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Gift receipt now is generally taxable under Income Tax Act.Section 56(2)(vii) provides that if any gift is received from any person other than relatives , such sum may be taxed. There are other conditions also , but for the sake of issue regarding the meaning of relative from whom gift receipt is tax free ,...
Whether an employer can allow the interest on housing loan borrowed from friends & relatives, while calculating the employee’s income tax for deducting tds on salary? anandbabu_ca@………… The interest on house property is allowed u/s 24 of the I T Act . The said provision does not provide any restriction regarding the person from whom...
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
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Quiz for CA/ICMA/CS Students