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Questions Answered so far...

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ITR Intimation u/s 143(1) - Revise or Rectify? 
Question Hi, I have a question regarding the Intimation Demand Notice u/s 143(1) which I received 20 days ago against the return I filed last year …

The ITR-1 AY 2013-14  
Question 1. Residential Status - Indian 2. Age - 67 3. Male retired The ITR-1 SAHAJ individual Income Tax Return AY 2013-14 has part C has deductions …

How much Mediclaim (for self only) Limit For State Govt.Service Retired Person. 
Question Hi, My Father was retired from U.P State Govt. service at 31-july-2012, his age is 60 year & after that he was suffered from cancer so …

Service Tax Doubt 
Question Sir, Suppose we have to pay service tax Rs. 6,75,000 and we paid only Rs.2,50,0000 in march 31st 2013 and if we pay the remaining amount …

Interest exemption of Housing Loan - Self occupied property 
Question I had availed Housing Loan of Rs.3.00 lacs before 1.4.1999 for construction of house- self occupation. Again during 2002 I had availed …

Capital gain taxation & Fair market value 
Question Sir, I am a govt. servant with annual gross income approx. 23 lacks. After the death of my father, after mutual agreement & distribution …

Tax on interest income of bank FDs 
Question Sir 1. If i have a bank fd which gets renewed after one year automatically along with the interest amount, then do i have to pay tax on …

IT on Cash Gift received by Spouse from Parents in Law 
Please enlighten on this Issue. A & B are Husband & Wife. A is a Salaried Person & B is a Housewife. A & B are having Joint Bank Account and this …

Is it possible to get my tax back?? 
Question Sir, I am a defense employ. My last year form 16 had a tax deduction of 80 thousand. Is it possible to get that sum back by using my Pan …

Deduction on notice period payment to employer 
Question I need clarification on the below mentioned point: In case if a employee make payment to employer for notice period, then whether the …

CLA Perk. 
Question Dear members, For calculation of CLA perk, we have to consider all taxable monetary payments (by whatever name called) in respect of the …

Tax liability on income tax u/s 194B already deposited by Co. 
Question Sir, I am a permanent Indian 40 years old male. Last year my elder daughter won a contest and in its prize she along with her other family …

Service tax on rent  
Question We have rented out a premises to India Tourism ministry of tourism. and we have started raising services tax bill. Till today we have not …

How to get the exemptions from income tax against land Acquisition compensation 
Question Haryana Gov. acqured our land for severage tretment plant in 2003. we were not satisfied with the amount given to us against land acquisition …

Anamoly in FORM 26 AS, TDS 
Question My previous employer has credited an amount of RS. 50000/- into my Tax Credit (FORM 26 AS, TDS). But this amount was never paid to me. …

Section 80D - Preventive HealthCheckup 
Hello, There are two sections for Preventive HealthCheckUp under section 80D, both having maximum eligibility of Rs 5000. One section is for self …

LIC Agents Commission 
Question LIC agent has a commission income ,does he claim the commission paid to other agents. these expences called as? Answer Dear …

Moved to Dubai during I week of November 
Question Dear Sir, I work for a bank and moved from India to Dubai during November 1st week and drawing salary from dubai from november onwards. …

Salary Transfer to Savings Account 
Question Dear Sir I am a graduate Civil Engineer working in Saudi Arabia for Past six months on Business Visa as residence permit will take some …

Can my wife claim HRA? 
Question Hi Experts, Myself Himanshu Aggarwal. I and my wife are working in Gurgaon, Haryana. I have a house in my name in Gurgaon. However, we …

Urgent Help...High Value Transaction!! 
Hi Experts, I sincerely require your help regarding the given matter,I stay in Bangalore…..My grandfather and mother sold a property worth 37 Lakhs …

Penality for non payment of interest calculated u/s 234A, 234B and 234C 
Question A Private company has not paid interest u/s 234A, 234B, 234C although it had paid self assessment tax. What will be impact in so far as tax …

EMI tax calculation for Company Leased vehicle 
Question I am working for an Software Company in Bangalore, Karnataka. I have purchased a car on Company Leased Vehicle scheme offered by my organization. …

Long Term Capital Gains Tax 
Question I have purchased a house for about 42 Lakh under a self financing scheme of UP(Awas Vikas). I took possession of this house in April 2011. …

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TAX ON FIXED DEPOSITE 
My dady already make FD of Rs. 400000 for one year and today means 23/11/2012, this FD matured So dady get Rs.4,47,000 in this year. Dady paid 3000 tax …

Regarding Child Education Tution Fees 
Question It states that under section 80C we can invest amount for 2 children Tution Fees. My question is what should be printed on the receipt, Tution …

Pf withdrawal after 5 years (but discontinued service) 
Question I am writing this query on behalf of my wife on her PF account with some company (private limited) in past. Date Of Joining = 19-Feb-2007 …

Capital Gain Tax on my Father 
Question My father had purchased an agricultural land in Bihar in 2008 in 22 Lacs and now he wants to sell it and handover the money to his daughter …

Tax on Salary Income from Foreign Employer  
Working with UK Company and this company not register in India but they pay salary to me in my Indian account by NFT. I stay in India. Can I get any …

Schedule 5A - Portuguese Civil Code 
Question I am a Goan, my marriage was registered under the Civil Registration Services of Goa. I have a salaried job in Mumbai. My non salary-income …

Income-Tax-New Form 15H 
Query In the new Form 15H,I have doubt on TWO columns- namely the following for Assessment year 2014-15 for which this form is to be submitted now: …

SBI RATE FOR PERQUISITE VALUATION 
Question CAN U GIVE ME SBI LENDING RATES AS ON 01/04/2012 FOR VALUATION OF PERQUISITE FOR CONCESSIONAL RATE LOANS GIVEN TO EMPLOYEE A.Y.2013-14 …

Joint Account with Wife - TDS Claim 
Question How Joint Account holders can claim TDS? Dear sir, I have a joint account with my wife. Now I am depositing some amount in which TDS …

