my mother has a plot on her name and she is house wife
my mother has a plot on her name and she is house wife
my mother has a plot on her name and she is house wife,i am her only son,i took home loan and paying all EMI alonely. can i claim rebate in income tax under home loan
10 months ago
A. You can avail deduction on the interest paid on your home loan under section 24(b) of the Income Tax Act. For a self-occupied house, the maximum tax deduction of Rs. 2 lakh can be claimed from your gross income annually, provided the construction/ acquisition of the house is completed within 5 years.
A tax payer can deduct both the interest paid on a house loan as well as the principal amount that was repaid on the loan. In the case of self-occupied property, section 24 allows a deduction on th ...ReadMore
Tds ducted under section 194b
I won 1 lakh in poker and when i withdrawal around 31k tds deducted under section 194b and i received 69 k in my account. My question is that at end of financial year i lost all my winning and now i a
11 months ago
A. Dear Sir,
The question purely related to Income Tax and Finance matters as such you may contact any chartered accountant or auditor for effective answer.
Section 80 CCD
Can we invest let's say 5000 in section 80 CCD (1) and the 50000 under section 80 CCD 1 (b). If yes how that can be done ? Note : For the remainder amount I intend to use ELSS as my option
1 year ago
A. As per income tax, all claims are subject to a maximum amount, which will change every year, and each section comes under a chapter. the entire chapter will give an exemption fixed amount only.
Taxation on house rent received for jointly owned property on which EMI is there
We have bought a house jointly (husband + wife). The house has been purchased with the help of housing loan (loan taken jointly in the name of husband and wife) on which EMI is currently planned to be
1 year ago
A. Dear Sir,
Better clarify your financial doubt with any Chartered accountant or Auditor who will be more acquainted with such issues.
Regarding incomtax - My father sold property
My father sold property and paid tax now he is planning to transfer amount to my account, Can i submit partition deed as a proof, also tell me how to submit proof ( is there any online option or can
1 year ago
A. Dear Sir,
The above question purely related to Tax matters as such you may go to any chartered accountant or Auditor.
LTCG exemption under Section 54
I purchased a residential plot 8 months back to construct a house using the funds I borrowed from my husband. Now i sold a residential house owned by me and this sale brings L.T.capital gains. If I re
1 year ago
A. Dear Madam,
Your question will be answered by chartered account or auditor as it pertains to income tax related matter.
Tax on Payment received in Crypto
Hello, I am a Business Consultant based in India. I get my consultancy fee (gross revenue) from my Hong Kong client via USDT. Its gross revenue received as Consultancy Fee(professional income) and no
2 years ago
A. Dear Sir,
Please consult an expert on the above issue or approach Auditor or chartered accountant and claim benefits accordingly. Lawyers are unable to answer your questions.
income tax - i have 1 lakh rupee in my account
sir i have 1 lakh rupee in my account if i send this amount to my friend he will return it as 1 lakh and 4 thousand rupee as interest and i have done like this for 100 times so finally in my account t
2 years ago
A. Dear Sir,
The Income Tax will be calculated only on your profit and not on total transaction. You may approach chartered accountant for more clarification since it is financial transaction and you must take legal advise from him.
advance tax penalty- , zero tax from salary
Hi TEam, zero tax from salary after all investment and deductions, second 10%TDS from FD in every financial year. But at the time of filing ITR in July-Aug-Dec, both salary and TDS clubbed and tax co
2 years ago
A. Dear Client,
As per the facts mentioned, I’d suggest you to contact a CA who can give you better advise.
Capital gains income tax
We are landowners for a site and we entered in to JDA . As part of that JD., we got 6 flats which was sold in FY19-20. Each flats costs 50L average and commision and furniture also cost 8Laksh per eac
2 years ago
A. Dear Sir,
Long-term capital gains are taxed at 20%. For a net capital gain of Rs 63, 00,000, the total tax outgo will be Rs 12,97,800. This is a significant amount of money to be paid out in taxes.17-Feb-2022
Debt Funds: At tax slab rates of the individual
Equity Funds: 15%
Funds: Effective 11 July 2014
