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Can One Claim HRA Exemption For Being Paying Guest?

December 20, 2008 By taxworry 2 Comments

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Excerpt: 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 " is certainly connotes more than simple rent of property. However , as far as claim of HRA is concerned, the claim shall be valid -however a limited one. The main condition of the claim of the HRA exemption is 1….

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Filed Under: Salary

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

December 19, 2008 By taxworry Leave a Comment

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Excerpt: 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, BelgaumFutures and option trading-whether in individual shares or Nifty futures – was regarded as speculation business as per section 43(5) of the I T Act. Finance Act 2005 brought the amendment by which clause e was insterted in provision to section 43(5) to provide that transaction in F & O shall be business transaction and not regarded as “speculation”.  The said amendment was as under(d) an eligible transaction in respect of…

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Filed Under: Speculation

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

December 17, 2008 By taxworry Leave a Comment

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Excerpt: 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 by the partnership firm in its return against there respective income…..whether the company and the partnership both have claimed right depreciation ? Nirdesh , Indore Your question whether the six months’s depreciation claim of the company and six months by partnership firm in…

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Filed Under: Business Income Tagged With:

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

December 15, 2008 By taxworry 1 Comment

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Excerpt: 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 but are of the view that the loss on let out property has to be claimed while filing the return of income. chetlur sundar ,Banglore As per the income tax law , there is no restriction regarding the adjustment of losses from…

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Filed Under: House Property

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

December 13, 2008 By taxworry Leave a Comment

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Excerpt: 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 , in fact , provides deduction only if the nomination is in favour of physically handicapped person. The relevant provision is as under :80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous…

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Filed Under: Deductions Tagged With:

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

December 11, 2008 By taxworry Leave a Comment

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Excerpt: 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 was held on my broker during the year 2007-2008. Now before any notice served by income tax authority I fill up a revised return showing all my gain ,but department treated my gain as business income rather then the capital gain and accordingly they demand…

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Filed Under: Business Income, How Tos Tagged With: , , , , , , , , , , , , , , , , ,

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

December 10, 2008 By taxworry Leave a Comment

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Excerpt: 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 we carry Forward that Loss to be set off against STCG u/s 111A? Pls Inform soon.Pauravi, Mumbai Set off of loss from one source against income from another source under the same head of income is dealt in section 70 of the I T…

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Filed Under: capital gains

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

December 9, 2008 By taxworry Leave a Comment

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Excerpt: 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 income is annexure less. It means that one should only fill the columns in the return . That is it. No documents are required to be attached. So, that answers your question . Can A.O compel you to furnish the personal balance…

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Filed Under: Filing of Return

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

December 7, 2008 By taxworry Leave a Comment

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Excerpt: 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 formalities are complete ? Rakesh Verma , New DelhiSection 10B gives deduction to all newly established 100 % export oriented units. See if you have received certification as 100% export oriented units by the Board appointed by the Central Government under section 14 of…

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Filed Under: Deductions Tagged With:

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

December 5, 2008 By taxworry Leave a Comment

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Excerpt: 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 return? Kinjal , Pune Yes, the provision u/s 269SS certainly applies in all cases where loans are received exceeding Rs 20,000. However, penalty u/s 271D may not be imposed by the Authority , if authority finds that the receipt of cash exceeding…

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Filed Under: Penalty Tagged With:
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