Tax for design service 
Question Dear Sir, I have got offer from one UK base company. They are giving me monthly payment & some other charges/month. It is like office …

Commutation deduction from monthly pension 
Question Dear Sir, I'm a retired senior citizen. In the year 2012-2013 I received pension as; Basic : 421540.00 D.A. : 288932.00 Total : 710472.00 …

Motor car hire charges 
Consider the following case: 1) Motor car is hired by the Employee, at say Rs. 20000 per month. Rental bills are raised in the name of the Employer/Company. …

Double tax levied. Complete in US and in India. How to claim refund in India using DTAA? 
Question: Eligible to claim refund in India using DTAA? Hello Team, I was on US Deputation from Nov 6, 2010 to Nov 11, 2011. I have paid following …

Advance tax Not rated yet
Question Sir, during FY 2012-13, I have income from (I) salary ( recd. from Govt. of India), (2) FD with Bank and (iii) STCG. In respect of salary …

IT return filed in the wrong ITR form Not rated yet
Question Dear Sir, My friend has e-filed his IT return two days before for the assessment year in ITR 1 instead of in ITR 2 as he had received …

Securities Taxation. Not rated yet
Question Dear Sir, I am a state government employee with a annual income of 6 lac. I opened my demat investment account with a bank on March …

Deduction u/s.54EC of the I.T.Act, 1961 Not rated yet
Question Respected Sir, 1 There is a single JOINT bank a/c between husband and wife. 2 1st holder is WIFE and 2nd holder is Husband. …

Income Tax Questions on Deduction u/s 80DDB Not rated yet
Question Sir, my father is 68 years old and pension holder is suffering from neurological problem, under section 80DDB Can I claim income tax …

Cash payment more than Rs. 20000/- Not rated yet
Question I am govt. servant, While purchasing the car in the year 2012 I took personal loan from Bank and also paid Rs. 2 lakh in cash, some amount …

Capital Gains Not rated yet
Questions If a property is acquired before 1.4.81 then for the purpose of calculating capital gain on transfer of long term capital asset hot to get …

How can i save tax amout, please find my income details Not rated yet
Question After considering all my investments( PF+LIC 1Llakh, 1Lakh for house loan) the Taxable income is Rs.1041100 please find the tax calculation …

Tax treatment of Salary due in February and March paid in April or May Not rated yet
Question I have been working with Bank in February 2013 I have tender my resignation for joining other institute. Now they paid my salary in May …

Salaried Employee & Now engaged as "Representative" of Foreign Company Not rated yet
Question Dear Sir, I am working in a Indian Firm as an employee on salary along with work as a consultant for a Indian Origin company who pay me …

How much savings we have to do per year so that very less tax will get deducted Not rated yet
Question How much savings one person should show under section 80c so that very less or no income tax gets deducted to him if he has salary of 6,00,000 …

Min. days to spent overseas for NRI requirement for seamen Not rated yet
Question I m working as seamen, and wanted to know, how many day's to be sail outside India to become an NRI, and whether arrival and departure date …

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Govt - Employee Medical Reimbursement Not rated yet
Question What is tax rebate or applicability about the medical reimbursement made by employer? Answer Please check this link Perquisites …

Income tax on Indian salary, while serving in Abroad Not rated yet
Question In 2012-13, I traveled to (3rd week of Jun)abroad on a project assignment with work permit. Initially as the project duration visibility …

Can I claim HRA and Interest on House Loan before getting the possesion of the property Not rated yet
Question Hi, I am currently staying in a rented house and purchased a flat which is under construction in the same city(Infact close to my rented …

House rent Not rated yet
Question Dear sir, I am getting pension for which I am being taxed. Now my question is I am staying in a rented house. Can I get any tax rebate …

TDS on refund amount of superannuation  Not rated yet
Question Whether TDS is applicable on refund made by the company to the employee in respect to superannuation amount. Since after the employee …

Attire Allowance Not rated yet
Question Hi, I would like to know how attire allowance is related to salary? How much is maximum amount exempted under attire allowance? …

TDS Reg ? Not rated yet
Queston I'm a director for a pvt. ltd. construction company, I just started 6 months back and my question is whether to deduct TDS for the purchase …

Income after selling of Mutual Funds - Reg. Not rated yet
Question: Dear Sir I have Reliance growth fund for more than 4 year. I am selling the entire units in financial year 2012-13. Is income I earned …

Income Earned Abroad Not rated yet
Question Sir I am working outside India from november 2011. and I get my salary on NRE account of axis bank in India. Now I want to file ITR and want …

Regarding Capital Gains Not rated yet
Question I would like to have an opinion on the below mentioned subject....: Suppose I sold a residential house property and incurred capital gains. …

INCOME FROM ANCESTRAL PROPERTY Not rated yet
Question Sir please advise if property give to son by will & earned income from property by son please advise this income included income or HUF …

Private limited companies where property is stock in trade Not rated yet
Question I am rajeev mansharamani ,M 40 R/o kanpur India Can a company registered under companies act wherein property is stock in trade, pay …

LTA for Dependent Parents Not rated yet
Question Can I claim LTA for my Father in law and mother in Law, They being dependent on me. They Dont have any son, but have a shop of their own. …

Service tax on supply of tractor on rent.  Not rated yet
Question I have a Man Power Supply Agency and registered with Service Tax. Recently I have also supplied Tractor on rent basis for sprey in agriculture …

Tax questions - gift deed money to mother from USA and she invests in India Not rated yet
Question I’m currently in USA and since 1 year, I’m sending money to my mother’s (her age lessthan 50yrs) bank account in India every month to the …

Transfer of savings from abroad to Indian account Not rated yet
Question: I am working in Mumbai and a regular tax payer. My husband has gone to Sydney for 8 months on his office assignment and is being paid there …

Gift to Spouse Not rated yet
Question Hello, I have two questions. First is, I am in high tax bracket slab and have an FD of Rs.50L, on which I am paying tax of 1.4L. Since my …

