srinivasa
30 January 2015 at 15:14
Sir
I am an employee of LIC OF INDIA
gross salary per annum is 740000.
(Q.1)In january 2015 I have taken 80% completed flat for rent purpose from LIC HFL loan at 10.1 % interest of rs.177000Emi -19594. Emi starts from february 2015.FLAT COMPLETES FOR POSSESSION IN FEBRUARY 2015 END.CAN I ELIGIBLE FOR IT REBATES.
(Q.2) I want to construct a house for residence purpose (2nd home loan)in march 2015and applying loan from LICHFL loan of rs 1200000. Here for LIC employees lic of India is giving loan on concessional rate of interest of 5.5% from LICHFL .AM I ELIGIBLE FOR INTEREST AND PRINCIPLE REBATES FROM INCOMETAX SEC 24 and sec 80C FOR TWO HOMELOANS EMIs.WHAT ABOUT THE REGISTRATION CHARGES FOR THE FLAT.
PLEASE GIVE ME CLARIFICATION I AM IN CONFUSION THAT 2 ND HOME LOAN IS BEST OR BAD FOR THE PURPOSE OF IT.
PLEASE PLEASE GUIDE ME CLEARLY
THANKS®ARDS
SRINIVASA
PLEASE GUIDE ME CLEARLY
varun Garg
30 January 2015 at 12:25
HI
I want to know whether a Franchisee providing clinical laboratory services and generating a revenue over 10 lac P.A, would the Franchisee pay Service Tax on the Royalty paid to the Franchisor / (Brand).
The Franchisee collects samples and sends them to central laboratory setted up by the Franchisor, The Franchisor generates the medical report and the reports are routed to Patients through Franchisee.
Will there be any service tax on such royalty paid to franchisor and how will that be calculated.
laxmipanjwani
29 January 2015 at 20:49
If i submit POE(LUT) AFTER 6 MONTHS THEN WHAT WOULD BE THE CONSEQUENCES?
When we reimport the goods then when we will submit D3 form in excise?
If my original ARE 1 misplaced then how can i claim for rebate or POE?
Santosh Kr. Agarwal
28 January 2015 at 11:58
I have purchase a Flat on LOAN for my RESIDENTIAL PURPOSE & pay my Stamp Duty & Registree Fee by my Bank Account (Not included in Loan).
I found in I.T.Act under 80C that"(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee" can claim in 80C. So
Can I claim it under 80C.
Anju
27 January 2015 at 17:00
if a firm is closed because the death of proprietor and the same firm is running with different tin number and proprietor and c forms are pending in old firm. can we raise? what is the procedure?
Arvina biju
27 January 2015 at 16:03
My friend had quit working (private organization - MNC) in India in April 2012 and shifted abroad on dependent status.
Now she has received notice from IT department stating “Non filing of Income Tax Returns – Reg. TDS Return – Salary to employees Section 192” for the Assessment Years AY 2010-11, AY 2011-12, AY 2012-13. According to the notice she has to file online response by registering herself on the “IT Portal”.
During her employment tenure with the company her employer had deducted all relevant TDS on salaries and incentives. Since she has moved abroad she has not maintained any copies of the TDS. Kindly guide on how to proceed on the said matter i.e.
1. Reply on the IT portal
2. Retrieval of TDS document from employer
3. Filing of IT returns if required (since April 2012 she is unemployed and all relevant TDS has been deducted by employer)
Thanking you
Kushal
23 January 2015 at 12:58
An unlisted public limited company has its registered office at Kolkata. Its tax jurisdiction is also Kolkata. Now, the company wants to change its tax jurisdiction from Kolkata to Mumbai without changing its registered office address. Currently, the company has its administrative office at Mumbai. Can the company apply for change of tax jurisdiction from Kolkata to Mumbai based on its administrative office in Mumbai without changing its registered office from Kolkata?
DKTAZILANOM9909
22 January 2015 at 21:29
My query is on the Income Tax exemption on medical treatment.
Case-1
Sec 5.3.14 : Under section 17 of the IT Act, exemption from tax will also be available in respect of:-
(d) reimbursement, by the employer, of the amount spent by an employee in obtaining medical treatment for himself or any member of his family from any doctor, not exceeding in the aggregate Rs.15,000/- in an year;
Case-2
Hon’ble Mumbai ITAT has in the case of Mr. Rajkamal R. Bajaj c/s ACIT has held that Reimbursement of a medical expense is not
perquisite u/s 17(2) of the Act. Brief facts of the case are that The assessee received a sum of Rs.90,090/- towards reimbursement of
medical expenses from the company M/s Bajaj Consultants Pvt. Ltd., wherein, he is a Director and claimed the same as exempt u/s 17(2)
of the Act. The ld. Assessing Officer in view of section 17(2)(vi) brought to tax by treating it as perquisite under the head income from salary
and taxed accordingly.
The Ld CIT(A) restricted the exemption available u/s 17(2)(vi) of the Act amounting to Rs.15,000/- in place of actual expenses incurred at
Rs.90,090/-, while calculating income under the head “income from salary” The claim of the assessee is that the assessee was admitted in
the hospital to carry out angioplasty (angiography). The assessee also submitted the bills of hospital in support of its claim. The expenses
were first incurred by the assessee for treatment of Coronary Angiography cost in Rs.90,090/- and claimed as medical reimbursement as
per the provision of section 17(2), while computing the salary income. In view of these facts, the Hon’ble ITAT held that it is allowable
expenses and cannot be said to be perquisite u/s 17(2) of the Act and allowed the appeal of the assessee.
We are working in a PSU under central govt. Here for any type of medical reimbursement if treatment done in private hospitals ( not approved by our Employer) exceeding Rs. 15000.00 our employer put it in the head of medical perquisite as per IT rule in case-1.
My question is that shall we get relief of medical perquisite as per case-2 judgement?
regards,
TAPAN DAS
yagnesh dave
22 January 2015 at 13:29
I AM DOING THE BUSINESS OF BUILDERS COSNTRUCTING RESIDENTIAL UNITS AND COMMERCIAL UNITS AFTER COMPLETION CERTIFICATE OBTAINDED UNSOLD FLATS AND COMMERCIAL UNITS REMAIN UNSOLD AS ON 31/03/2012 AS AN STOCK WHICH ARE SOLD SUBSEQUENTLY.
THE INCOME TAX IS CONSIDERING THE SAID UNSOLD FLATS AND COMMERICIAL UNITS DEEMED AS LET OUT U/S 23(4)UNDER HOUSE PROPERTY INCOME AS A NOTIOANAL INCOME WHETHER INCOME TAX OFFICER ACTION OF DEEMED INCOME OF RENT IS CORRECT OR NOT
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Capital gains
Hello Sir...
I am a salaried middle class employ paying tax at TDS and filing returns regularly. Now my wife got a site from her parents and it was registered in her name. Recently it was sold according to the market rates. She got a substantial amout. What kind of investments she can do to reduce or avoid tax? As every body knows she got some amount according to the market rate beyond registration values... What she can do?