during the redevelopment builder offered us free extra carpet area.now I have selling a few carpet area back to the builder at a price . Is this amount a capital gain as my old flat is of 1985
SIR, I AM WG CDR SANYOG MEHTA AND SERVING IN INDIAN AIR FORCE. I HAVE RECENTLY PURCHASED A PROPERTY IN DELHI, DWARAKA. tHE PROPERTY IS JOINTLY PURCHASED BY ME AND MY WIFE WHO IS ALSO AGOVT SERVANT. IN REGISTRY PAPERS THE SHARE OF PROPERTY IS SHOWN AS 50-50.HOWEVER IN BANK CERTIFICATE FOE CLAMING EXEMPTION NO RATIO HAS BEEN MENTIONED. SIR WE ARE CURENTLY PAYING RS TWO LAKH AS INTEREST AND THIRTY THOUSAND AS PRINCIPLE.MY QUESTIONS ARE AS FOLLOWES: (A) CAN BOTH OF US CLAIM EXEMPTION AGAINST INTEREST PAID UPTO MAXIMUM LIMT OF 150000 OR THE SUM OF INTEREST PAID THAT IS RS 200000 HAS TO BE DIVIDED BETWEEN US AND IF SO WHAT IS THE RATIO. (B) CAN I CLAIM FULL 150000 AND MY WIFE THE BALANCE 50000. (C) WHAT THE MAXIMUM LIMIT OF CLAIMING EXEMPTION AGINST PRICIPLE AMOUNT PAID. IS IT RS 20000 ONLY OR THE AMOUNT ACTUALLY PAID AGAINST PRINCIPLE. (D) WHAT WOULD BE THE RATIO OF CLAMING EXEMPTION AGAINST PRINCIPLE AMOUNT BETWEEN ME AND MY WIFE.
Re: INCOM TAX
by Sunil Kumar on Jan 07, 2009 03:14 PM
Dear Sir, Interest paid by you is Rs.2,00,000 but you can claim exemption upto Rs.1,50,000 under section 24(a) of the Income Tax Act. The person holding bank loan account will only be eligible for claiming exemption of housing loan & of interest .
Maximum deduction allowed for payment of Interest is Rs.1,50,000. And the amount of principal amount paid will be restisted upto 1,00,000 , under section 80C.
Similarly the amount of principal amount will also be allowed for the loan account holder.
Sir, any other quiery about any issue feel free to mail at (aspglobal@rediffmail.com)
MY HUSBAND IS A PENSIONER FROM MILITARY. HE IS NOT CLAIMING BENEFIT OF HIS LIC PREMIUM BECAUSE HIS ANNUAL PENSION IS ONLY 60000/ ANUM. PLEASE GUIDE ME WHETHER I CAN TAKE THE BENEFIT BY SHOWING HIS LIC PREMIUM PAID ON HIS NAME. UMA DEVI
Re: BENEFIT OF HUSBAND LIC PREMIUM
by Sunil Kumar on Jan 07, 2009 02:59 PM
Dear Madam,
If you are paying yours husband LIC premium from your bank account then you can claim the deduction on his behalf as it will be a evidence with you that you have paid his LIC premium on his behalf & then you can claim LIC payment deduction.
I am working as a Chief Executive - sales in a private limited company. Company is offering Rs. 100000 - 200000 as a sales incentives in this FY 2007-08. What will be the Income tax I need to pay?
Re: income tax for sales incentives
by Sunil Kumar on Jan 07, 2009 02:55 PM
Dear sir, Any incentive paid by the company as a reward to you will be taxable in your hands,as it is considered as a part of Salary.
hi, I am deputed in research organization for 9 months in geneva and getting subsistance allowance with my indian salary from august'07 to april '08. During this duration, i sent some amount to India and rest I will take with me. Now pl tell the tax structure for me.
U can enjoy sec80c uptp 1lakh while investing in many saving scheme. please calarify. if i invest in equities or any other mutual funds my income at the time of maturity is taxfree or taxable. is there any lock in period
RE:income earned through mutual fund is tax-free or not
by vijayalakshmir on Jan 26, 2008 11:53 AM
U can enjoy sec80c uptp 1lakh while investing in many saving scheme. please calarify. if i invest in equities or any other mutual funds my income at the time of maturity is taxfree or taxable. is there any lock in period
my son visited uk for summer training at ukfor two month and received 12896.82 poundgross and paid 2482.68 as tds ,760.3pound as EE NIC and 1470.94as ER NIC. He is in iim ahemdab and doing MBA THIS IS FOR F Y 2007-2008 THERE IS NO OTHER INCOME HE HAS SPENT ALL AMOUNT THERE AND SAVED ONLY 2254 POUND AND TFR TO INDIA
Can the various allowances/ reimbursements falling under FBT be paid to an employee as allowances alongwith the salary/ HRA (one cheque inclusive of all), the employee be asked to submit a declaration that he has spent these for the respective purposes, and thus making them tax free in the hands of the employee, and the employer pays FBT. The employee thus is solely responsile for the correctnss of the declaration. OR is the employee supposed to claim these as reimbursements separately after spending on various purposes.
