Education loans have prescribed age limits
* I bought a duplex flat for Rs 26.6 lakh in February 2008. I would like to shift to a better location in the same city. While my duplex flat is valued at around Rs 72 lakh, I have listed some flats that I would like to buy that are priced up to Rs 70 lakh. What long term capital gains tax would I incur on the deal? Having returned from abroad, after completion of a three-year work contract, on November 30, 2011, should I submit my I-T returns for FY12?
Arup Kumar Roy
Bhubaneswar
Any capital gains arising on sale of residential property, which is held for 36 months or more shall be exempt if the capital gains from the sale are invested for the purpose of buying a residential house property. Assuming your duplex serves as a single residential unit, capital gains arising on the sale can be invested for the purpose of buying another house within a period of two years from the dale of sale or within a year prior to the sale.
As far as your question on your tax liability is concerned, the answer would depend on a host of factors like your residential status for the purpose of income-tax laws, nature of income earned by you globally. I would advise you to seek professional help from a chartered accountant for this.
* How do banks decide the value of resale property before sanctioning home loans?
They have their own set of valuers who will evaluate the property. For large values, they will get the valuation done by two valuers. Generally the valuation arrived at by a valuer appointed by the banks is lower than the price mentioned in the sale agreement.
* Is there an age limit to be eligible for an education loan? What are the documents required to apply for such a loan?
Akhil Sukumaran
Thiruvananthapuram
Most banks have an age limit of 16-26 years for students applying for education loan. Different banks require different documents. However, most banks require the following documents:
* Marks list of the last qualifying examination
* Proof of admission / scholarship
* Schedule of expenses for the specified course
* Statement of the borrower’s bank account of the last six months, which is usually the parent or guardian, and proof of income, if any
* An income tax assessment order for the previous two years
* If tangible collaterals requ-ired relevant documents of Property / Shares / Units / Life Insurance polices with high surrender value, etc.
* If you are not an existing bank customer, you will also need to give proof of identity and residence to comply with the basic KYC (know your customer) norms.
Harsh Roongta is chief executive at Apnapaisa.com. You can send in your queries
to movingmoney@deccanmail.com
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