Query 1]
I have the following queries:
If interest on education loan is not paid in previous financial year & if we pay the previous & current year interest then can we claim deduction u/s 80E for both the year ...
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The Blogs
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 tax, rebate of amount of Rs. 50,000/- in interest and some amount in principal. Now, we have taken 2nd loan for ...
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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 a piece of land for Rs. 4,00,000/ and the Govt. guideline price for the same as claimed by the registry ...
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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 following queries regarding the capital gain (long term) to be incurred:
The land was purchased in the year 1994-95 ...
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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 of savings/investments available to employees to claim exemption in income tax in FY 2016-17 other than in Section 80C and ...
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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 and one plot and a residential house in Nagpur. Our father and mother expired few years ago. After their death, ...
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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 to know whether he would be able to avail the deduction u/s 80 DDB and up to what limit and ...
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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 will I get, is liable for tax. The confusion is whether, the institute will deduct tax there in Paris or ...
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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 Fixed Deposits). To obviate delay, several visits to Bank and other hassles in obtaining Form 16(1)-TDS Certificate, I propose to ...
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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 the rules? Kindly clarify for the benefit of salaried employee. Second, max life insurance falls u/s 80C tax exemptions or ...
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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 is not enough. I am in tax bracket of 20%. My son is
in job in a different city and he ...
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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 stays away from her husband and don't have any children. After her retirement, from her retirement dues she withdraws sum ...
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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 have two granddaughters, aged 11 years and 6 years. I intend to gift money to my son, daughter-in-law and granddaughters my ...
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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 tax return? There appears to be confusion that the penalty is leviable only if the cash deposited in the bank ...
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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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