Doubt in mega exemption notification Not rated yet
Question Service by an unincorporated body or a non- profit entity registered under any law for the time being in force, to its own members by way …

Who will pay income tax when job switch in mid fy. and what should i do when that happens  Not rated yet
Question I left my previous job on Nov-12 and join new institution on Dec-12, That reason this year my income tax has not been paid by my current …

PF Withdrawal Taxation Query Not rated yet
Query: I have been working for 13 years now and I have. 2 pf accounts. One having pf from 2002...2005 and another r from 2006...2012. My current employer …

Return in reply to Notice received from income tax officer. Not rated yet
Question Sir, I received a notice from Income tax department for not filing return for 2007-08 previous year. Tax payable was entirely deducted …

Tax Implication on Sale of Residential Property Not rated yet
Query: I am in possession of flat since 1995. I have purchased one more flat in same building 18 months ago by taking housing loan. Now I want to …

Wheather gift received in cheque bill be taxed? Not rated yet
Question Wheather gift received in cheque bill be taxed? Answer Yes. If it is from relatives not taxable. Thanks for Contacting Accouting-n-Taxation …

Capital gain taxation & Fair market value  Not rated yet
Question Sir, Thank you very much for clarifying my quarries. In continuation to earlier quarries, I want to clarify these-- If FMV of property …

Provident Fund received after retirement is it taxable or not Not rated yet
Question Dear Sir I will receive appox Rs 15,00,000/- towards PF from British High Commission Trust. 1.Is PF taxable in Income Tax after retirement? …

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Service tax on construction activity in the state universities Not rated yet
Question When a construction activity taken up by a contractor with state government universities , is service tax payable on the services done. …

Long Term Capital Gain Query Not rated yet
Question Dear Sir/Madam, Could you please advise me on below queries: 1) If I get long term capital gain by selling a residential plot in 2012 …

Is there a capital gains tax if I sell the flat immediately after taking possession from the builder. Not rated yet
Question Sir, I have taken possession of a flat from the builder very recently (in October/November 2012) and now I want to sell the same. The …

Tax on Rent from House Property Not rated yet
Question Sir/Ma'am, I am 73 years old, male,, non-resident Indian. I have given my house on company lease accommodation which is paying Rs. …

Capital Gain - Agriculatural Land Not rated yet
Question I bought a agricultural land of Rs 2 lakh in 2009 and sold in 2012 rs 5 lakh. I invest these 5 lakh to another property. I want to show …

Capital Gain Income gifted to family member Not rated yet
Question My grand mother is a citizen of India. She has long term capital gain income of Rs 10,00,000 and wants to gift that money to her four sons. …

Housing loan interest benifits Not rated yet
Question I am planning to take housing loan of Rs 25 lacs. This is my second flat. Flat is under construction and will take atleast 2 years for …

Claiming both HRA & Housing Loan benefit Not rated yet
Question I have avail housing loan and started EMI payment after 70% disbursement and still I have not get the possession of property. Can I claim …

IS FILING IT RETURN NECESSARY IF SPECULATIVE INTRADAY TRADE IS A LOSS AND OTHER INCOME IN LESS THAN 1 LAC Not rated yet
Question I am a house wife with annual income of less than Rs. 1 lac by gift and private tuitions. I did intraday speculative share trading in …

Mat Calculation with Deferred Tax Assets provision Not rated yet
Question My profit after tax is 303472 Provision for income tax is 19035 Provision for deferred tas assets is -222611 Nett Profit=303472 But …

Service Tax Registration Not rated yet
Question I am working in a oil company, While I preparing P& L a/c I saw the freight charges is more than 1 lakh, so if there is a limit to submit …

LIC premium paid for elderly dependent Father Not rated yet
Question Hi Sir, I want to know in which case I can claim tax assumption for LIC premium amount paid for elderly dependent Father. He is 60+ …

TAX LIABILITY ON VOLUNTARY RETIREMENT PARTICULARLY IN RESPECT OF ENCASHMENT OF LEAVE Not rated yet
Question I have voluntarily retired in April 12 from Nationalized Bank and recd. Rs.4.31 as P/L Encashment. I would like to know whether Nationalized …

School Fee Perquisite Not rated yet
Question I am a Public school teacher and two of my child studies in the same school. The school fee for them is say Rs 50000 each. I don't have …

ABOUT ITR Not rated yet
Question Me and my sister we both are self employed professionals and what ever payments we get from the companies we provide our services to they …

I am an employee at a state university Not rated yet
Question Can I deduct un-reimbursed expenses I incur for my job? Answer No such deduction available from Salary. Refer: Deductions …

I want to get fund from my NRI wife Not rated yet
Question I am thinking purchase shop in India Mumbai in my name my wife give found 17 lac NRI a/c to my SB a/c any tax or any problem? Please give …

GPA/Conveyance deed Not rated yet
Question Bought a dda flat in 2000 against GPA and applied to DDA for conveyance deed in 2006. When can flat be sold to avoid capital gain. Thanks …

INCOME TAX RETURN Not rated yet
Question I AM A SALARIED EMPLOYEE BUT I HAD NOT RECEIVED ANY SALARY CERTIFICATE & SLEEP FROM MY EMPLOYER. CAN I FILE INCOME TAX RETURN WITHOUT THIS …

Tax on saving account Not rated yet
Question Living in andhra pradesh,age 24,male. I am a PSU employee(just 1 yr service completed)what ever salary I get my company deducts income …

INCOME TAX Not rated yet
Question I AM A SALARIED EMPLOYEE IN A GARAGE. I RECEIVED SALARY IN CASH OR THROUGH DIRECT TRANNFER TO MY BANK ACCOUNT. I WAS NOT RECEIVED ANY …

Taxes on dividend received from Nepal resident company Not rated yet
Question An Indian company has invested in the shares of a Nepal resident company. Nepal Resident company distribute dividend and deduct dividend …

Tax on F/D Interest  Not rated yet
Question Dear sir, I have returned to india after being an NRI for almost 10 years. But from April 2012 to this 31-03-13 March, I have spent …

