Anonymous
20 August 2017 at 15:29
I HAVE AN OFFICE SPACE WHERE I AM EARNING A RENT OF RS 180000/=P.M(INCLUSIVE OF MAINTENANCE CHARGES . MAINTENANCE CHARGES CHARGES HAS PAID UNDER ONE TIME MAINTENANCE SCHEME BY BUILDER)RENTAL INCOME COMES UNDER 30% OF TAX SLAB.HOW I CAN REDUCE MY TAX LIABILITY BY ADJUSTING THE MAINTENANCE CHARGES FROM MY TOTAL INCOME.
ASHOK KUMAR
19 August 2017 at 14:44
I and my brother are partners in a firm.We want to sell the land in MIDC PUNE.We wish to know the rate of capital gains tax and whether we can buy another house or commercial space and also invest 50 lakhs each in Infra Bonds to take advantage of tax exemptions under the Capital Gains. Sine we are both senior citizens and aged 68 and 70 yrs respectively,and are retiring from the business,do we have any exemptions under the IT act.
Help in this matter will be highly appreciated at the earliest as this will be the only saving we will have for rest of our life.
Thanks
Ashok Kumar
Anonymous
19 August 2017 at 00:31
I HAD SOLD MY HOUSE ON 08/06/2015. QUERY 1 CAN I INVEST IN MORE THAN ONE PROPERTY/LAND ,AS PLANNED FOR MY THREE BENEFICIARY OFFSPRINGS 2. CAN I INVEST IN RESIDENTIAL HOUSE AFTER 2YEARS. 3 CAN I BE ALLOWED TO INVEST IN THREE PLOTS AFTER TWO YEARS BUT BEFORE THREE YEARS 4. WHAT WILL BE CONSTRUCTION DATE IF PLOT IS PURCHASED BETWEEN 2-3 YEARS. PRESENTL ALL AMOUNT IS LYING IN CAPITAL GAINS ACCOUNT. I AM A SENIOR CITIZEN ANY BENEFIT 2 SENIOR CITIZEN
Ashok K Gupta
18 August 2017 at 22:57
Learned Members
I am an employee of Autonomous Body under MHRD. We are equally treated as government employee. I have applied through proper channel to some other Autonomous Body under MHRD. Now I have tendered the Technical Resignation upon my selection to other AB. I have accumulated approx leaves of 180 days. As per the rule, I shall be encashing all the leaves at my credit and transferring my gratuity to other AB, which is in line with the available provisions.
Now the glitch is the pinpointing of my Account Officer, who says the receipt of amount towards encashment of EL is taxable, whereas I have come across with the several information citing that u/s 10(10AA) the leave encashment of government employees is exempted. I dont find the logic of taxing, when rule is clear on the issue.
Anyways I would appreciate if you could enlighten me on the issue before its escalation.
Warm regards
Ashok K Gupta
Anonymous
18 August 2017 at 21:29
Hello Sir
I am a Doctor and I have a fuel outlet in my name. The outlet was started after my marriage. I have a separate PAN card for myself and a HUF pan card on which I am filing the returns of the petrol outlet for the last 12 years. Now I am insisted by the Oil Company to change the PAN of my petrol outlet from HUF to my Personal PAN. Now what should I do? Should I oblige or is it a legal mandate to not use HUF pan card for the business I have started?
Please give your views.
Regards.
N Krishna
18 August 2017 at 19:47
I want to take loan from my mother for house construction and pay interest to my mother's bank account. Can i claim tax benefit for the interest paid to my mother ?
What documentation is required to be maintained in this case ?
N Krishna
18 August 2017 at 19:17
Few years back, i sold a land and bought an apartment using the capital gain amount to save tax under sec 54F. Now, after 3 years, i want to sell the apartment. For capital gain calculation, what is the base amount considered ?
land was bought for Rs 78000/- in 2003
land sold for 25 lakhs in 2012
Apartment bought for 25 lakhs in 2013
Apartment being sold for 32 lakhs now
Is the capital gain calculated as 7 lakhs (32 - 25) ? or
is it ~31 lakhs (32 lakhs - 78000) ?
Anonymous
18 August 2017 at 14:16
I have received notice on Thursday 17 Aug 2017 and was asked to present to AO on Monday 21 Aug 2017 and asked documents for assessment year 2010-11.
Actually I am unable to present on this date.
Hence please advise me on how can I extend the date of presenting documents?
N Krishna
17 August 2017 at 17:17
I deposited sale proceeds of residential land in capital gain account. I want to use the money to build a house on another land owned by me. But the issue is that the land has B khata. BBMP does not provide plan sanction for the same. If I go ahead and build the house without building plan, will it be an issue while obtaining approval from Income tax officer (ITO) while closing the capital gain account ?
if yes, please suggest what can be done to get the ITO approval to claim rebate on 54F
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Capital gain tax
My mother has sold a property and bought a new property in our Joint Names.
I also sold another property and invested in the new property. We paid the amount for the New Property Purchased from our Joint Savings Account.
We bought the New Property say for 70 Lacs. My Mother Claimed her share of Rs 50 Lacs as New Asset in her ITR and Balance Rs 20 Lacs I have Claimed for exemption under Capital Gain on property sold by me.
My Querry is wether I will be allowed to claim capital Gains exemption for my share although we have paid the amount for the New property for a Joint Savings Account.