Can Interest Paid On Loan Taken For Acquiring Asset Be Deducted For Computation of Capital Gains?

In case of Capital gains on sale of residential flat, when considering the cost of acquisition, is Interest on housing loan is also taken into account?For eg. My flat cost is Rs 15L. I have Hsg loan of Rs 10L & total Hsg Lona interest paid till date of sale (5 yrs after buying flat) [...]

Approach Ombudsman of Bank For 15 G Grievance!

I have retired from Private Job and I have deposited all my PF & Gratuity in Fixed Deposit. Even after Filling up Form 15G, Bank is deducing TDS. My Total Income on Fixed Deposit Interest is less than 1 Lakh and I am 62 years old.What is upper limit on interest earned till which Bank [...]

Who Will Be taxed For Interest On Fixed Deposit In Wife’s Name Made By Husband ?

Mr.ABC gifted R.3.00 lacs to his wife. His wife invested the amount in a FDR for 15 months @ 10% on 01.04.06. The interest on FDR has been clubbed in Mr.ABC for the year 06-07 and 07-08 and returns filed. The FDR matured on 30-06-07 and the proceeds were invested in Gold. The Gold was [...]

How To Tax Plan Through Private Trust?

The central point of tax planning is to have more tax entities. Each entity gets basic exemption from tax which in aggregate exempts quite a substantial amount of income from tax. When you create a private trust,what you are doing is creating a separate tax entities. Following points should be kept in mind to minimise [...]

How A Private Trust Taxed?

A private trust can have one trustee or more than one trustee who  are  treated as "representative assessee" for the purpose of assessment of the private trust .Representative Assessee is defined u/s 160(1)(iv) and 160(1)(v) of the I T Act.
As per section 161(1) ,  trustee or trustees are taxed as if  it is their income [...]

How A Private Trust Can Help Your Daughter,Handicapped Dependent or Wife ?

India live in families. We remain concerned about the family members . The question remain foremost important in ones mind what happens after one’s demise.In many unfortunate circumstances like below , one’s concern is very real……
A daughter or son in the family paralysed and completely handicapped.
Son is busy with his own family and has no [...]

For Exemption u/s 54F , Net Sales Consideration Should Be Invested or Used and Not The Capital Gains !

I have sold a residential plot on 24/12/2007.and deposited the amount of Capital Gain in Capital Gain Account scheme of SBI before July 2008. Now I want to purchase a Flat with this amount. If i booked today and paid basic cost of flat today(from capital account scheme), but flat would be ready after 3 [...]

Is Money Received By A Widow Under A Will In Favour Of Husband Taxable?

My widowed sister is not a salaried person. Her sustenance was meted to by her brothers and daughter.Last month she was settled with an amout of 4lacs by her husband’s brother being a share of the will written in her husband’s favour (1/3rd) of their family property at Vellore. Accordingly my sister has given her [...]

Is Dividend From Cooperative Society Exempt?

I am receiving dividend from cooperative bank.Coop banks are paying full tax before paying dividend.So my question is that whether I have to pay income tax on dividend ? Whether it will amount to double taxation?Please clarify and guide.Shrivallabh Randad , Pune
The dividend from co-operative society is taxable in hand of recipient of dividend and [...]

When Is Tax Audit Not Required Even if Turnover is More Than 40 Lakhs?

I am doing transport business .I have 06(six) heavy vehicle taken on lease for ten year and paying @ Rs. 5000 per month as lease rent to the owner of the truck.Now, my query is am i liable to pay tax of Rs. 3500X06.- Amar Nath Dubey, Dimapur

Under presumptive tax scheme given u/s 44AE of [...]

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