Shree Tax Chambers

Income tax: Can you claim capital gains tax exemption by paying off the home loan with sale proceeds?

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Income tax: Can you claim capital gains tax exemption by paying off the home loan with sale proceeds?

If the sale proceeds are deposited in a home loan account of new property already purchased out of the said loan,  will the deposited amount be eligible for capital gain exemption? Reply by Prabhakar K.S., Founder and CEO of Shree Tax Chambers It is appropriate to note here that in addition to buying a property … Read more

Tax implications: Here’s what you can do when transferring money to your spouse goes beyond basic expenses

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Tax implications: Here’s what you can do when transferring money to your spouse goes beyond basic expenses

It was the end of the month. X (name withheld on request) received that all-important notification on his phone informing him that his salary had been credited. He immediately opened the banking app on his phone to transfer funds to various accounts to meet daily expenses, set aside savings and investments, etc. He also transferred … Read more