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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The Blogs
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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S.B. A/C INTEREST- FROM BANK – TAXABLE: FROM POST OFFICE – EXEMPT
saving bank account interest
Query 1]
Sir, I have a question regarding a life insurance policy and others as under: -
I have read that if endowment policy is taken for 5 years & the yearly subscription is more than 20% ...
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MEDICAL REIMBURSEMENT IS ELIGIBLE FOR TAX BENEFIT
TAX BENEFIT
Query 1]
Sir, I am a Central Govt. Employee. My Father & mother both are diabetic patient. Since I am a Government employee, I am getting the medical reimbursement of my parents. I had already spent Rs. 50,000/- towards ...
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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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CAN I CLAIM DEDUCTION U/S 80DD & 80U SIMULTANEOUSLY?
DEDUCTION U/S 80DD
Query 1]
I am working in State Bank of India, Mouda Branch . I am suffering from locomotors disability with 50% disability. My wife is household lady not filling any return also suffering locomotors disability (50% ...
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NOT RECEIVING H.R.A.- ENJOY THE DEDUCTION TOWARDS RENT PAYMENT U/S 80GG
not receiving HRA
Query 1]
I have read about availability of Deduction u/s 80DD of the Income Tax Act-1961 in your previous column of Tax Talk. Sir, I need your help. My daughter is mentally challenged (down syndrome). Can I get ...
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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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CLUBBING OF MINOR’S INCOME – WHEN NOT REQUIRED
MINOR’S INCOME
Query 1]
Kindly advice on the following query:
I got registered my house in HUDCO, Bhilai, Distt.: - Durg (C.G.) for which I made payment to State of Chhatisgarh as follows:-
For Patta and lease amount for 10 ...
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INCOME TAX BENEFIT TO PHYSICALLY HANDICAPPED PERSONS
INCOME TAX BENEFIT
Query 1]
I am retiring on 30th June 2010 and my employers are deducting tax on gratuity amount over and above Rs. 3,50,000/- and asking me to get refund from I.T. Department
Whether the limit is ...
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TIMING OF INVESTMENT TO SAVE LONG TERM CAPITAL GAIN TAX
LONG TERM CAPITAL GAIN
Query 1]
I have heard that any surplus invested in section 80C above 1 Lacs can be transferred to once spouse showing it as advance and settling it by paying the amount by a/c payee cheque.
Sir, ...
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FOREIGN REMITTANCES & SUBMISSION OF FORM NO. 15CA/ 15CB
FORM 15CA/ 15CB
Query 1]
Please clarify for F.Y. 2009-10:
Whether standard deduction benefit is available for pension received by the employee from PSU. I am getting Rs. 17,000/- as pension/year. How much deduction is available? Please indicate section.
...
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FILING e-TDS RETURN WITH INSUFFICIENT PAN
FILING e-TDS
Query 1]
Sir, while filing quarterly e-TDS return: If total number of persons from whom TDS is deducted are 10 & if we don't have PAN for 3 persons, can we still file the TDS return? If yes, ...
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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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SALE OF SHARES OF UNLISTED COMPANY & EXEMPTION U/S 54F
EXEMPTION U/S 54F
Query 1]
By oversight, we have recovered less Profession Tax (in M.P.) from employees in the F.Y.2009-10. We have deposited the amount in the State Treasury but the same is recovered from the employees in Apr-2010 (i.e., ...
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