Getting my loan back from my aunty Not rated yet
Question I have given 6 lac as a loan to my aunty by chque, but now she is returning back money by depositing small small amount as cash in my account. …

DJ entertainment & Bhangra group Tax query Not rated yet
Question I am having DJ Entertainment business in punjab. I am managing wedding functions (music) e.g. Bhangra group, Dj rental etc. My question …

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Heirship - LTCG  Not rated yet
Question My father purchased a na plot(purchase date :2001) in his name and my name. Later on he died on 27/05/2005. Later on we got this property …

Income Tax Return Not rated yet
Question Dear Sir, I have running two business at two different places with two different TIN Nos. Now I want to file my Income Tax Return. But …

I earn in Dubai but salary received in Indian Bank A/c Not rated yet
Question I am an Indian resident. I am 37 years old Male. During the FY 2012-13, I have received salary from an Indian Co. for 1 month i.e. April …

Foreign Shares Money Not rated yet
Question Well my company had a scheme where in I can put some money aside from my salary to buy shares at end of 3 years. Which I did follow and …

can a holding company set off its profit against loss of its subsidiary company under income tax provisions Not rated yet
Question Can a holding company set off its profit against loss of its subsidiary company under income tax provisions? Answer NO :-) …

Gift from father to his son Not rated yet
Question A father wants to give some money to his son but to ensure that his son don't have to pay any income tax on such money as this money is gift …

Regarding Income tax returns Not rated yet
Sir, I am a salaried employee with a proprietor company. I was issued offer letter by the parent company and get salary in chq from its sister company. …

Regarding Income tax returns Not rated yet
Question Sir, I am a salaried employee with a proprietor company. I was issued offer letter by the parent company and get salary in chq from its …

Tax Benefit On Property Purchase Not rated yet
Question I and my wife are co-owners & co-borrowers of the flat bought in Mumbai. For simplicity my wife transferred the amount from her bank account …

Question about bussiness of plying cranes Not rated yet
I owned 2 cranes. Can I file return under section 44ae? Is crane fall under the definition of heavy goods vehicle? Give me full details about it …

OCI resident in India owning business overseas. Not rated yet
Question Hi, Please note I am a foreign national residing in India for the past 18 months and I am approaching the end time of my RNOR status. …

About HRA Not rated yet
Question I am a salaried person and have own residence, may I deduct HRA allowance from my gross capital ? Answer If your question is …

Capital gain tax on housing property Not rated yet
Dear sir, If I purchase property in march 2013. and sell my property(3 years older) in april 2013 Can I eligible to set off long term capital gain …

Property tax paid for self occupied house Not rated yet
Question Property tax and water tax paid to self occupied house is eligible for deduction? Answer For self-occupied property, no. You …

Tax on FD Not rated yet
Question Dear Sir I would like to know how taxation affect FD investment. One of my friend have an investment in State Bank of Travancore …

Transfer of funds from foreign country Not rated yet
Question I am 50 years old male resident in India. My friend works in Dubai and wants to transfer Rs.10-12 lacs to my account to help me complete …

We are freelancers, and what is our tax liability? Not rated yet
Question I am an Indian national (39 years old male). My wife is also an Indian national (she is 37 years old). We both are working from home. …

Cash payment limit to transport Not rated yet
Question What is the limit of cash payment of transport bill? Answer Rs.30,000 Thanks for Contacting Accounting-n-Taxation.Com

Income tax rebate on house under construction Not rated yet
Question I booked one house in Govt approved project and took the loan of 20 lacs in June 2010 from bank. I claimed income tax rebate on interest …

Registering New company Not rated yet
Question Hi, I am 28 yr old Indian citizen from Ahmadabad, Gujarat. I am planning to start a private company with my colleague. Our company will …

Want to buy property for someone else Not rated yet
Question Dear Sir or Madam My question is about buying a property for someone else to live in. Someone else is Mr. A here. I want to buy a property …

What are the taxes to be paid if main source of income is from internet (blog/website) Not rated yet
Question Please answer all my questions.. 1. what are the taxes that are needed to be paid (income tax, service tax, etc.,) by a website owner/blogger …

Money received from son/daughter - Other Income or Gift? Not rated yet
Question IN case a TAX PAYING employee/official receive some smaller amount in USD from his son/daughter who is staying abroad once in a way totalling …

Tax treatment of selling a flat before possession Not rated yet
Question I own a flat in Faridabad (booked 5 years back) and have been paying EMIs for last 3 years. Possession is expected in next 6 months. …

Perks on House Accomodation Not rated yet
Question Sir, I am a bank employee. bank provides unfurnished accommodation. i.e. rented hose is taken on my name and bank reimburses Rs. 4000/.The …

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Acquire of land - TDS on Compensation Received Not rated yet
Question Agriculture land acquired in 1986 by punjab state electricity board. But court compensation amount pay ass.2011-12. 3600000. and tds amt. …

LTCG Not rated yet
Question If I take entire sale consideration on 30/03/2012 and handover possession and do sale registration on 02/04/2013, will my LTCG liablities …

LTCG - investment in eligible bonds Not rated yet
Question For LTCG from sale of residential flat, 1) Can I use part of it for purchase of new flat and part of it for investment in eligible bonds. …

Can I avail HRA benefit and housing loan benefits together Not rated yet
Question Hi, I have purchased a flat in Wagholi (Currently in Gram panchayat and will come under Pune corporation in a year time) near to Pune …

Can donations to parents be tax free? Not rated yet
Question Hi, From news paper, I came to know that donations given to parents can be exempted from our income. Every year I pay some amount to …

Is that amount will be taxable for my father witch I will transfer to my fathers account. Not rated yet
Question I am Buying land in India. and land owner is asking money in cash (3,000,000.00). So, I am planning to transfer money to my father account …

Reply to demand notice Not rated yet
Question We received Demand notice from Income Tax Department but we already tax paid then how to reply income tax about it. it also reflect in 26as …

Home loan deduction Not rated yet
Question Sir, I am a U.P. state govt servant and residing in a government quarter. I’ve taken a home loan to purchased a semi built house, as the …

