prithwish sengupta
17 December 2011 at 11:02
Respected sir,
I have purcahsed a house property in my individual name (eg. Mr. Ramesh, religion HINDU),for this purchase i have taken a housing loan from bank of india.
now, i have let this propety out for rent of Rs 15000 p.m.
Following are my queries
1.Can i create a H.U.F.and introduced this house property as capital contribution to the HUF?
2.IF yes, can i claim rental income as income of the HUF?
3. As i am paying the installment in my individual capacity, can i transfer this loan too to the HUF as liability and pay out of income generated from the HUF and claim deduction as per different provisions of I.T.Act?
4. even i pay instalment in my individual capacity for property, am i eligible to claim deduction u/s 80c for principal and Deuction u/s 24 for interest element for HUF income?
Vikash Singhania
16 December 2011 at 16:20
who is entitled to practice income tax under the income tax act as per income tax act 1961.
Santos
16 December 2011 at 14:35
Dear All,
Can someone have 2 or more PAN cards ??
Is it legal and if not what are the penal clauses related to this.
Please reply me.
Regards
Santos
Manoj Yadav
16 December 2011 at 14:13
As per this new amendment by Income Tax now they have extended coverage of this section 194I which was applicalbe earlier on Rent payment only. But now after amendment it is applicalbe for "rent means any payment by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangment for the use of (either seperately or together) any land, building (incl. Factory Bldg., machinery , Equipment, Furniture, fittings etc.. whether or not any or all are owned by the payee...."
Looking to above amendement we have to deduct TDS u/s 194I instead of u/s 194C which was @ 2.25% TDS for use of Vehicle, hire a crane, dozzer, tippper, Tractors and Truck. If we apply this section then rate of TDS will be @ 21% .
We seek your expert advice that what should be our arrangement / contract so that we have to deduct TDS @ 2.25% only? instead of Sec 194I. What should be revised contrat?
Manoj Yadav
16 December 2011 at 14:11
1. There are two category - a) Individual & HUF- 1%
& b) Company & others- 2%
Now the firm wil be counted in which category & rate ?
2. While depositing tax, the Firm should counted as Company or Non- Company Category ?
s.v.goplani
15 December 2011 at 18:51
Respected sir,
Un-married sister wants to gift Rs. 10 lacs cheque to his brother. Whether Stamp duty is chargable on such transaction. (as per income tax no tax on both - as both are blood relatives). Please advice.
and any other tax is leviable ?
thanx.
Kvl Kumar
15 December 2011 at 14:35
Allowability of fees paid to ROC for increase of Authorised Capital in Infrastracture Company Under IT Act-1961
Hello please carefully see this question.
Our's is a Infrastructure Company. We incurred ROC Fees towards increase of Authorised Capital. As we know that the same could not be claimed as deduction U/s 37(1) of IT Act as it is Capital expenditure.
I came to know that sec-35D is not applicable to Infrastructure Company as per Ansal Housing & Construction Ltd V CIT (HC) ITA Nos.1261,1278 & 1402 of 2008 .
My question is how this expenditure to be written of in the P&L.
Kindly please resolve my problem.
Thanks & Regards
kvl.kumar
7396896411
akhlesh sharma
15 December 2011 at 12:48
what is defination of service tax and luxary tax
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Income tax conscession-home loan
home loan was sanctioned for Rs 16,80,000/- and first term they relaesed 6,30,000/- on29/10/11 and paying part EMI rs,6800 from dec 2011 As a central govt employee what documents to be submitted and how to give declaration for caluclating income tax