realestate2022

What's the difference between Real Estate Tax, Property Tax, and Personal Property Tax? Homeowners are often confused between real estate tax, property tax, and personal property tax. In case you are willing to buy a property, you should have a detailed understanding of these three types of taxes. To make things simple, here is a simple explanation of these three terms. Real Estate Tax :   Real estate refers to the physical property and can include a building or the landscaping of the property. It includes homes that are constructed in residential plots. The tax code may not include mobile homes, as these constructions are movable. The assessed value of the property is considered in order to determine the tax. This assessment may be made on an annual basis, while certain assessments can also be made at other intervals. Property Tax :  Any personal possession that the real estate property does not include is considered to be property tax. Personal property can be of two types, ...

Why stamp duty rates are important for income tax purposes… Any difference between the agreement value and the ready reckoner value of a property, has implications, not only on the stamp duty payable but also on the income tax of the buyer and seller When you enter into an agreement to buy a property, you have to pay a certain amount to the government, which is known as stamp duty. The amount of stamp duty is generally based on the value of the property mentioned in the agreement. To avoid evasion of stamp duty through the undervaluation for agreements and to minimise the disputes on quantum of stamp duty, all state governments publish an area-wise, stamp duty ready reckoner on a yearly basis. If the value of the property based on the ready reckoner is higher, than the value of the property stated in the agreement, then, you will have to pay the stamp duty on the basis of the value computed from the rates in the ready reckoner. However, if the agreement value is higher than the re...

Home Loans To Get Costlier As SBI, ICICI, PNB Raises Lending Rates On Thursday, State Bank of India (SBI) has raised its marginal cost of lending rate (MCLR) by 20 basis points. The lead lenders of the country including Industrial Credit and Investment Corporation of India (ICICI) bank and Punjab National Bank (PNB) has also announced an increase in lending rates. This announcement will directly affect the home loan and make it bit expensive. ICICI Bank and PNB increased their MCLR by 15 basis points starting by March 1, the Housing Development Finance Corporation (HDFC) Bank will review rates by next week. SBI said 40 basis points, MCLR for most borrowers and 35 basis points for women borrowers (100 basis points equal a percentage point). ICICI bank has increased the MCLR to 8.3 percent and overnight MCLR to 7.95 percent; whereas PNB said its home loans will cost 8.6% for most borrowers, while for women borrowers will be at 8.55%. To reduce policy rates, the government has been lookin...