Long Term Capital Gains - Invest in more than one property? Not rated yet
Question I want to invest in buying a new residential property in order to get exception from LTCG arising out of sale of my old residential house. …

Pay tax consultant Not rated yet
Question We are a family of 4 in mumbai. one is in the 10% tax bracket and 3 are in the 20% bracket. I do all the accounts and estimates and meet …

INCOME TAX Not rated yet
Question IF EMPLOYEE ON LEAVE FOR ONE MONTH & HIS TOTAL WORKING MONTH 11 SO WHAT WE TAKE 11 MONTH OR 12 MONTH TO CALCULATE INCOME TAX Answer …

Tax on Cash Deposit Not rated yet
Question I am an employee and had been giving most of my monthly salary to my brother for his business setup, in cash during a span of 2 years, from …

Tax needs to be paid for 50 lakhs income as comission Not rated yet
Question Hi , I am a freelance property consultant. I am going to get 50Lakhs as commission for one of my dealing.. Can u please suggest me …

EXEMPTION FOR SOCIETY Not rated yet
Question WE ARE A STATE GOVT FORMED SOCIETY AND ARE BEING THR STATE GOVT FUNDS ONLY, AND THE MAIN OBJECTIVE OF THE SOCIETY IS TO IMPLEMENT AND MONITOR …

HOUSING LOAN EXEMPTION  Not rated yet
Question I have taken a housing loan of Rs. 4 lac on 01.11.2010 for extension of second floor of residential house from schedule bank in the joint …

Donation made under section 80GGC (Donation to political parties) Not rated yet
Question Sir, My self Amit Agarwal,Male, Resident in India, aged 27 years. My question is whether is there any limit on donation made to political …

HRA Tax Deduction Not rated yet
Question What % of HRA will be deducted and it should be calculated according to Indian tax act? Answer Please refer House Rent Allowances …

Can I claim HRA and Housing loan benefit at same time - same city? Not rated yet
"Hello, I am planning to move to a rented apartment paying 16k per month. I plan to rent my own apartment for 10k per month. ""Can I claim HRA and House …

Regarding House Loan Exemption Not rated yet
Question I am a salaried professional, I purchased a house in my wife's name with a house loan taken in my name. Would I be able to claim the housing …

Total Annual Income Not rated yet
Question Hellow sir, I am govt employee, My 3 pay(+ acp+DA bill )still pending in treasure office from dec 12. I want to know can I claim …

Total Annual Income  Not rated yet
Question Hello sir, I am govt employee, My 3 pay(+ acp+DA bill )still pending in treasure office from dec 12. I want to know can I claim rebate( …

PF Withdrawal after 5 years but includes 2 year study period Not rated yet
Question I need your help on a query regarding taxation of PF Withdrawal. Here is the chronology of events - 1. 18th June 2006 - Joined Company …

Income Tax rules regarding deposit of Rs 1.2 lacs in salary account. Not rated yet
Question Respected Sir, I am working with an MBA college in Nagpur. My total income for current assessment year is 2.5lacs. I got 1.2lacs(not …

LIC Premium paid by my Wife Not rated yet
Question My Wife is paying LIC Premium monthly as her salary is below Taxable Income, being her husband can I claim deduction u/s 80C as my Income …

Loan and tax deductable Not rated yet
Question If I loan my husband 100,000 and charge him interest so that he can buy a property to rent out in his sole name. Can he claim the interest …

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For how many belated assessment years we can file itr? Not rated yet
Question For how many belated assessment years we can file itr now?. Answer You can file return for any number of years. But, only the …

Tax on inherited capital gain income Not rated yet
Question If a person sold his house in current year and transferred the sale proceeds to his sons, will the income be taxable in the hands of sons …

Is there Incidence of Capital gains? Not rated yet
Question We are a small Private Limited Company registered under the Companies Act 1956 , having an Authorized Share Capital of Rs. 10 Lakhs ,which …

Related to civic charge and smallfamily norms incentives Not rated yet
Question Sir I am serving as tgt in govt. hr. sec. school bordumsaat arunachalpradesh. I am residing in govt.quarter and paying Rs 120 monthly, …

Futures and Options trading along with long-term and short term investments in cash equity shares. Not rated yet
Question Residential status - India staying in Delhi, Age 40 years; Gender Male Sir I had one query related to investors who do trading in 'Future …

Relief in Income Tax Not rated yet
Question Sir, plz urgently answer my question. I am a govt. employee. I got arrears of 21 months in this year which was originally for the last …

Tax Saving on Sale of Shares Not rated yet
Question: I am Indian citizen..age is 54 years...my question is how to avoid tax from sale of share?? if any one gets Rs.6 lakhs in a year on sale …

Taxability of Agricultural Loan waiver in hand of farmer Not rated yet
Question Whether waiver of agricultural loan by bank be treated as income from agriculture and hence non taxable or the same would be taxable under …

'Business', Subcontractor or Self employed? Please help Not rated yet
Question Request guidance please. I have been filing IT returns for several years (through a CA frm, of course) as 'business', specifically share …

Advance Tax Payment Not rated yet
Question Dear Sir, unfortunately, this year I missed to deposit my first two installments of Advance Tax.There is no TDS from my company and every …

SERVICE TAX Not rated yet
Question Hello, I am a Govt. registered Jewellery Valuer aged about 55 years. I want to know is jewellery valuation service taxable? Service to be …

Income tax section 54B Not rated yet
Question Can a person claim any deduction under section 54B if the land was sold in PY 2011-12 and also part payment was received in the same and …

Tax status on my only house property? Not rated yet
Question My wife along with my two daughters have been staying in my in-law’s house which is 6 km away from my residence to look after my ailing 78 …

Cash Loan Not rated yet
Question I have given loan of rs.5 lakhs to a person by way of cash? is it permissible under income tax act? what are its implications? Answer …

TDS Not rated yet
Question Public Limited Company deducts Tax at Source but does not pay Income. What action can be taken against the Public Company ? Answer …

