INCOME TAX ON MEDICAL REIMBURSEMENT
INCOME TAX ON MEDICAL REIMBURSEMENT
My father was a state govt employee retired in 2017. My mother getting cancer treatment from a govt hospital. Now the problem is tax is levy on reimbursement because for example if income is 5,00000 a
2 years ago
A. Dear Sir,
You have to approach local chartered accountant to solve your problem. In many cases such being happening and it will be solved by the Auditor or chartered accountant very easily.
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Which Income tax return form to file?
My income for the year 2020-21 (1) Amt Rs. 31000/- (only one month due to work only one month) received from Govt. department as consultant (appoint after retirement) under section 194jAmt of Pe
2 years ago
A. Hi,
I would advice you to consult with a practicing chartered accountant or tax consultant, as they will be better suited to calculate your total tax liability and advice you as to how to file your tax return.
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Ayantika Mondal @ Prime Legal
How to consider the income from house?
WIFE CONSTRUCTED BUILDING GIFTED BY HER HUSBAND WITH HER SAVING AND LOAN AMOUNT. RENT RECEIVED FROM THE BUILDING WILL BE ADDED TO THE WIFE'S INCOME OR HUSBAND'S INCOME. BOTH ARE INCOME TAX ASSESSES.
2 years ago
A. Hi,
Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Cash withdrawal and IT notice
Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two con
2 years ago
A. Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
Thanks
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Ayantika Mondal @ Prime Legal
selling a house and buy in name of children
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
2 years ago
A. Dear Madam,
You may approach local advocate or chartered accountant
26AS & Form 16 both has wrong income
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
2 years ago
A. Dear Sir,
Please contact chartered accountant.
Capital Gains Tax on Land Sale
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
2 years ago
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
Freelancer Income from oversear
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
2 years ago
A. no GST
but have to file Income tax
Ankur Goel @ Complete Law Shield
Ayantika Mondal @ Prime Legal
Tax benefit for loan against property
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
2 years ago
A. hey,
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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Ayantika Mondal @ Prime Legal
Home loan deduction
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
3 years ago
A. Dear sir,
You cannot do so.
Ayantika Mondal @ Prime Legal
