Can You Claim Deduction On home loans for Two or More Houses?

1. I have borrowed Housing Loan of Rs. 700000/- for my house where I am staying, EMI is Rs. 12000/-. Principal Amount is app. Rs. 5000/- pm, Interest portion is app. Rs. 7000/- pm
2. Now I want to purchase a new flat by taking a Housing loan of approx. Rs. 25.00 Lacs. EMI will [...]

Can The User of Service Be Liable to Pay Service Tax?

can user of service be liable to pay service tax any way, if service provider has not charge service tax in their bill.Also tell me relevant section in the act. RAMAKANT KHANDELWAL
The concept of service tax is generally implies that service provider is liable to pay service tax . However , there are some express [...]

Can You Claim HRA Exemption As Well As Interest & 80C Deduction?

Whether HRA exemption and housing loan rebate can be claimed together. Prashant P.Damani
Yes, both can be claimed , but in some special circumstances. For claiming HRA exemption under the I T Act, one has to pay rent. But if you have claimed that the house property purchased by is self occupied , which most of [...]

What Is The Difference Between 194C & 194I ?

What is the TDS rate applicable for Car hire? We have an arrangement with a car rental company for the car hire, they are exempt from TDS, but last financial year they mistakenly omitted our name from the list they provide to the income tax. This fact was bought to our notice recently. Earlier the [...]

Is Consultant For Software Testing Service Provider Taxable Under Service Tax?

I am working as a Domain consultant for Software testing service provider. I raise a monthly Invoice for fees & I state ” Fees towards services rendered as Domain Consultant for Software testing ” . Please clarify if this falls under any of the category of the 107 which are subject to service tax . [...]

What Is The Difference Between A Member & A Coparcener of An HUF?

I was a member of HUF of which my father was Karta. My mother & myself were co-parceners. Recently, we have made partition & new HUF is formed of which I am Karta. My wife, Priyanvada, & my son, Pratik, are the co-parceners of this new HUF.I want to open HUF saving account in bank. [...]

What Is The Correct TDS Rate For Composite Rent?

We are providing service for lease of property & repair & maintenance services to our client. But the repair & maintenance services provided by third party who is our contractor. The TDS Deducted by the client on both services @ 20.66% but as per my view TDS on repair & maintenance service should be deducted [...]

What Are Powers Of A.O u/s 142(1) & 143(2)?

I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are much wider than 142(1). Ajay Varma
I presume you [...]

Is Capital Gains Earned Out Side India Taxable in India?

One of my relatives has returned to India about 6 years back after residing in USA for about 15 years. His Indian Income comprises of Interest on Bank Deposits and on which he is paying Indian Income-tax. His dividend income- is exempt. His one residential house property does not yield any Income.In USA, his sources [...]

Risk Is Life!

Just Read It!
Recently somewhere I read this very inspiring poem by Janet Rand on the virtue of taking risks in one’s life

To laugh is to risk appearing fool.
To weep is to risk appearing sentimental.
To reach out for another is to risk involvement.
To expose feelings is to risk exposing your true self.
To place ideas and dreams [...]

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