Tax Benefit Against LIC Premium Payment Not rated yet
Question Dear Sir I have taken a policy of LIC(Jeevan saral) on name of my wife. I am paying for it. Now I want tax benefit on it. But problem is …

Tax Submission India Not rated yet
Question Hi, I am employee of a multi national software firm. I was working in the branch in India. I got a transfer to the US branch and I've …

Depreciation on Second Hand Assets(i ,e. computer, vehicle,etc) Not rated yet
Question What is the depreciation procedure on Second Hand Assets Purchase ? If yes, What is the percentage rate ? Answer There is …

Tax on backlog salary Not rated yet
Question Sir, I was working on contractual basis in state govt(Rs.14700/- per month) & due to some official policy our salary was withheld for 16 months …

NRI taxation Not rated yet
Question Hello, I returned from London on 10-Dec after spending 2.5 years there. I am going to Germany on long term on 10-Feb. In between this …

Can one claim HRA & Housing Loan Benefits? Not rated yet
Question Hi Sir, I have bought a house in Bangalore on Jan 29th 2009. And was availing only housing loan benefits in IT returns till 2012. …

Related to Income tax Not rated yet
Question Our company purchase a agricultural land in the name of Individuals and payment made be the company for this land. Individuals director …

Tax in India Not rated yet
Question Dear Sir, There is 1 company in Germany (say ABC AG) and it has its subsidiary in Dubai (say ABC FZ LLC), India (say ABC Pvt Ltd), etc. …

Filing Belated Return Not rated yet
Question I want to file belated returns of last two years A.Y 2012-13 & A.Y. 2011-12 but i have got my PAN number in this year only i.e . A.Y 2013-14. …

Capital Gains Tax Not rated yet
Question I,am a 78 year old man. I have sold a property worth 20 lakhs in jan 2013. I plan to invest the money in another property. My question …

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Can unlimited Home Loan Interest claim be settled against salary Not rated yet
Question Hi, I have purchased a flat in my home town where as i work in a different place. The flat is not let out but my parents stay there. My …

Tax excemption on housing loan Not rated yet
Question Hi,I have closed my housing loan in October 2012 by paying 4.32 lakhs.The bank has given me the provisional certificate only for the amount …

Tution fee exemtion under 80 C Not rated yet
Question We pay the tuition fees of our two children @ Rs 2000/- per month and both of us are employed. I (Husband) take reimbursement from my office …

Income from US Not rated yet
Hi, Here is the senario: 1. I am an Indian citizen, residing in India. 2. I work for a company based in USA, but registered in India as "company …

Income tax benefit for 2 houses Not rated yet
Question Hi, I am Indian male 39 living in Bangalore, I wanted to check if I can get the tax benefit for 2 properties in my name. These are In …

Working Women IT Not rated yet
Question MY wife is a working woman with total income of 2.9 lac p.a. Towards saving on the income tax can she avail of the saving that I am making …

Correcting mistake in income after assessment Not rated yet
Question From: T N Menon, Hyderabad I have filed my return for the AY 2012-13, and the assessment has already been completed. Now, I find …

AM I APPLICABLE FOR GIVING INCOME TAX Not rated yet
Question Hello Sir/Madam, I am Pradeep kumar Pradhan( Age-29) from bhubaneshwar. I am a full time stock trader basically a positional FnO trader. …

TDS Not rated yet
Question In which section tax deducted on annual maintenance contract payment to a software company and which rate? Answer It is preferable …

Advance Tax  Not rated yet
Question Sir, My friend agreed to sell a part of his property in the month of May FY 2012-2013 and received major part of the sale consideration. …

Need to pay tax Not rated yet
Question I need to pay tax amount of 8200 for assessment year 2011-12, financial year 2010-11. How much penalty I need to pay? Answer …

Income Tax Refund Not rated yet
Question How I will come to know whether there is any problem in my IT return for passing refund order or it is in process ? will I get the number …

Hosing Loan Deduction Not rated yet
Question I took a housing loan in joint name - my husband & me. Now I want to take deduction from my income. Is it possible. If possible what documents …

Foriegn Employer Indian Employee Tax liability Not rated yet
Question Dear Sirs, I need your advice for following. I am going to join a foriegn employer in Germany (sitting in India). The co. do not have …

I am shafeer. pls tell all the uses and tax rate to pay with and wthout pan card Not rated yet
Question I am shafeer. Please tell all the uses and tax rate to pay with and without pan card. Answer Dear Shafeer, Tax is always …

Property on Wife's name and I am the Primary applicant of House loan Not rated yet
Question Hi, I have taken a property solely on my wife's name. Both of us are working. I'm the primary applicant of home loan and she is the co-applicant. …

Monetary Gift Not rated yet
Question I am an Aus. resident, 32, Female. My father wants to give me a large sum of tax paid US dollars. Over $500,000. Can I bring it into Australia …

TAX ON EMPLOYEES RIGHT ISSUE OF SHARES Not rated yet
Question 1. Residential Status :INDIAN 2. Age, 48 3. Gender, etc., MALE. I would like to know the Tax liability for …

Tax on Gifts Not rated yet
Question Whether mobile and any other gift article which are not covered in the definition of property received on the occasion of marriage of mine …

Issue of form 16 Not rated yet
The Employer (Govt. Department) have not issued form 16 for the A.Y. 12-13, so far. So filing of return is also delay. To whom (Designation of Income …

Belated return rectified Not rated yet
If the return is belated and there was a mistake in the efilling return. the mistake was wrong director digital signature entered how to rectified? …

Tax exemption regarding LIC policy Not rated yet
HI, I am an unmarried Female working in chennai. My age is 24. My query: My dad has taken a LIC policy and I am paying his LIC policy premium every month …

Tax procedure in India to business with a dubai company Not rated yet
Question DEAR SIR, WE HAVE A IT COMPANY IN INDIA. WE ARE PLANNING TO SETUP A BUSINESS IN DUBAI.Can you please collect the details of the model: …

