Query 1]
This is with reference to Tax Talk published in The Hitavada in money dated 8th December regarding taxability of gift amount. Does the term any lineal ascendant or descendant of the individual include daughters/sons of sister of individuals? ...
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The Blogs
enjoy the pleasure of gifting without any tax phobia
My dad a retired person is having a land at Bhilai which is registered in his name which he purchased in 1985. I am the only daughter. My dad wish to gift the same to me. I would like ...
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save ltcg tax by investing in business
Query 1]
My son owns two independent house properties, one at Nagpur and the other one in Hyderabad. Hyderabad house property was gifted by me to him by executing gift deed in 2002. He want to sale my Hyderabad property ...
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ALL ABOUT LEAVE TRAVEL CONCESSION (LTC)
ALL ABOUT LEAVE TRAVEL CONCESSION (LTC)
Query 1]
I am a PSU employee. Recently during Oct'2014, I have performed LTC journey (myself and family) in two separate groups i.e. onward journey was performed by my family and myself separately on difference ...
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will I be taxed on sale of agricultural land?
Query 1]
I had purchased an agricultural land in the year 1987 out of my salary income & gift received from my father. The land was given on contract farming and I was earning small agricultural income on it. ...
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LIFE INSURANCE MATURITY PROCEEDS IN THE TDS NET NOW
LIFE INSURANCE MATURITY
Query 1]
Recently, Income Tax department has introduced a new section 194DA (TDS on insurance policy payments). Can you please elaborate upon the scope of section 194DA? Please inform me regarding the code which is to be ...
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“CLUBBING PROVISION IS NOT APPLICABLE IF INCOME OF WIFE IS OUT OF PIN MONEY?”
INCOME OF WIFE
Query 1]
I am an employee having income from salary only. My wife is a housewife having no source of income and living together. My simple query is:-
If every month I transfer major / entire portion ...
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“IS DOUBLE DEDUCTION OF HOUSING LOAN INTEREST POSSIBLE?”
Query 1]
Please clarify with following on the taxability of second house property. My second 2nd house property rent is expected at Rs. 24,000/- per year. It was purchased last year.
NMC Tax is Rs. 700/- per year. Housing loan ...
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“TAX SAVING VIA HOUSING LOAN: DEDUCTION DILEMMA
Query 1]
I have purchased a flat, registered value Rs. 16 Lacs + Rs. 1.20 Lacs towards registration charges, VAT etc. Total cost is Rs. 17.20 Lacs, out of which bank sanctioned loan for Rs. 13.60 Lacs. I have also applied for supplementary ...
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“TAX ON GIFT MONEY”
Query 1]
This query is regarding the gift money and tax implications. As per my knowledge, there is no gift tax payable when amount received from close relatives like father, mother, brother and sister etc. Now, my query is about ...
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“INCOME TAX IS NOT ALWAYS ON ACTUAL INCOME ONLY”
INCOME TAX
Query 1]
My father gifted two houses to me in the year 1969. In these houses, there are two old tenants, who are paying very meager rent. I want to sell the said houses but no buyer is ready to ...
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“MECHANISM TO RECTIFY THE ERRORS IN INCOME TAX CHALLAN”
INCOME TAX
Query 1]
I am government employee. My pay revision was due on Apr-2013. But actual pay revision happened on July-2014. I will be received arrears in four installments (Sep-14, Dec-14, Apr-15, Aug-15). Can I claim this arrears income in ...
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“PAY WEALTH TAX IF NET WEALTH EXCEEDS RS. 30 LACS”
WEALTH TAX
Query 1]
I am paying income tax. Still do I have to pay wealth tax? If yes, please advise as to:
When & how Wealth tax is payable?
What are the exemptions like personal jewellery, ancestral house ...
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“PREVENTIVE HEALTHCARE OFFERS TAX BENEFIT”
TAX BENEFIT
Query 1]
I have recently retired from Central Government Service. CGHS contribution deduct during the service period was exempt u/s 80D of IT Act. On retirement, a lump sum amount of Rs. 60,000/-is to be deposit with CGHS, as ...
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“DEDUCTION AND EXEMPTION ARE TWO DIFFERENT TERMS”
DEDUCTION AND EXEMPTION
Query 1]
I am BSNL employee having income from salary only. I have would like to know that which return form should I fill? One more thing I wanted to ask you that in ITR-1, what Rs. ...
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“BILL DISCOUNTING: WHETHER BUSINESS INCOME OR OTHER SOURCE INCOME ”
BILL DISCOUNTING
Query 1]
I have following query. I am agent of some company and I am making advance payment on behalf of parties, who are purchasing material from company. Company is allowing me CD and these parties are making payment ...
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“HRA EXEMPTION & PAN SUBMISSION OF THE LANDLORD ”
HRA EXEMPTION
Query 1]
I am an employee in a PSU residing at Bilaspur (CG ). I receive HRA from my Company and I live in a rented premises. But I could not submit the rent receipts to my Company for ...
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“LOGIC & LAW MAY NOT CO-EXIST”
u/s 201(1A)
Query 1]
Can u please enlighten me on following issues related to TDS. Interest rate on late deposit of TDS liability is 18% p.a. i.e., @ 1.50% pm or part thereof (effective from the date of TDS deducted). Can ...
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