I just sold my house and made a Profit of 10 lakhs, I do not wish to buy another House, Pl. let me Know where I can Invest the amount and Save Cap. Gains Tax. I am a Senior Citizen
My son is working in MNC in Europe and getting his salary in INR how much tax exemtion he can have from his salary drawn or how much in percentage he has to pay and can get exemption by investing in various ways.
I am an Engineer working in a Central Govetrnment organisation.I am getting NEWSPAPER ALLOWANCE (at 130/- per month)and TELEPHONE ALLOWANCE(with broadband facility)(at 1680/- per month. I would like to know whether this amount is taxable. If Yes or No then under which section. So that I can explain to my accounts person in my office.
Re: Which of the allowances are taxable
by on Sep 15, 2013 11:09 AM
professional journals upto 1000 pm and telephone allowance upto 1000 pm is exempted from tax. only u need to submit the bills of these.
i have file it retun on 20 june 2007 for finacial year 2006-2007.can you tell me the time with in which the it offic issue me a notice 143 for scrutiny,
Re: last date to issue 143 notice for scrutiny for finacial year
by gaurav vohra on Jan 06, 2009 08:05 PM
Dear Sir,
The issance period for the notice under section 143 is 1.5 yrs. from the end of the finanical yr. For Eg. for the finanical period ended on 31/03/2008 ,issue period for the notice under the above mentioned section will be 30/10/2009. For any other clarification on the above or any other issu you can mail me at (gauravvohra20@rediffmail.com)
Re: Capital Gains Tax on losses?
by gaurav vohra on Jan 06, 2009 07:53 PM
Dear Sir,
The day to day trading done by you will come under Income from Capital Gains & income or loss under this head will be set off against the same head , so you will not be able to set off or adjust the your negative income with any other income. For any other details about the issue you can mail me at ( gauravvohra20@rediffmail.com)
My son is a major,student and has a PAN Card. Can I transfer some Money to his Account to buy shares in his name? Can he trade and makes short term gains with these funds suppose he has no other earnings and invests one Lakh in PPF and Tax Saving Mutual Funds. Please advise. Kiran.
RE:Tax related
by Amitabh on Jun 17, 2008 08:15 PM
Yes, you can do so.He may also save the money and invest as he likes. Any taxable income that he earns will not be clubbed in your hands as he is a major.
I am residence of india and work for one chinese company in india. my salary get transfer from hong kong. i earn aprox 12 lac per anum. they didnot deduct any tax in hong kong. how i should declare this money. my anual saving is around 1 lac in 25OOO in lic, 85000 in quity base life insurance policy and 10000 tusion fees. 10000 thound principle amount of home and 70000 interest for home. can you suggest better way for how much i pay tax. should i pay every three month or last month.
RE:Tax saving
by Amitabh on Jun 01, 2008 10:37 AM
No direct saving this way.However,if you gift to your parents,any income they earn out of the gift will be taxed in their hands.But even this concession is not available if you gift to your spouse or minor children. Your taxable income will not reduce by giving the gift as gift is merely an application of income. But your parents or children will not be taxed on the gift,whatever the amount.
