Don't Worry , Be Happy !
Capital gain tax exemption is now a bit more easier ! Under Income tax law , a tax payer can save on capital gain tax on sale of a long term capital asset by claiming exemption provided u/s 54 or section 54F or 54EC of Income Tax Act . Readers may also note earlier posting...
The Income Tax Act provides exemption from tax on long term capital gains , under section 54 or 54F ,in case the capital gains ( in case of sec. 54) or net sale consideration ( in case of 54F) is utilized for buying a residential house either one year before the date of transfer of...
Section 54B of the Income Tax Act provides tax relief in form of exemption from tax on the capital gains arising on sale of land . The two important conditions for grant of such exemption are (i) the land which is sold was being used by the assessee or his parent for agricultural purposes in...
Leave encashment tax relief is not restricted to one job in a year. Every organisation divides the leaves that can be taken by an employee in casual leave (CL), sick leave (SL) and paid leave (PL) and credits them to their account annually. While the CLs and SLs lapse after the year ends, PLs are...
Section 10(10) of the Income Tax Act lays down the quantum of exemption granted on the amount of gratuity received by a tax payer from his /her employer. The provision differentiate among three broad category of employees. While the gratuity received by central and state government is fully exempt if it is received on death [...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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