Is Exemption Allowed If Home Loan Is Paid From Sale Proceeds of Another Property?

I have a land property which I inherited recently. I am planning to buy an apartment by taking a loan. Down the road around five years from now, I plan to sell off my property and use that amount to payoff my loan. Do I have to pay capital gains taxes on the sale amount [...]

Solving Problem Of Wrong TAN On Tax Payment Challan!

A partnership firm has been paying TDS in the bank and it has mentioned wrong TAN number in TDS challan. The firm has paid Rs 3,00,000 as TDS during FY 2007-08 . What has to be done to rectify the wrong TAN number is TDS challan.The wrong TAN which mentioned in TDS challan [...]

Why Should You Not Surrender PAN?

My Uncle runs a manufacturing concern.he is thinking to close down the same.I want to know is it compulsory to surrender Permanent Account Number in this case?And what are the consequences of not surrendering the PAN card? I will be grateful for your assistance in this matter.Shruti Goel, New Delhi
There is no provision of surrender [...]

Cost Inflation Index For FY 2008-09 Notified!

Good news for everyone who was waiting for Cost Inflation Index for FY 2008-09. It is notified .

August 13, 2008
Notification No. 86/2008
Section 48, Explanation (v) of the Income-Tax Act, 1961 -Notified Cost of Inflation Index for the Financial Year 2008-09
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of [...]

Can A Person Get Deduction of Interest Paid On More Than One Loan Borrowed for Purchase or Construction Of House?

I and my wife are both salaried employees. We are purchasing a house jointly. I am taking a loan of Rs 25 Lakhs from Govt and another loan of Rs.10 Lakhs from HDFC which is on joint name of both self and wife. Total interest outgo will be approx Rs. 2.5 Lakhs in initial years. [...]

Whether Surrender Of ULIP Before Maturity Date Make You Liable For Tax?

Can you please clarify what taxes will be in the following cases.

I paid a premium of Rs.30,000 per year for two years in a ULIP. I used these premiums for claiming deductions under Section 80C. If I surrender this policy after two years, do I have to pay any taxes on the gains at the [...]

Can The Loss From F & O Be Adjusted With Brokerage Earned?

I am a sub broker.I am getting brokerage from the broker and they are deducting 10% TDS from me.I have huge loss this year in Share trading also in Futures& options.I am not a long term investor.Can we offset the loss from futures against the income received as brokerage.How to account the short term loss [...]

Will Husband Be Taxed If He Gifts Shares To Wife?

I am holding few shares of listed company received through ESOP in 2004 & 2005. They are eligible for LTCG if I am selling through online trading transaction involving STT. However I wish to transfer these shares to my wife’s demat account which will be off-market transaction (without involving STT). What will be treatment given [...]

Simple Terms Related to ESOP Explained !

What is the “date of transfer” for ESOP. Is it “date of vesting” or “date of exercise”. Also how would this differin shares exercised before 1st April 2007 (before FBT) and after (under FBT) ?. “Date of transfer” is important in calculating period of holding, which decides whether gain is short-term or long-term.
For [...]

Can Form 16 or TDS Certificate Be Submitted After The Return Is Filed?

Well, I filed my brother’s returns for the assesment year 2005-06 on 31.10.2007 without attaching his Form-16. When I consulted with one of my friends, she said that The Form-16 can be submitted after the AO sends the demand notice. The reason for late filing was due to the ignorance of my brother.The details (as [...]

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