Query 1]
Whether penalty @ 200% can be levied even if the income is offered for taxation while filing income tax return? There appears to be confusion that the penalty is leviable only if the cash deposited in the bank ...
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The Blogs
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 me and my wife in respective account would attract any penal consequences now? I have received many whatsapp that it ...
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Whether two adjacent flats can be regarded as “One ” house property
Query 1]
A small query related with the words "One House", "One Flat ". Is there any restriction regarding the size of house or flat to be purchased or constructed? Suppose, someone have sold a plot & instead of buying ...
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Categorisation of shares income decides its tax ability
Query 1]
I have a query regarding capital gain on agriculture land which is away from city, is in the village. Whether sale of such agriculture land is due for capital gain tax? [Sharad Wabgaonkar- sawabgaonkar@rediffmail.com]
I wish to ...
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Keep proper records & documents of expenditure incurred on property for claiming deduction
Query 1]
I am a middle level person employed in a private firm and filing my IT Return for the last few years under the Salaried Category. I seek your advice on LTCG. I have purchased a plot of land ...
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NRI can continue their PPF account opened when they were Resident
Query 1]
My son is working in a US firm since Nov 2015.Hence he has completed more than 180 days stay in US. I understand that now he will be treated as Non-resident Indian (NRI) for Income tax purpose. For ...
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Issues in Capital gain taxation
Query 1]
In Hyderabad, I had my only a residential house. Three year back, I had sold my residential house & earned capital gain of Rs. 49 lakhs on it & deposited it in capital gain account. Second year itself, ...
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