KATHMANDU, December 27: The Department of Tax Investigations (DRI), seeking to take action against Bottlers Nepal for revenue leakage, on Sunday submitted its final investigation report to the Public Prosecutor's Office (PPO). The tax…

The first amicus brief was filed today in the capital gains tax case. The Washington Policy Center has joined the "Tax Economists and Policy Analysts Amicus Brief". Here are some of the quotes from the…

Mississippi residents would get a big financial boost if they only had a dollar for every time Governor Tate Reeves advocated the elimination of personal income tax so that the State can compete with Texas, Florida and Tennessee.…

Thus, your son can buy foreign currency from the funds in his NRO account, without any monetary threshold.By Chirag NangiaI started a fixed deposit of Rs 5 lakh in January and February 2019 with DHFL and the due date was March and April…

El Salvador has announced its intention to build a "Bitcoin City" whose residents will not have to pay any income, property, capital gains or payroll taxes.…

SEOUL, Nov. 16 (Yonhap) - Rival presidential candidates from the ruling party and major opposition parties have proposed very different policies on property tax, one of the most sensitive election issues amid soaring house prices,…

Capital gains are the profits made on the sale of fixed assets such as stocks, bonds and property. Capital gains tax is only triggered when an asset is sold, not when the asset is owned by an investor. However, when…

I sold my house in my hometown and moved to Bangalore. It was originally a dwelling house. I inherited part of it and paid money to other members to get full ownership of the property. A younger brother's portion was…

For debt mutual funds, capital gains will only be qualified as long-term if they are held for longer than 36 months, otherwise they will be assimilated in the short term.By Chirag NangiaAfter the death of my father, I sell his apartment.…

The main issue before the Court was whether the proportional denial of interest paid by banks was required under Section 14A of the Income Tax Act for investments made in non-taxable bonds that yielded non-taxable dividends.. Quick Facts…

Self-made real estate mogul and billionaire Jeff Greene comments on "poorly thought out" tax proposal. Democrats are considering a new tax on billionaires and other very high incomes in order to pay most of the President Bidenthe…

Haven't filed a tax return yet? Avoid these five mistakes New Delhi: Many taxpayers now file their income tax returns themselves. However, this often leads to…

Income tax laws provide a variety of benefits when it comes to owning a home, whether it's for a home loan or for claiming capital gains exemption by investing in a residential home. If one is not aware of these deadlines, one may…

In general, income tax applies to income, just as the real estate capital gains tax applies to capital gains from the sale of buildings, as the land either!-->…

Although scant attention, the proposed capital gains tax change is good news for high-income Americans and bad news for those with incomes between $ 400,000 and $ 1 million.Good news for top earners: The Houseways and Means Commission did…

Representative imageRTI filing tips for fiscal year 2020-21 (AY 2021-2022): The deadline for filing the income tax return for individual employees or traders has been further extended to December 31, 2021. After registering on the…

Changes in tax legislation on the horizon The odds seem increasingly likely that Congress will succeed, using the budget reconciliation process, in passing a tax bill between October 1 and the end of the year. Income and capital gains…

Alternatively, if the difference is substantial, you can contact the bank and have the details corrected.By Chirag NangiaI bought an apartment in December 2020 using the capital gain accrued from my previous sale of a property. How can it…

Question: As you mentioned in your article, long-term capital gains (LTCG) resulting from the sale of any fixed asset other than a residential house can be claimed as exempt under the u / s section 54F if the proceeds of the sale…

Are retroactive tax increases constitutional or even fair? Until now, the capital gain tax rate was zero, 15% or 20% depending on your income. In some cases, you add the Obamacare tax of 3.8%, but at worst, your total tax bill is 23.8%.…

Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana Ghana needs to devise more efficient ways to collect property taxes on residential and commercial properties in the country as part of the measures to increase income,…

Filing of the income tax return (ITR) is the process by which a taxpayer can report the total income earned during a fiscal year. The taxpayer can claim the refund of excess tax paid / deducted during the fiscal year by filing it for that…

As the last day of budget discussions draws to a close, the real estate associations led by the Association of Real Estate Advisors (RECA) continue to protest because their demands concerning the amendment of article 37 of the 2021 finance…

