Can One Claim HRA Exemption For Being Paying Guest?

I’m living in Mumbai as PG (Paying Guest), the owner of the house gives me monthly receipt of the rent paid. We have not made any rent agreement. Can I claim HRA just with the help of that receipt. I’m also having XEROX copy of his PAN Card. Aadeesh Deshpande, Mumbai
The word "paying guest " [...]

Why Is F & O Transaction Business Activity From 25/1/2006 And Not From 1/4/2005?

Whether Trading in Nifty Futures, amount to trading in derivates and as a result not a speculative transaction as per the amendment to sec 43(5) by Fiance act 2005. RAMESH V RAICHUR, Belgaum

Futures and option trading-whether in individual shares or Nifty futures – was regarded as speculation business as per section 43(5) of the I T [...]

When Can Two Person Claim Depreciation During the Same Year On Assets Transferred By One To Other ?

The assessee is a company having a separate division of investment and finance and also a windmill…the said company transferred the said business as a going concern w.e.f 1-10-2005 to a partnership firm via partnership route…the assessee claimed six month depreciation on the windmill in its return and the balance six month depreciation is claimed [...]

Can Loss Out of Let Out Property Be Set Off With Income under Different Head?

Kindly let me know whether the loss on let out property income can be considered by my employer while arriving at my taxable income ie setting off the loss on let out house property against my salary income. They are willing to consider the loss on self occupied property for setting off with salary income [...]

Can I Claim Deduction u/s 80DD For Nominating Disabled Brother In Insurance Plan?

I want to purchase a term plan in my name and nominate to my physically challenged dependent brother for getting the benefit of u/s 80DD. Is it possible ? Ajay Giri, ItanagarYes, you will get the deduction u/s 80DD for purchasing an insurance plan , and nominating the physically handicapped brother. The section 80DD , [...]

How To Judge If Any Share transaction Is Business or Investment ?

I have earned Rs 700000 as from equity market in financial ,year 2005-06, which I was not showing in my return. I do number of transaction during the period but I taken all the share delivery and hold up 1 to 2 month and there after i sold in the market. but subsequently a survey [...]

Can Short Term Capital Loss On Shares Taxable U/s 111A Be Adjusted With Short Term Loss On Land?

If I ‘m having STCL u/s 111A (i.e. transaction in which STT had been paid) & STCG on land (or any other asset on which STT need not be paid), then can I set off that loss against STCG on Land?? & if we can not set it off, then for how many years can [...]

Is Personal Balance Sheet Required To Be Submitted With Return of Income?

I want to know is submitting personal balance sheet along with IT return necessary or compulsory?If yes whether showing of assets like property and jewellery hold from more than last ten years necessary in balance sheet prepared now? Sachin , New Delhi
First of all , now filing return has become easier because the return of [...]

From Which Date Deduction u/s 10B Available For STPI Registered Unit?

I made an application to set up a STPI unit in May 2008 , after getting permission from STPI de bonding formalities got completed on 30-11-2008 , business started in June 2008. Please clarify if the exemption under section 10B of I T Act will be for whole year or from the date STPI registration [...]

Do Section 269 SS Apply If Wife Receives Loan From Husband in Cash Exceeding Rs 20,000?

In current financial year if I have received Rs  1 lakh in cash from my husband with consideration that I will pay this amount back to my husband. My question is that do sec 269 SS apply in this case? If yes then to avoid penalty can I show this amount as Income in my [...]

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