My father file my IT return already now I am also earning Not rated yet
Question Sir, My father already file my IT return from some year, and now I am working in a company (1st job), and my TDS for 9 months from joining …

Reg-House Loan Interest Claim Not rated yet
Question Hi Sir, I am working as IT professional in Bangalore, I have own house in Bangalore and my native, both have housing loans. Bangalore House …

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Tax on profit from share market Not rated yet
Question I have made 20000 profit from share market I need to pay tax this year which form should I fill even I am a salaried employee with 3,00,000. …

Gift tax exemption Not rated yet
Question Can i gift money to my daughter 19yrs old? what is the limit? what are the tax implications? Answer No limit. It is totally …

How do I get my pan-card ? Not rated yet
Question I'm Paying income-tax last 6year. but I don't know whether funds is going to my permanent account or some where? I lost my card I have …

LTCG Not rated yet
Question The amount of capital gain is Rs. 7421571/- and I invested this amount in purchase of two flats appx. 76 lac but plz tell me what jounal …

NRI leaving abroad on June 2013 will the income earned abroad be taxed from Apr-June 13 ? Not rated yet
Question Dear Sir, I am an NRI, I have been working in Gulf Since December 2003; I am planning to shift back to India by 30 June 2013. I would …

REVISION OF BALANCE SHEET AND INCOME TAX PROVISIONS Not rated yet
Question Balance sheet of f.y.10-11 of a private company has already submitted with ROC however income tax return has not submitted with income tax …

Long term capital gains tax saving scheme Not rated yet
Question We have recently sold our company to a US corporation. The proceeds of the sale of the company are subjected to long term capital gains …

Enquery: Transfer money (nri) to joint saving account (with wife) Not rated yet
Question Sir! I am NRI aged 35 yrs. having joint saving account in India with my wife. I am transfering money from my monthly salary inr 60000/- …

LTCG on selling flat Not rated yet
Question There is a confusion regarding the date which has to be considered for computation of capital gains on selling residential flat. Some …

Interstate transaction (Indirect tax ) Not rated yet
Question sir, If a retailer purchases goods from a wholesaler of another state, what type of tax is levied? Also how is the tax reclaimed by each …

Implication on my Tax Rebate in case of Sale of Residential Property Not rated yet
Question Sir, 1.I have bought a property(flat) 3 years ago & I do have loan of 16 lacs for the same, from past 2 years i am taking benefit of Tax …

MAT ON 100% eou  Not rated yet
Question We are 100% EOU unit we comes U/S 10B and CSEZ, We had the tax holiday till 31.3.2012. recent budget the income tax department leaved tax …

IT computation  Not rated yet
Question I request you to kindly advice me if a employee gives a declaration stating that he was not in receipt of any kind of salary for a part of …

Is arrear amount received taxable? Not rated yet
Question i want to know whether the arrears received for osmania university retired professors is taxable. i mean whether the tax will be detucted …

ADVANCE TAX QUERY Not rated yet
Dear Friends, I have one query in tax planning of one of my client. I want your suggessions on that. Please reply me as early as possible. He is male …

Sale of house and purchase the new house so the tax will pay or not? Not rated yet
Question I sell my property and i will buy another property. so should i pay the tax or not? and if pay the tax so what will be charged to pay …

Tax benefits under U/s 24(b) Not rated yet
Question Sir, I am a Central Government employee. I barrowed House Building Advance of Rs 2,50,000/- from my office in 1999. By our office governing …

Cash Transaction Not rated yet
Question If Mr. A received cash 19500 on 15/10/2012 and receive cash of 20000 on 20/12/2012 then this total amount of 39500 will be allowed in IT. …

Taxation of money gifted to spouse indirectly Not rated yet
Question Sir I have a query regarding clubbing of income provisions. sir suppose an individual gift Rs. 5,00,000 to his son and son gift the same amount …

TDS evasion by Foreign Employer Branch office in India Not rated yet
Would like to know what measure can be taken if Foreign employer's branch office in India has deducted the TDS but did not deposit it and did not issue …

NRI - Tax on income earned from India Not rated yet
Question Hi, I am an Indian national living and working in UK since 2009. I am currently discussing a 3 months contract (as a consultant) with …

I have one query relevant to money paying back to company. Not rated yet
Hi, I was working in one firm in bangalore. I left that company with short of notice period. Because of this short of notice, company had deducted …

SALARY & AGRICULTURE Not rated yet
Question Is there any exemptions for the investment on Agriculture and what is the limit? How can I show my private loan credentials where I am …

Capital Gain  Not rated yet
Question Dear Sir, I have query on capital gain. I hv purchased flat in Dec.2010 @ Rs 1800000/- & sold the same in Aug.12 @ Rs 2500000/-.So …

Vehicle Renting income tax treatment. Not rated yet
Question Dear Sir, I am individual having TATA SUMO and the same rented out to some tourist & travels on monthly basis. Now I have received TDS …

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tax on joining bonus refund Not rated yet
Question I joined a company in Nov 2012 and received a joining bonus of 1.5 lakh unfortunately I need to leave this job and I am supposed to pay back …

Salaried But Not Deducted Any T.D.S? How to claim tax by own? Not rated yet
Question Dear sir I am civil engineer I am working for a company name XXXX & I am drawing about 40000 per month. But the company has not deducted …

TDS Deduction on Building Rent Not rated yet
Question Building rent paid of Rs.5,00,000/- how much tds deducted? for A.Y.13-14? Answer 10% - Rs.50,000.

