COMPUTING LONG TERM CAPITAL GAIN…

LONG TERM CAPITAL GAIN Query 1] Sir, a) I had purchased a plot in the F.Y. 85-86 for Rs. 23000/- . The cost after Indexation comes to Rs. 122935/-. b) In the F.Y. 2004-05, I spent Rs. 85,000/- for leveling and fencing. The ...
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COMPUTING LONG TERM CAPITAL GAIN…

COMPUTING LONG TERM CAPITAL GAIN Query 1] Sir, a) I had purchased a plot in the F.Y. 85-86 for Rs. 23000/- . The cost after Indexation comes to Rs. 122935/-. b) In the F.Y. 2004-05, I spent Rs. 85,000/- for leveling and fencing. ...
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WHICH INCOME COULD BELONG TO HUF?

HUF Query 1] Sir, I would like to quit all my shares which I am holding during the next Bull Rally. All the shares are long term ones (i.e., having a holding period of more than one year). Whether any income ...
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TAX CORNER OF SYSTEMATIC WITHDRAWALS PLANS

SYSTEMATIC WITHDRAWALS PLANS Query 1] I purchased a flat in Raipur in the year 2009. I filed IT return for F.Y. 2009-10 & F.Y. 2010-11 but did not claim exemption for Registry and stamp Duty of Rs. 1,50,000/- as I was ignorant about ...
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CAPITAL GAIN EXEMPTION U/S 54

CAPITAL GAIN EXEMPTION U/S 54 Query 1] I have booked a flat jointly with my wife for Rs 40 Lacs & paid Rs. 4 Lacs as booking amt in May 10 .I have again paid Rs. 3 Lacs as part amount in ...
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ACCOUNTING FOR DEFFERED TAX

DEFFERED TAX Query 1] Sir, I have gone through Tax Talk dated 30.08.2010 regarding LTCG on sale of flat property. In that query, only Rs. 5,89,866/-.was recommended for investment to get LTCG exemption u/s 54 Whereas on sale of plot, entire realization ...
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SAVING LONG TERM CAPITAL GAIN TAX

CAPITAL GAIN TAX Query 1] I had bought a flat for Rs. 1,10,000/- in the Financial Year 1984-85 and now I am selling it for Rs. 22 Lacs. What will be my long term capital gains liability and how to save ...
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DIABITIEC PATIENT – NO DEDUCTION U/S 80DDB

DIABITIEC PATIENT NO DEDUCTION U/S 80DDB Query 1] Sir, Kindly suggest on treatment of prior period expenses under Income Tax Act, 1961. Whether the Deduction of prior period expenses is allowed under Income Tax Act?  If so, under which section deduction ...
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INCOME TAX REFUND NOT RECEIVED….

TAX REFUND Query 1] I had filed my IT returns for the Assessment Year 2009-10 electronically on 31-07-09, but still I have not received TDS refund. Kindly advice. [drkhoria@rediffmail.com] Opinion: Income Tax Returns are processed by the department on ...
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