Principal Amount of Loan Allowed Even If Interest Is Not Allowed!

Suppose, somebody is taking exemption on rent can he also be eligible on Housing Principal & Interest benefit? rajendra.panditrao@……………..com
Yes,interest is allowed even if you are getting exemption on HRA is allowed. The HRA exemption is allowed when you pay rent whereas the deduction u/ s 24 of the I T Act [...]

Capital Gains May Arise Without Registration of Conveyance Deed.

pkumar_chn@dataone.in Asked: A person sold his free hold land to a builder developer so that he creates flats to be sold. As usual no registration or conveyancing takes place now say in Jan 07. Only Power of attorney is given. Consideration for the same is partly payable in cash and partly in kind by way [...]

Interest & 80C Deductions Allowed to Non Residents Too!

shankers_1999@……com Asked : I was NRI and working in DUBAI till Dec 14th 2007 ( Went to Dubai in 26th July 2003). Returned back to India on 15th Dec 2007 and joined an MNC here. I have 2 question for filing my Income tax return,( FY 2006-2007)

a) I am paying interest on Housing [...]

Profit of Commodity Future Maybe Business or Speculation Income. Facts Will Decide.

bubna.manish@………in Asked : I want to know that commodity trading (Futures) profits/ loss comes in which chapter/head in Income tax? whether it is a business profit/ capital gain/ speculation gain?

The trading in commodity futures can happen either with delivery or without delivery. In normal circumstance, when delivery takes place ,the future commodity trading shall [...]

Excess TDS Was Deducted &Deposited .Is there Any Remedy?

In case ,you have , for some reason deducted Excess TDS from someone and deposited the tax deducted at source to the government, you need to do two things:Do Not Issue Certificate of Deduction to the Person for higher tax .Claim refund of excess tax dedcuted.
CBDT issued circular No 285 [F No [...]

Market Price As On 01/4/1981 is Cost of bunglow.

My father owns a bungalow bought in year 1974. If he sells now what would be the rate of LTCG tax. What would be the rate of indexation for the purpose calculation the tax. and How about investment in 54EC bonds etc.Please let me know in detail.cheminpex@……com
The rate on long [...]

Your Salary is taxable in India , even If You Paid tax in USA.

agrawal.rm@…….com Hello,I was in US in year 2005 for about 4 months. I was employed by an Indian company in US where I was paid salary in US$ on which I was paying income tax to US govt. Some 10% of the salary which was already tax paid to US govt. was being paid in [...]

USA Allows Credit of Tax Paid in India by its Citizen

I am a US citizen of 54 years. I will be accepting a job in India with an Indian pharmaceutical company. I will be relocating to India, but also keep my residence in California, USA. My cash compensation will be over $275,000 – includes base salary and bonus. Plus I will be paid $ 60, [...]

Day Trading Loss May Not be Adjusted with Short Term Capital Gain or Business Profit.

daga.akshay@gmail.com Asked how is income from day trading in shares taxed? Is it added with the total income of the assessee and taxed as per slab, or does it have a separate structure?
The day trading involves transactions in shares purchase and sale without taking delivery. Under the Income tax Act, the transaction without [...]

When Is Salary Earned in UAE Become Taxable in India?

DEEPAK_DELHI_007@….COM AskedI m working in Dubai since september 2006 till today in a bank. (4 months). However i have the appointment letter of an outsourcing company of the bank. I m planning to resign and go back to Delhi. around 26000 In delhi I have earned around 1,00,000/- rupees and in Dubai dirhams {312000/- rupees} [...]

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