Real estate taxation

akikris (Business) (37 Points)

16 November 2014  

Hi,

 

I am currently in real estate business with 4 other partner as a partnership firm. We have completed 2 projects successfully. But now we prefer to register our firm to Pvt Ltd Company or LLP for our individual benefits.

 

a. What are the tax implecatons/benefits we will have in either of the type or organization.

b. Due to good reputation, we have received requests to manage building (lease and maintainance) from known people. How does this compute in taxation.

c. We plan to buy a 2 flats, 1 for office and 1 for guest house. Do we get the same tax benefits of individuals (like 1.5 lakh deduction on Interest and 1 lakh deduction on principle) ? If not how will the expenses of paying EMI work (whole EMI payed for these houses will be deducted as expense)?

 

Please help. Thanks in advance