KEY OBJECTIVES
The objective of this blog is to:
Home purchasing entails not only simple property costs, but also some of the long-term add-ons that are very essential.
Your dream home has just been completed and you are all set to lock in the payment. But do you know that you have to pay extra costs?
FOUR EXTRA COSTS WHEN PURCHASING A HOUSE THAT YOU END UP PAYING FOR:
The deposit for maintenance also depends on the venue. In prime locations like Alipore or Ballygunje, it becomes more costly, whereas areas like Joka or Rajarhat charge negligible amounts.
Kolkata-based realty brand Magnolia has been transparent on all their extra charges in their payment schedule. Check their new HIRA approved project Magnolia Merlion
HOW THE COST OF FACILITIES WILL REDUCE CAPITAL GAINS FROM FLAT SALES?
Capital gains are determined by the selling consideration minus the acquisition cost (adjusted by applying the cost inflation index). The higher the purchase rate, the lower the portion of taxable capital gains.
Capital gains are determined by the selling consideration minus the acquisition cost (adjusted by applying the cost inflation index). The higher the purchase rate, the lower the portion of taxable capital gains. If the consideration for the sale is smaller than the purchase cost, it results in a capital loss.
The capital gains that result from the selling of a flat held for more than two years are considered as long-term and subject to a 20 per cent tax. It is, therefore, necessary for sellers to consider what can be included as the acquisition cost, usually the purchase price, stamp duty, registration cost, and broker fees.
Tax specialists say it is a fact-based exercise to assess what can be applied to arrive at the overall acquisition cost. An I-T official said builders are increasingly offering buyers different facilities, usually at an extra cost. All range from special bathroom fittings, modular kitchens, imported marble floorings, and so on. To escape lawsuits at a later point, when they sell this flat, taxpayers need to obtain a proper separation.
SUMMARY
4 extra costs you pay when you buy a house that you end up paying for. Preferential Location/Locality Fee (PLC) is to pay for a home to be in a better position inside a specific layout or complex. Banks run a background check on you before you apply for a loan to see if you will be able to repay them. They often pursue home inspector services to verify whether the residence is worth its cost. Eventually, you would pay the expense of hiring these services through the bank. Capital gains are determined by the selling consideration minus the acquisition cost. The higher the purchase rate, the lower the portion of taxable capital gains.
Kolkata-based realty brand Magnolia offers the lowest PLC as compared to its competitors. Their project prices are also reasonably priced to promote affordable housing and that’s why their projects sell very fast. Check their new HIRA approved project Magnolia Merlion