How to Minimise Tax on Gains on Sale of HUDA Land ?

I bought a Residential Plot from HUDA in Ambala in the yr 1998 and got the Conveyance Deed done in 2004. Now i am planning to sell it off as soon as I find a buyer. I am also planning to reinvest the sale proceeds into another Residential Property at the earliest. Please advise me [...]

Is Shifting Charge & Temporary Accommodation Taxable Perquisite?

When I joined my present company in June 2009, I was paid a shifting charge of Rs. 30,000 and temporary accommodation (hotel) charge of Rs. 21,000. However the company has added those to expenses to my income and already deducted taxes. If I want to reduce these charges from my income (as these were expenses [...]

Is Redeeming Value on ULIP Tax Free?

I invested in ULIP single premium of Bajaj Allienz (1.04.2005) on 1 Lac and got the sum assured Rs 5 Lac. Subsequently invested in Top up Rs 5 lac on that. All sum was invested in Equity oriented fund . After three years now the fund value is Rs Rs 8 lac ( on 15.12.2009). [...]

Basics Of Mutual Fund Taxation !

I want to know the tax calculation of mutual fund. How the tax calculated and what is capital gain. Sunil Prajapati
The mutual fund transaction by any one can bring two kinds of income

1. Capital Gains or loss if you are showing bought units as investment
2. Trading gains if you are actually doing regular buy [...]

Should TDS From Prize Money Be Refunded To A Person Having No Taxable Income?

I want to know about TDS, since I won a contest in which I got 1 Lakh cash prize and TDS of 33.6% is deducted from that amount, since I am a student with no income, so whether that amount will be refunded to me and if yes how. Atul Vohra , Shimla

No, the amount [...]

Can You Deduct STT As Expense From Share Sale Income ?

The income from share transaction can occur in following forms
1. Share trading
2. Speculative trade
3. F & O transactions
4. Capital Gains
Allowance of STT for First three types (1, 2 & 3)
From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s 36(xv) of the [...]