Re: taxquery
by Shani Jaiswal on Mar 08, 2013 07:53 PM
Mahesh, House loan EMI principal amount cover in 80C and interest amount cover in Section 24 up to 150000/-. About Infrastructure now it has been removed but it was beyond coverage from 80C.
Dear Sir, I have sold my company along with all its shares to a third party for a certain amount thereby transferring the shares. Majority of the value of shares has been realized but some value of shares is yet to be realized which will take another 2 years.
In view of transaction not completed till date, I want to know if I am liable to pay any taxes at this moment or after the completion of transaction.
Situation The person, leaving abroad in june 2011 to get re-employment in Indian Company/Bank after 3 years of his employement abroad . He has earned monthly salary here up to June 2011 He has encashed all his leave salary I.e 50 days of prior to March 2011 leave and 10 days earned during Mar- Jun 2011. He has received his Bonus for the year 2010 ( Jan - Dec) during April 2011 ( if received before March 2011)
Queries Should he pay IT on his Bonus received in April 2011 pertains / accrued in year 2010? if received prior to March 2011, what is the position?. In respect of Leave Salary encashment for 60 days received in June 2011 i.e 50 days peratins to year 2008,2009 , 2010 and till 31st March 2011and remaining 10 days pertains to perid after 31.03.2011 till June 2011, whether encashed proceeds for the period prior to 31.03.2011 is taxable? . Then what about 10 days for the perid ater 31.03.2011?. Gratuity earned during employment abroad is taxable? Should the person notify to new Indian employer about his terminal benefit details to facilitate IT deduction for the year 2011-2012?
iam working in a company and showing the tax saving to my company which is less,iam doing a 2 year post graduation course through distance can i shown the fees which is paid to the institute for the tax saving. pls reply
Whether notional interest @8.5% on NON-REFUNDABLE PF LOAN TAKEN FOR HOUSE BUILDING IS SUBJECT TO DEDUCTION UNDER 24(1)(Rs. 1,50,000-interest) OF I/TAX . PL REPLY IN VIEW OF CASE O P SHARMA VS ITO (1986) 17 ITD45 (JP) THANKING YOU A CHAUDHURI DURGAPUR
I have purchased a flat in 2004 and got possession on 2006 July. The purchase cost was 30 lacks. Now I want to sell the flat which will get me 50 lacks. I want to know the what could be tax which I have pay, or where I can invest the above amount to escape tax.
