Is the interest on a home considered a part of cost of acquisition?

1. Yes, There is a case law (i.e. a tribunal ruling) which states deduction of interest against the income from house property does not preclude the tax payer to include the same interest in the cost of acquisition at the time computing capital gains on sale of such house property. Thus interest can be considered in cost of acquisition. 2.

Where does a protected property interest come from?

Now, under a new “positivist” approach, a protected property or liberty interest might be found based on any positive governmental statute or governmental practice that gave rise to a legitimate expectation. Indeed, for a time it appeared that this positivist conception of protected rights was going to displace the traditional sources.

How can I obtain a beneficial interest in a property?

A beneficial interest can be obtained by a number of parties, including: a corporation over which you (either individually or jointly with your associates) or your associate can exercise control – you can exercise control if you have the capacity to determine the outcome of decisions about the company’s financial and operating policies

What does it mean to have legal interest in property?

The legal interest in a property refers to the right to possess or use property. It belongs to the legal owner, ie the person who is registered at the Land Registry on the title deeds. Legal interest gives the owner a right of control over the property, which means they can decide to sell or transfer the property.

What is the restriction on agent purchasing property?

Restriction on agent purchasing property. (1) An estate agent must not obtain a beneficial interest in any real estate or business that the estate agent has been commissioned by any principal to sell. Penalty: 240 penalty units or imprisonment for 2 years, or both. (2) An agent’s representative employed by an estate agent must not obtain a

How to write a letter of intent to purchase real estate?

Formal language is most common. You can write, “This letter describes the intent of (your name) to purchase the real estate located at (location) owned by (seller’s name).” Ensure that the name and address of each party, as well as that of the property, are included.

Can a real estate agent have a beneficial interest?

(2) An agent’s representative employed by an estate agent must not obtain a beneficial interest in any real estate or business that the estate agent has been commissioned by any principal to sell . Penalty: 240 penalty units or imprisonment for 2 years, or both.

What are the restrictions on real estate agents?

Restriction on agent purchasing property (1) An estate agent must not obtain a beneficial interest in any real estate or business that the estate agent has been commissioned by any principal to sell. Penalty: 240 penalty units or imprisonment for 2 years, or both.