Dear Sir, I am a lady of 75 years old. I am residing in a society flat in PitamPura. I am the original member of society and I got the possession in 1986. I want to sell it and buy somewhere else in
For the FY 20-21,In my 26AS & Form 16 has wrong income credits. My salary is 58K per month so annual is 696,000. But in 26AS & Form 16 has 870,000/-. Its because the 26AS7 Form 16 has the wrong salar
Hi, I bought a land in the FY2016-2017(Jul-2016) from 5.3 Lakhs and sold it for 11.3 Lakhs in FY 2020-2021(Feb-2021), so the capital gains tax will be on the profit I gained which is around 5 Lakhs c
A. As per the Section 54 of the Income Tax Act since you have already put the money into another residential apartment the question of capital gain should not arise any more. But still to be on a safer side you are advised to be in touch with your CA and close this for ever.
Section 54. Profit on sale of property used for residence.—2[Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the ...ReadMore
Hi, I am a freelancer and my income is received from PayPal or other money transfer sites like wise. the money received is a local transfer to me by paypal or wise.com. Total income is less than 3
We have a plot on which we wanted to build 1 BHK. Hence now we have taken a loan against that plot around 15 Lac and started for the construction. I wanted to know can I get any tax benefit on such ty
Yes, a loan against property enables you to save on the tax amount payable. ... You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred.
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I have bought my first house with my husband (50:50) in Nov 2020 with home loan. We are paying approx 3 lakh as interest and 40000 as principal annually. I want to know how can we get maximum deductio
I submitted my compliance against the SMS received from CPC department. Do I need to file the return again? if so, under which section? Because I have not received any notification from IT Department.
You should wait till any further notice from the said department once the compliance has already been done.
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I am 70 yrs old female. My total income is from FD interests totalling 3.5 lakhs. Can I sign 15H form and is it mandatory for me to file ITR. I am a house wife and not filed ITR till now.
A. It is advisable that you file Form 15H with your each bank where you have account if your income from your account and/or FDs and such other investments with banks is over a particular cap provided by the public authority to avail exemption from deducting tax otherwise tax might be deducted irrespective of the fact that you are housewife or not income tax payer. I think the cap is at around Rs 40,000/- in respect of interest at annual basis, however the exact figure you can check with your bank. ...ReadMore
My joining date is 1st March 2021 and my salary now increased to 7L package, previous company package 4.8L. Should I need to pay income tax for full of 2020-2021 or only for March month?
A. As per the provisions of the income tax . The person who crossed the basic exemption limit of 2.5lacs of gross income in the financial year is mandate to file the income tax return.
in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.
you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.
if you want file the return without paying tax the ...ReadMore
i have constructed a godown and give it on rent to third party, i am claiming standard deduction on rent income generated under head income from house property can i also claim a deprication on godown
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.
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