USING THE CONCEPT OF DIVERSION OF INCOME BY OVERRIDING TITLE
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Query 1] I am a government employee working at Amravati. I have borrowed the loan from state Govt. for purchasing…
Tax Planning
How to comply with the Non-filers Monitoring System (NMS) notices
Query 1] Kindly help me to reply to IT Dept. I got a letter from IT dept for non-Filing of…
Tax deduction on education loan taken for higher studies
Query 1] I have the following queries: If interest on education loan is not paid in previous financial year &…
Second house property: Income tax without actual income
Query 1] The first housing loan has taken by me in year 1994 and I am taking benefit in income…
Income tax is not always on real Income
Query 1] My nephew is working as a LIC agent for the last ten years In 2011 he has purchased…
Keep proper records & documents of expenses for claiming deduction
Query 1] We are in the process of selling one house, which is in my wife’s name. I have the…
New retail investors are eligible for tax benefit u/s 80CCG
Query 1] In case of salaried Govt. employee, for Income Tax exemptions in general, please advice: What are the options…
Tax implications on relinquishment deed amongst family members
Query 1] We are two real brothers and two real sisters. Our father owned a residential house in New Delhi…
Medical expense on cancer & tax deduction
Query 1] One of my relative is suffering from cancer and getting himself treated from a private hospital. I want…
Claim Tax Credit on Foreign Income of a Resident
Query 1] I have the following queries: I am going to teach a course in Telecom B-school, Paris. The honorarium, what…
Senior citizens are exempt from payment of advance tax
Query 1] I am a Senior Citizen, Tax Payer, having income from Central Civil Pension and Bank Interest (Savings and…
Investment in 5 years fixed deposits also offers tax benefit
Query 1] As per Income Tax provision, Fixed Deposits falls under section 80C- tax exemption or not? If not, what are…
Purchase of rural agricultural land below stamp duty value is not liable for notional taxation
Query 1] I am a senior citizen and having pension and bank interest as income to meet our needs which…
Pradhan Mantri Garib Kalyan Yojna- 2016: Last call to come clean
Query 1] One of my relative who was a teacher retired in the year 2013 from municipal corporation school. She…
Even self employed person can claim deduction towards rent of house property
Query 1] I am a Central Government Pensioner, 82 years old, drawing pension of over Rs. 70,000/- p.m. I…
Whether 200% penalty leviable for deposits of unaccounted money in the bank
Query 1] Whether penalty @ 200% can be levied even if the income is offered for taxation while filing income…
Demonetization of money & income tax
Query 1] I am a senior citizen retired from the Govt. job 4 years back. Whether the cash deposits by…