Deaths and taxes By Jim Moran, CPA On April 28, the Biden administration released its revenue proposals for fiscal 2022. Along with increasing the corporate tax rate to 28% and the top personal rate to 39.6%, widespread changes were…

Most income is ordinary, including payment for services, interest, business profits, dividends, money for winning the lottery, and most other payments. But for generations there has been a big tax break for long-term capital gains, those…

Tax hikes are coming - in fact, they're already in effect, assuming they're passed as proposed. The “it's already working” rule is designed to keep the sale from going under the wire. The success of…

A recent proposal by President Joe Biden raised the possibility of eliminating the base mark-up that allows families to leave certain assets to their heirs without having to pay capital gains tax. The current inheritance tax rules have…

The country's highest earners may soon see the biggest tax hike in decades on their investments and wages, as President Joe Biden seeks to raise enough funds to cover his third policy proposal of nearly 2,000. billion dollars since taking…

Shattering neighborhood for the iPhoneThe iPhone, much like the rest of the Cupertino business, will face some easy comparisons this time around - the comparable period of a COVID-19 pandemic in 2020 saw revenues stagnate, the worst figure!-->…

US stocks suffered their biggest drop in five weeks after President Joe Biden reportedly proposed to nearly double capital gains taxes for the wealthy. The dollar has risen. The S&P 500 fell after Bloomberg News reported that for…

As the news broke, the Dow Jones changed direction and fell sharply. Stocks are stretching down; Dow Jones Falls 1% or Nearly 350 Points After Reports Biden to Offer to Raise…

U.S. stocks saw their biggest drop in five weeks after President Joe Biden reportedly offered to nearly double the capital gains tax for the rich. The dollar has gone up. The S&P 500 fell after Bloomberg News reported that for those…

Liberal delegates to the party's policy convention overwhelmingly supported a resolution calling for the establishment of a universal basic income (UBI) in Canada, while also rejecting a call to increase the capital gains tax. By a vote…

BACKGROUND: The changes, aimed at preventing individuals from creating entities to avoid capital gains tax, would apply…

Economic news for Tuesday, March 30, 2021 Source: www.ghanaweb.com 2021-03-30 Mr. Ekow Afedzie, Managing Director of the Ghana Stock Exchange The Managing Director of Ghana Stock Exchange, GSE, Ekow Afedzie welcomed the government's…

Death and taxes may be the only certainties in life, but taxes on death are only a distant possibility for most people. The vast majority of Americans will never owe or give enough to owe estate or gift taxes.Many more people could be…

According to Benjamin Franklin, the only certainties in life are death and taxes. Unfortunately, for the latter, there appears to be only uncertainty as to what proposed…

Each state remains keen to attract foreign direct investment (FDI). Tax policy is one of the many key determinants that encourage FDI. Therefore, developing countries have adopted a more positive attitude towards taxation of…

“The Indian rupee closed flat against the US dollar on Tuesday, as importers' purchases of greenbacks offset the impact of a weak dollar index,” said Sriram Iyer, senior research analyst at Reliance…

Section 45 (4) of the Income Tax Act 1961 (“the Act”) imposes a tax on capital…

Tom Merton | OJO Pictures | Getty ImagesWith less than a week before the election, the phones are ringing for estate planning lawyers and accountants.That's because wealthy families fear an overhaul of the inheritance and gift tax…

Financial advisers suggest considering how the outlook for a Biden administration would affect estate planning.…

COMMENT: For about four months of work, Sir Michael Cullen was paid $ 84,000. Set that aside and it's over $ 250,000 a year. $ 84,000 is more than the average salary of people in major centers who work full time.And $ 84,000 is Cullen's…

Through Mariya Paliwala - August 11, 2020 8:52 p.m. The Madras High Court ruled that the appraised was entitled to an exemption under Section 47 (v) of the Income Tax Act in respect of the transfer of land to its holding…

Through Taxscan team - July 20, 2020 12:09 a.m. The Karnataka High Court ruled that the land held as shares, transferred to the HUF partition, did not amount to a conversion to "fixed assets" for the purpose of imposing a capital…

Through Mariya Paliwala - May 27, 2020 2:15 p.m. The Income Tax Appeal Tribunal (ITAT), Hyderabad, recently ruled that the obligation to pay capital gains tax would attract despite the appraisee signing a waiver deed waiving all…

