Tax Relief u/s54B is Available Even For Non Agriculture Land !

Section 54B of the Income Tax Act provides tax relief in form of exemption from tax on the capital gains arising on sale of...

When is Income from Royalties or Technical Fee of Foreign Companies Exempt?

Its exempt when Central Government exempts such income u/s 10(6C). Section 10 of the Income Tax Act, 1961 lists down the incomes that are...

How to get an exemption or deduction you forgot to claim in return ?

My friend filed an application u/s 264 against intimation u/s 143(1) for the A.Y 2007-2008 since he forgot to claim deduction u/s 54 and the time available for filing of revised return is over. The same was rejected by Commissioner for the reason that intimation u/s 143(1) is not an order for the purpose of sec.264 w.e.f 1/6/99.Is the stand of CIT correct

Can capital gains exemption u/s 54F or 54 be claimed for...

Yes, one can claim exemption from capital gains u/s 54 or 54F for land purchase , but only if the said land is part...

Easiest HRA Exemption Calculator

Here is simple excel tool to help you compute the house rent allowance tax exemption .Play with tool and please report error if any or any improvement. Please report any error !

Is Medical Reimbursement Taxable ?

Is Income received from Medical reimbursement of Govt. employee's son suffering from blood cancer is added in total income? In my office One Staff Nurse having son suffering from blood cancer. Her annual income from salary 3,25,000/- for the year 2009-2010. Her Medical reimbursement bill is 7,35,000/- this amount is other than salary income in

Is Alimony Paid To Wife Taxable In Her Hand?

What will be the tax implications of the following payments received by a divorced lady from her former husband: Fixed maintenance charges at Rs.25,000 p.m. for six to eight months (after the divorce) followed by two lump sum payments of Rs.5 lakhs each as final settlement (can we call this alimony?). Will there be any

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

Can You Claim Exemption u/s 54F for Modification or Expansion of An Existing House...

No , said the Kerala High Court in Meera Jacob vs ITO 313 ITR 411 . The small order of Hon,ble High Court...

Is Exemption u/s Sec. 54 Allowed Even if New House is Purchased from Borrowed...

Section 54 provides relief to a tax payer who gets gains on account of sale of residential house. The provision u/s 54 provides that...