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Can I get refund of TDS Without Enclosing TDS certificate?

June 25, 2007 By taxworry Leave a Comment

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Excerpt: I am housewife and engaged in private tuition with income of about Rs. 20000 per annum. In June’06, I participated in a TV Game Show. In July’06 I got a Demand Draft from the said TV Channel for an amount reduced by 30% as TDS from the amount stated to have won by me. In January’07 I applied for PAN and received the same. Till now, in spite of constant persuasion, I did not get any Form – 16 or any other document from the said TV channel in support of such TDS deduction. Please suggest me, (i) whether I…

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Filed Under: A of Your Question, TDS Tagged With:

Is Ineterest on Loan for Buying Plot /Land Allowed Dedcution ?

June 25, 2007 By taxworry Leave a Comment

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Excerpt: I have taken a loan for buying a plot and to construct a house on it.50% of loan has been disbursed for buying the plot and rest is pending for construction.I am paying pre installment as of now. Can I get income tax rebate on the amount paid as pre installment.If not, should i break the loan into two parts, one for plot and other for construction, in this case will i get benefit for both the loans. sethiarun76@gmail.com The house can not be constructed without land. Even when one purchases a flat, the proportionate land is transferred to…

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Filed Under: A of Your Question, House Property

Is Royalty Received By Norway Registered Company Taxable In India?

June 23, 2007 By taxworry Leave a Comment

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Excerpt: We are a software company(Registered as private limited company in India) and 99% of the shares are held by our Parent company registered in Norway. We are engaged in software development and the parent company wants us to pay Royalty on Sales @ 30% Question 1: Whether the royalty paid to our parent company is taxable in India in the hands of the parent company?Question 2: If so whether tax is payable on the gross amount or not and at what rate (as per DTA no rate is specified)?Question 3: Whether withholding tax is applicable?Your Email : subbaiyapb@gmail.com The royalty…

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Filed Under: A of Your Question, non-resident

Does SIP Help In Saving Tax?

June 21, 2007 By taxworry 1 Comment

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Excerpt: This is a question on taxation related to SIP on Mutual Funds. As I understand, capital gains on equity-oriented mutual funds are not taxable if the units were sold after one year from purchase & the STT was paid. Suppose, I choose to go with a SIP and invest from January 2006 to December 2006 a fixed amount every month. In March 2007, I decide to sell off all the units that I had purchased. In such a case, does SIP offer a shield that the entire capital gain will be tax-free … ? Or does it still mean that…

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Filed Under: A of Your Question, Shares Business

Is Ineterst on loan For More Than One House Allowed Deduction?

June 21, 2007 By taxworry Leave a Comment

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Excerpt: I am salaried guy. I have taken loans from 2 banks for 2 of my houses. One of my house is self occupied by me and I have rented the second house. My office auditor saying that the second house loan interest cannot be considered on computing the tax. What is your advice ?tkannan76@…….comIn come tax law is clear. One can purchase as many houses as he wants and for every penny of interest paid against the loan borrowed and…

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Filed Under: A of Your Question, House Property

Is Interest On Personal Loan Allowed Deduction U/s 80E?

June 21, 2007 By taxworry Leave a Comment

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Excerpt: Hi, I am a working professional and have recently started an Executive MBA course. I had applied for an educational loan, which was not given to me and instead I was given a personal loan. Can I claim interest exemption from the same for tax purposes by showing that I have used the amount for paying the tuition fees of 1,80,000. brandon_r@….l.comThe deduction for interest on educational loan is allowed u/s 80E of the I T Act. It appears that the confusion you have regarding the nature of loan i.e whether interest on personal loan if utilised for paying fees…

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Filed Under: A of Your Question, Deductions Tagged With:

Is FBT Payable For Medical Allowance Upto Rs 15,000?

June 18, 2007 By taxworry 1 Comment

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Excerpt: Is FBT is applicable to employer on reimbursement of medical bills upto Rs.15000 to their employees?radhi68@………comYes.FAQ no 69 of CBDT’s Circular 8 of 2005 clarified regarding the issue of taxing medical allowance under Fringe Benefit Tax as under:Whether medical reimbursement up to Rs. 15,000 (exempt in the hands of the employees) and medical reimbursement over Rs. 15,000 (taxed as perquisite in the hands of the employee) is liable to FBT?If any sum is paid by the employer for expenditure actually incurred by the employee for medical treatment in an unapproved hospital and it exceeds Rs. 15,000 during…

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Filed Under: A of Your Question, FBT

Is Freelotto Winning Taxable in India?

June 18, 2007 By taxworry 1 Comment

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Excerpt: One of my friend have got an intimation via mail that he has won 5000 pound sterling in a free lotto game. Now can he get this amount in India and if yes, then how much tax will be deducted from that prize money? Please advice us on this.Subhrajit Gupta First advice will be to check if the lottery your friend has won is a real one. I myself get ,on an average four to five mails everyday about all sorts of lottery winnings. This is a very big scam .If your friend has really won, he can certainly…

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Filed Under: A of Your Question, How Tos Tagged With:

Is Agriculture Land Sale Taxable?

June 17, 2007 By taxworry 4 Comments

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Excerpt: I had purchased agricultural land (can be termed ad farm-house plot) on the outskirt of Pune. The distance is approx. 7.5 kms from Pune muncipal corporation limit. I had purchased this land before 28 months.Now I want to sell this land. My questions are:Is 36 months holding rule that is applicable to residential property will be applied to agriland?The cost of purchase was 10 lacs and selling cost will be 40 lacs than how much capital gain i will have to pay if I sell this agriland?Can the income be exempted…

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Filed Under: A of Your Question, capital gains

Is Distribution Of Capital Assets by HUF to Its Memebers Taxable?

June 16, 2007 By taxworry Leave a Comment

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Excerpt: If a house-property belonging to an HUF is divided (in 4 portion) and then transferred to Karta and his 3 sons, what will be the tax impact of this transaction in the hands of HUF and each of the co-parcener?viki1102@……com The house property is a capital asset. Its transfer result in capital gains which is chargeable to tax under the I T Act. However, transfer of assets from HUF to its members is special case . There is express provision under the I T Act which says that the distribution of capital asset on total or partial partition of HUF…

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Filed Under: A of Your Question, HUF, capital gains Tagged With:
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