Capital Gain Query Not rated yet
Question Sir, this year I purchased an Agricultural land (Situated within 8 KM of Muncipal area) on 23rd August, 2012 in Rs. 10000000 (One Crore). …

During Raid Not rated yet
Question During raid by income tax officer in the residence what are things that will not be treated as income and no tax will be charged by them?. …

land sale Not rated yet
Question Hi I am a UK resident and in process of selling land in punjab which I inherited from my grandfather, the proposed value of the land is in …

Income Tax Implications Not rated yet
Question Kindly let me know the income tax implications in following categories: 1) STCG & LTCG for liquid funds 2) STCG & LTCG for low duration …

Interest payable Not rated yet
Question Education interest maximum limited in 80E. Answer Actual Interest paid for the first 8 years from the year in which the interest …

Capital Gain or Not? Not rated yet
Question I have a house property in Delhi. I want to sell for Rs. 100,00,000/- it is my only house. which I used for my residential purpose, …

Tuition Fee and Children Education Allowance Not rated yet
Question Can an individual simultaneously claim exemption of Children Education Allowance @Rs. 100/- per child per month and deduction of tuition …

Tax on Income from gift to wife Not rated yet
Question Suppose I gift Rs 100000 to my wife and she deposits it in her PPF account. I also deposit Rs 1,00,000 in my PPF amount. What is the tax …

Capital Cains Tax Not rated yet
Question We are selling our ancestral house property in Mumbai city very shortly I am one of 12 beneficiaries. While calculating my LTCG entire …

TDS EXEMPTION REGARDING Not rated yet
Question Thanks for your quick response on the captioned subject. Still I want to know whether the views expressed by you is hold good in the case …

Loan to wife? Not rated yet
Question I've given loan to my wife in exchange of her gold. She wants to invest that money in fixed deposit or some other investment avenue. I …

Total Income Not rated yet
Question Business in chennai, controlled from UK (1/3 received in UK) Rs 105000 if he is a)OR b)NOR c)NR Answer The Status of the …

Income tax query Not rated yet
Question Dear Sir, I have spent more than 10 years in gulf and returning to India end of Nov 2012 on transfer of residence. I have following …

Withholding Tax? Not rated yet
Question An Indian company has to pay commission to a NR company of UAE which has helped the Indian company in getting Import-Export orders. The UAE …

Withholding tax  Not rated yet
Question An Indian company has to pay commission to a NR company of UAE which has helped the Indian company in getting Import-Export orders. The UAE …

long term capital gain Not rated yet
Question What is measure to calculate Long Term Capital Gain? I want to sell my residential house which has following details 1. date of down …

Can order of AO u/s 143(3) will be revived automatically when ITAT quashed order u/s 263 Not rated yet
Question Can Appeal filed against order of Assessing Officer u/s 143(3) of IT Act will be revived automatically when ITAT Quashed order issued u/s …

NRE money Not rated yet
Question My husband is in gulf for almost 13 years,we plan to return to India in Nov 2012. My husband has been filing his income tax regularly …

Capital Gains Tax Not rated yet
Question I am a Female retired Associate Professor of Osmania University now aged 62 and now living on Pension. I purchased a small apartment …

TDS Exemption for Society /Employees Pension Trust Not rated yet
Question How to find out whether any particular society /Employees Pension Trust is exempted from TDS on the interest earned by them on their Deposit …

Long Term Capital Gain Tax Not rated yet
Question 1)I am planning to sell my residential flat for Rs.40 lacs in April,2014. I purchased the same in August 2005 for Rs.18 lacs and I have rental …

Can Income From Salary and Income from Business can it be clubbed Not rated yet
Question Hi All, I am a salaried Individual as well as I am an Insurance Agent. Apart from salary i also earn commission. When i get the commission …

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Employee Owned Car Perquisite Value Not rated yet
Question I see a eligibility of 60000 for fuel and then i see in the company policy it is written actual exemption is only 21600 + 10800 (driver). …

Get refund of tax deducted while receiving Arrears.. Not rated yet
Question My auntie is 55 & working as a government employee. She makes investment in NSC, LIC premium & PF and so she does not get chance to pay …

A query on Cash gift made by son to mother out of savings abroad Not rated yet
Question I have a situation regarding income tax wrt money transferred in my mother's account by me. I went to USA & used to save money out of …

Tax on Gratuity Not rated yet
Question I was working in a company from 16th Aug 2004 to 3rd April 2012. I was relieved since 3rd April 2012 and got Gratuity Amount X and Y amount …

When interest is in F.D. is treated as income? Not rated yet
Question I have deposited my retirement money in F.D. in Banks for 3 years. At the end of 3rd year I shall be receiving Rs.4.5 lakhs as interest. …

Tax Benefits on Housing Loan taken by Father who is no more Not rated yet
Question Hi I am 32 year old self employed male. My father was having a home loan who expired 2 year back. From then I am repaying the EMI's for …

Set Off on Long term Capital Gain Not rated yet
Question I Purchased a Property in the year 2010 on Amount 13 Lac & Sales it on year 2011 on 15 Lac. I am Investing the Sum of Amount of Agriculture …

Tax exemption on housing loan taken from relatives......  Not rated yet
Question I bought a house with help of my relatives who has loaned money to me on zero interests. Can I get tax deduction on repayment of this …

Value of Perquisite on hired car for official and personal use Not rated yet
Question What will be the value of perquisites in the following case: 1) Car hired by Employee for official and personal use. 2) Monthly rent, maintenance …

Perquisite value of motor car --- Expenses met by Employer Not rated yet
Question a) Motor car is owned by the Employer and used by the Employee for official and personal purpose. b) The maintenance and running expenses …

TDS on deemed rent from property owned by NRI Not rated yet
Question: I own two residential property in India,One is self occupied and other is left vacant,The deemed rent on vacant property along with other …

TAX On Overseas Income Not rated yet
Question: Tax on Sending Money from Australia to India I am an Indian resident. I am Living in Australia on temporary residence. I want to Know that …

Tax payable on long term capital gains on sale of residential flat. Not rated yet
Question: Capital Gains Deduction u/s 54 Me and my wife had jointly purchased the flat for Rs.8,00,000 in Nov.2007. We have sold the same flat in …

Changed job in the middle of financial year Not rated yet
Question: Changed job in the middle of financial year. How to calculate taxable Salary? In the financial year 2011-12, I received salary for the first …

Advance Tax Not rated yet
What will be the treatment of tax if no advance tax is paid of A.Y.2010-11 till A.Y.2012-13? Interest for non-payment of Advance-Tax In case …

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