Query 1]
I have taken home loan of 25,00,000/- in the year 2011 for residential flat at Thane. And got it's possession in the same year. I am paying EMI every year of Rs. 2,75,652/-. Out of this, for the ...
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The Blogs
“INCOME TAX : EXPENSES TOWARDS SPECIFIED MEDICAL TREATMENT IS DEDUCTIBLE”
Query 1]
I had recently undergone a surgery and have incurred an amount of Rs. 2.15 Lacs on that. Additionally, now I have to incur the monthly expenditure of Rs. 8,500/- on the regular medicines. My income source consists of ...
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“PROCEDURE TO ISSUE TDS CERTIFICATE ON SALE OF IMMOVEABLE PROEPRTY”
Query 1]
I have read with interest your last issue of Tax Talk covering applicability of TDS on immoveable property. I have a further query arising from your issues. How the Form 16B (TDS Certificate) is to be generated for ...
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“ENJOY ADDITIONAL DEDUCTION OF RS. 1,00,000/- TOWARDS INTEREST ON HOUSING LOAN”
Query 1]
I have taken Housing Loan of Rs. 24 Lacs in July 2013 and tentative amount of interest to be paid during FY 2013-14 shall be around Rs.1,08,000/-. The possession shall be handed over to me by the end ...
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ALL ABOUT TDS PROVISION ON SALE OF IMMOVEABLE PROPERTY
Query 1]
I am writing this on behalf of one of my friend who is a silent partner in a trading firm. The said firm has not filed the income-tax return since its inception 5 years ago. It is told ...
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SAVING TAX ON LONG TERM CAPITAL GAIN- ISSUES INVOLVED
Query 1]
I am presently residing in a house purchased from DDA in 1986 in the joint names of self and wife by also taking loan from the Bank. A case regarding my father’s residential property was decided by the ...
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“SAVING TAX ON LONG TERM CAPITAL GAIN- ISSUES INVOLVED”
Query 1]
I am presently residing in a house purchased from DDA in 1986 in the joint names of self and wife by also taking loan from the Bank. A case regarding my father’s residential property was decided by the ...
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AMOUNT RECEIVED ON SURRENDER OF TENANCY RIGHT IS TAXABLE !
Query 1]
A mother of my friend who is a widow seeks clarification/advice from you regarding income from ancestral property. As per the tax law, income received through disposal of ancestral property comes under Capital Gain Tax & to avoid Capital Gain Tax amount received through disposal of property should be utilized in purchasing of house or in construction of house. Her share after ...
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TAX SAVING TIPS FOR LONG TERM CAPITAL GAIN
Query 1]
I am 72 years retired Government employee. I along with my late brother inherited a house from my mother after my mother’s death. We sold the house on 20th June, 2013 and shared equal amount of Rs. 70 ...
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NHAI / REC BONDS VS. BANK FDR: DILEMMA OF INVESTMENT
Query 1]
I have long term Capital gain of Rs. 5 Lacs by sale of only house in my name. Presently, I have annual income of Rs. 70,000/- from fixed deposits and don’t have any other source of income. Since ...
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“ALL ABOUT TDS PROVISION ON SALE OF IMMOVEABLE PROPERTY”
Query 1]
I am writing this on behalf of one of my friend who is a silent partner in a trading firm. The said firm has not filed the income-tax return since its inception 5 years ago. It is told ...
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ADMISSIBILITY OF DEDUCTION TOWARDS MEDICAL EXPENDITURE
Query 1]
I have a query, I failed to file IT return for AY 2013-14 before due date. Now, how I can file the IT return? Kindly advice. [mashivananda@gmail.com]
Opinion:
Income tax return has to be filed within the due date prescribed ...
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ENTERED INTO AN AGREEMENT TO SALE IN 2005 & WILL BE EXECUTING SALE DEED NOW: INCOME TAX IMPLICATIONS
Query 1]
I am having an urban Agro Land in my HUF capacity which I want to sell. To save LTCG, can I invest the LTCG in 3 years LTCG Fixed Deposit Account for construction of another new Residential House ...
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SALE OF AGRICULTURAL LAND: TAX IMPLICATIONS & TAX SAVING OPTIONS
Query 1]
I am a Government employee and paying income tax in 30% tax slab. My question is as under:
My father purchased agriculture land @ Rs. 80,000/- per Acer in the year 1980 and distributed this land to our 4 ...
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NATURE OF INCOME DETERMINES DEDUCTIBILITY OF EXPENSES !!
Query 1]
I have following query about Income Tax implication for my earnings. I am pensioner and getting pension which comes under tax slab. I have interest income. Recently, I have joined service on contract basis for 11 months for ...
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LOST THE PAN CARD & DON’T REMEMBER THE NUMBER ALSO: REMEDY
LOST THE PAN CARD & DON’T REMEMBER THE NUMBER ALSO: REMEDY
Query 1]
I am salaried person having gross salary more than Rs. 5 Lacs. The ceiling limit of Rs. 5 Lacs for e-filing of income tax return is with reference ...
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“BUILDER ALSO LIABLE TO PAY TAX ON THE DIFFERENCE IF THE STAMP DUTY VALUATION IS HIGHER THAN THE ACTUAL SALE CONSIDERATION
Query 1]
Please refer to your Tax Talk Dated 08.04.2013 which was very informative. In continuation to that, we have been told that there are changes on the taxability in the hands of builders also if the flat/office block/ etc ...
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ERROR IN PAN CARD, HOW TO GET THE PAN CARD RECTIFIED
ERROR IN PAN CARD, HOW TO GET THE PAN CARD RECTIFIED
Query 1]
My wife is a Central Government employee & her gross salary is Rs. 2,90,000/- without giving effect to the provisions of sections 80C to 80U. Her total salary ...
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