Too much tax for buying home
To buy a house of 1 cr you need to pay 5% GST,Which is 5L lakhs & stamp duty for registration is around 3 Lakhs.
To earn 1cr 8 lakhs you have to pay tax of 38.75 Lakhs (30% + 15% surcharge +4 %cess which is 35.88%)
5L +3L +38.75 L = 46.75 lakhs to govt,it’s almost 50% more
To earn 1cr 8 lakhs you have to pay tax of 38.75 Lakhs (30% + 15% surcharge +4 %cess which is 35.88%)
5L +3L +38.75 L = 46.75 lakhs to govt,it’s almost 50% more
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Calculations aside , the trend is "Why Block Huge money with this kind of Taxes to Buy a house ? Put the money as investment to earn return and stay in a Rented House instead. This move in the Budget will Deter people to Buy a house and spell Doom of the House Building Industry. Looks like this Govt knows it is not going to last long .That is why such foolish short sighted measure to do away with Indexation while determining Capital Gains in all Asset Classes. more
30 m ago
yes itis true all the taxes etc effect only the middle class or lower class give tax so govt taxes them to the maximum extent or chokes themto death.Business people and high level HNI people are not taxed to the extent they can pay and they have people who tap the loopholes in the system.There are people who are paying zero tax but live palatial bungalows and have benzetc more
2 h ago
The construct in the message is highly misleading. Mr. Puri is assuming that any one buying a house for Rs. 1 Cr will earn this entire amount within the current year itself and hence pay income tax as calculated by him. This never happens. In most cases, any body would have accumulated this amount of Rs. 1 Cr over several years, many years having income much less than Rs. 50 Lakhs to attract the highest tax. Also, many of the buyers would be taking a loan for financing the purchase, once again not attracting the kind of tax outgo to the Government as calculated by Mr. Puri. more
2 h ago
In many States, stamp duty us 8-9%. On the one hand, ruling party offers higher freebies and on the other, they increase stamp duty, VAT on petroleum products, impose cow cess or cancer cess etc. Still public feel elated and dance to the tunes of all such political parties who befooling and ruling. more
2 h ago