The economic conditions accompanying COVID-19 have created many avenues for change. As a law firm specializing in comprehensive estate and tax planning for high net worth investors, our imperative is to identify planning opportunities as…

KUALA LUMPUR (April 13): Axiata Group Bhd has settled the US $ 185 million (RM800.2 million) requested by the Nepalese government for overdue capital gains tax, as well as 990 , 3 million Nepalese rupees (RM 35.3 million) in interest, in…

ISLAMABAD: The government has come under increasing pressure from influential circles to cancel the tax measures in the real estate sector, which it introduced nine months ago to increase the sector's paltry contribution, and to…

Q. I have learned that if you give a "gift" below the taxable amount, there will be no tax. If this is correct, can I give "all" of my assets such as our house, my IRA, all of my CDs, and my checking account to my son as a gift so he can…

Democratic presidential candidates Elizabeth Warren and Bernie Sanders have unveiled ambitious plans to fund universal health care and other programs by raising taxes for the wealthiest Americans. But behind the proposed tax hikes for the…

Indore: The income tax service will tighten the stranglehold on those who escape capital gains tax. To verify this, the department requested information on the 2016 real estate property registers from the state government.…

Bill Gates is concerned about the high budget deficits in the United States and has said that if taxes are eventually raised to make up for the shortfall, then it would be appropriate for the wealthy to pay much higher taxes. “We…

PATNA: The Income Tax (IT) department notified 850 landowners in and around the state capital of evading capital gains tax and asked them to file returns by March 31 this year, Senior Chief Income Tax Commissioner (Bihar & Jharkhand)…

In his testimony regarding GamPetroleum today at the Janneh Commission, Gambian magnate Mr. Amadou Samba said he paid D 9,434,250.00 in capital gains tax on the sale of his actions in government. He!-->!-->…

A real estate sale sign hangs in front of a property in western Toronto on Friday, November 4, 2016. The Canada Revenue Agency has identified $ 291.7 million in taxes owed in Ontario and $ 78.6 million in taxes. dollars in British…

New Delhi: Power Finance Corporation Ltd (PFC), the state-owned lender to the power sector, today announced that the government has authorized it to raise bonds eligible for exemption from capital gains tax. values ​​under Section 54EC of…

Through Ines LiuHong Kong entered into a Double Taxation Agreement (DTA) with China in 2006. The treaty acts as a means of avoiding double taxation and combating tax evasion, improving the ties between the two jurisdictions by…

Dear tax speech,I bought a property in 2009 for $ 235,000 and made improvements worth $ 50,000. It was our primary residence from July 2009 to April 2015. Since May 2015, it has become a rental property. Now we are…

ISLAMABAD: Federal Finance Minister Ishaq Dar said on Sunday that capital gains tax (CGT) will not be applicable on the sale of land donated to armed forces personnel."The CGT will not be applicable on the sale of plots handed over to…

On May 10, 2016, India and Mauritius signed a new protocol (the "Protocol") amending the existing Convention between the Government of Mauritius and the Government of the Republic of India for the avoidance of double taxation and the…

Take the example of a couple in New York with $ 5 million in assets. They should not have any federal inheritance tax. But what they owe in New York would depend on their planning, said Ita M. Rahilly, partner at accounting firm…

In today's world, buying and selling properties is part of an investment portfolio. When selling the property, saving on capital gains tax is one of the important aspects for the seller of the property.Capital gain refers to the…

Even though death and taxes are the only certain things in life, state lawmakers say they can never be certain about taxes on death.Without a crystal ball and no idea when spectacularly wealthy Connecticut…

FOR many wealthy people, the American Taxpayer Relief Act, passed by Congress this week, lives up to its name. For inheritance and gift taxes in particular, all but the richest will likely be able to protect their assets from taxes, now…

This may seem like a dormant development, not a dramatic turn of events. After all, it's just a new form for reporting the same old thing, gains or losses from stock, real estate or other investments. Corn nothing which has an impact…

During the recent spring break, we visited with family and friends who were considering real estate buying and selling. A couple sold their primary residence, a modest brick Tudor in a well-established suburban…

Asked by RuthMay 21, 2010 at 6:20 p.m.Richard, my mother-in-law passed away, but before that she put her house in my husband's name. How much do we have to pay in capital gains tax? Answer: Ruth - My answer is based on the information you…