The Tax Talk

Curbing cash transactions through Income Tax Law

July 17, 2017 0 Comments

Query 1] I have a query, the answer to which I haven't been able to find on the internet in spite of spending days looking for it. Both, me & my wife are working in the same company. We have ...

Article, Income Tax, Tax Planning, Uncategorized

Payment for eviction of tenant is eligible for deduction

July 7, 2017 0 Comments

Query 1] My father age 91 is a landlord in Mumbai. One of his tenants is selling his premises to a party for X amount. Out of this, he will give 25% to my father & he will keep 75% with him. ...

Article, Income Tax, Tax Planning, Uncategorized

Income tax without actual income: Second house property

July 3, 2017 0 Comments

Query 1] I am 37 years old, working in a PSU for last 14 years. I had taken a home loan in 2006 for buying a flat against my name. Since then I have been making small part payments every ...

Article, Income Tax, Tax Planning, Uncategorized

Cost Inflation Index for the FY 2017-18 notified as “272”

June 26, 2017 0 Comments

Query 1] I & my wife are both senior citizens and I want to take medical insurance for both of us and I will be paying the premium. What is the maximum benefit I can get under section 80D in ...

Article, Income Tax, Tax Planning, Uncategorized

Quoting of PAN is mandatory if transaction value exceeds Rs. 2 Lakh

June 24, 2017 0 Comments

Query 1] Whether it is mandatory to obtain he PAN if we sale the goods above Rs. 50,000/- in cash to any person? Whether the TDS/TCS is also required if the cash transactions is carried out in respect of this? ...

Article, Income Tax, Tax Planning, Uncategorized

Invest in Gold through Gold Sovereign Bond

June 10, 2017 0 Comments

Query 1] I have gone through the queries & answers on income tax on 2nd house/flat in which you have very correctly pointed out the Income tax rules provisions for 2nd house. Tax has to be paid on its rental ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

Issues in taxation of capital gain

June 5, 2017 0 Comments

Query 1] Please advise which ITR is required for my Mother (senior Citizen) for AY 17-18. She sold landed property in Aug’2016 to third party. The amount was received by online mode & DD for Rs. 45 Lakh. By this amount, ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

To curb circulation of black money, filing of statement of financial transactions (SFT) has been made mandatory by different categories of taxpayers.

May 22, 2017 0 Comments

Query 1] We have received mail from income tax department asking to file the statement of financial transactions by 31/05/2017. What is SFT? Is it mandatory to file the SFT or it is the part of income tax return? Please ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

ELSS income is totally tax free

May 19, 2017 0 Comments

Query 1] I am a senior citizen doing business with my known customers (all vat dealers) on credit basis & payment by cheque. My t/o is below Rs. 60 Lakh. As per rules, I show 8% of sales as profit and ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

INCOME TAX LIABILITY COULD ARISE WITHOUT REAL INCOME

May 18, 2017 0 Comments

Query 1] I had booked a flat in Nov. 1995 & paid Rs. 2.75 lakhs in F-Y 95-96 & Rs. 3.25 lakhs in F-Y 1996-97 i.e., total Rs. 6.00 Lacs. This amount is indicated cheque wise in the Sale Deed ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

IT department is very efficiently capturing & analyzing the data

May 15, 2017 0 Comments

Query 1] During F.Y.2017-18, my expected tax liability is arriving at Rs. 2,600/-. My income of Rs. 5,20,000/- includes EPF Pension & interest from Fixed Deposits. Bank will deduct TDS of Rs. 49,000/- during F.Y.17-18 on Bank F.D. interest income ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

Proper documentations & planning could lower tax incidence

May 12, 2017 0 Comments

lower tax incidence Proper documentations & planning could lower tax incidence Query 1] I have purchased a plot in FY 11-12 for Rs. 10 lacs from a developer. But due to some dispute, the developer was not ready to register the plot ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

No SFT to be filed if there is no reportable transaction

April 29, 2017 0 Comments

Query 1] With reference to column in The Hitavada Dated 22.05.17 on filing of SFT, I have a query. Whether the limit of Rs. 2,00,000/- i.e., whether it is for a single invoice or it pertains to the whole ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

Ownership of House property & Deduction on Housing Loan

April 24, 2017 0 Comments

Query 1] My father owns a plot in urban area of Nagpur and wants to gift it to me or my husband or to both based on the clarity on various doubts for which following queries are raised. What are ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

LTCG exemption will be withdrawn if the new house is transferred within 3 years

April 8, 2017 0 Comments

Query 1] I read your article in The Hitavada Dated 17/04/2017 about JV & have question pertaining Joint venture between land owner and developers. I have also entered in to an agreement with the builder who would be constructing 8 ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

Even cash deposited in new currency is required to be reported in new ITR

April 1, 2017 0 Comments

Query 1] I] Last year, I have filed my income tax return in ITR-2A whereas my wife has filed the return in ITR-1. However, no such form 2A is there. Whether we should wait for the new ITR forms or ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

No Income- No Tax is not the law

March 27, 2017 0 Comments

Query 1] My client Mrs. V.R. received letter/notice from I.T. Department (compliance management cell) regarding financial transactions done by her i.e., (AIR-006) Purchased immovable property valued at Rs. 30 Lacs or more. She had purchased an Agriculture Land at Kamptee ...

Article, Income Tax, Tax Planning, The Planning, Uncategorized

Tax Relief to the property owners signing Joint Development Agreement

March 20, 2017 0 Comments

Query 1] With reference to recent changes in the budget regarding Capital Gain calculation, I have following query: From which financial year, amendment in sec 45 sub sec 5A (capital gain) will be applicable? If we do the development ...

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MSME’S UNDER IBC REGIME

How to decide which tax ...

Category: Uncategorized

Curbing cash transactions through Income Tax Law

Payment for eviction of tenant is eligible for deduction

Income tax without actual income: Second house property

Cost Inflation Index for the FY 2017-18 notified as “272”

Quoting of PAN is mandatory if transaction value exceeds Rs. 2 Lakh

Invest in Gold through Gold Sovereign Bond

Issues in taxation of capital gain

To curb circulation of black money, filing of statement of financial transactions (SFT) has been made mandatory by different categories of taxpayers.

ELSS income is totally tax free

INCOME TAX LIABILITY COULD ARISE WITHOUT REAL INCOME

IT department is very efficiently capturing & analyzing the data

Proper documentations & planning could lower tax incidence

No SFT to be filed if there is no reportable transaction

Ownership of House property & Deduction on Housing Loan

LTCG exemption will be withdrawn if the new house is transferred within 3 years

Even cash deposited in new currency is required to be reported in new ITR

No Income- No Tax is not the law

Tax Relief to the property owners signing Joint Development Agreement

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