SECOND HOUSE PROPERTY & INCOME TAX IMPLICATIONS

SECOND HOUSE PROPERTY Query 1] I am a retired official. I shall be getting the following income: 3,90,000/- Pension. 2,00,000/- as F.D. Interest. Further, I have received Rs. 22,000/- as Dividend from shares and 13,500/- Dividend from MF’s. Also I ...
Read More

HOW CAN I CREATE HUF?

CREATE HUF Query 1] Sir, I have some queries. My father wants to create his H.U.F. How HUF can be created? Whether all children and their children become member automatically? Or he can specify who will be member of his HUF? ...
Read More

TAX TREATMENT OF INDIAN DEPOSITORY RECEIPTS (IDR)…

INDIAN DEPOSITORY RECEIPTS Query 1] I have filed wrong (ITR-2), digitally signed, electronically for the F.Y. 2008-09. It was thereafter corrected by me by filing Revised Return. But Asst. Commissioner of Income Tax has called me under section 143(2) of the ...
Read More

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. ...
Read More

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 ...
Read More

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. ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More