Tax breaks for home buyers

by Team MMR | 23 March 2014
“An Investment in Real Estate will never go wrong, you can never make a loss in Real Estate Investment” was the wise advice of my grandfather when I used to talk about investments with him. And that sound advice has never let me down. An investment in Real Estate can never go wrong and besides being a long-term asset, it makes one eligible for significant tax breaks as well. The different types of tax breaks or rebates that are available under Income Tax Act are as follows: Deduction u/s 80C: If you have repaid your home loan during the year than you can claim deduction up to Rs 1 ... [More]

Property Tax

Want to purchase a new house? Here are some points to ponder

by Team MMR | 20 March 2014
Everyone dreams of owning their own House Property some day or the other which they can call their “home”. But with the increasing number scams and various different permissions required to build a house property it is very essential and necessary to check all the necessary paperwork and documents before buying the property. In this article we will look at the various documents that are to be checked before buying any property. Here is the list of the documents that are to be checked and scrutinised before the purchase of any house property. The list will change depending on whethe... [More]

Property Tax

Received an Income Tax notice? Don’t worry. Just follow these simple steps.

by Team MMR | 22 February 2014
Have you been lately ask for your Pan Card No. for certain high value transactions or have been asked to give your details while opening a Bank Account. This all seems to be a normal procedure now-a-days, but remember all these details are being collected and centrally processed and monitored. As a result of this direct monitoring and faster processing of data there has been a steady rise in the number of Income Tax Notices that are been sent to the assessees. As a result of this procedure it has become increasing difficult to not disclose income, other high value transactions and non-filing ... [More]

Income Tax Notice

Tax Return Filing Deadline Extended to March 31st

by Team MMR | 15 February 2014
In a relief to all those assessees who have not filed their refund claims in time or have not been able to send such ITR-V’s to Bangalore before the stipulated time frame, the CBDT has extended the deadline for filing of returns upto 31st March. Even if a fresh return has to be filed the due date has been extended to 31st March.   The relaxation has been allowed only to those taxpayers who had filed their e-returns for the assessment years (AYs) 2009-10, 2010-11 and 2011-12 "seeking a refund." The fresh copies of ITR-V, by such category of taxpayers, should be sent to the Central P... [More]

Fixed Deposits as an Investment Option

by Team MMR | 13 February 2014
In a society like ours, where everyone is told what to do and what not to, getting sound financial advice is an everyday routine. Right from family, friends and all others in between everyone has an advice ready for you. There are many investing options like shares, real estate, debentures, government bonds, fixed deposit, etc. But out of all of them Bank Fixed deposits (FD) is one of the most favoured and preferred investment instruments in India. Fixed deposit can be defined as a financial investment where money is invested for a fixed tenure at a pre-agreed interest rate. There are many v... [More]