CuriousMind (NA) (139 Points)
25 July 2024Dear Experts,
Can you pls help understand what all heads can be claimed under new LTCG calculations for this FY ( 2024-25 ) considering indexation is excluded by govt ?
1. Loan interest amount ?
2. Improvement cost ( interior ) ?
3. Brokerage cost ( separately during purchase and sale time ) ?
4 . Stamp duty during purchase ?
5. Lawyer / notary Fee ?
6 . 1% TDS for seller ?
7 . Periodic Renovation cost ?
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 26 July 2024
1. Loan interest amount No
2. Improvement cost ( interior ) yes
3. Brokerage cost ( separately during purchase and sale time ) yes
4 . Stamp duty during purchase yes
5. Lawyer / notary Fee yes
6 . 1% TDS for seller No
7 . Periodic Renovation cost depends
CuriousMind
(NA)
(139 Points)
Replied 26 July 2024
Thanks Anoop Ji , that helped.
People should be crystal clear on buying property with bank loans . Its not only a sheer waste of your huge hard earned money but also a death trap ( mortgage literally means the same ) , Which we all should stay away from .
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 26 July 2024
Taxpayers can claim interest on their housing loan in their ITR when filing it. If they purchase a commercial property, they can claim these benefits in their profit and loss statement.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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