Vikas, I went to US (on L1 visa) on 10-Feb-07 and returned on 28-Oct-07. I was getting salary after tax deduction in US. Now my company has deducted around 1.2 lakh saying that there was indian salary component involved in your US salary. But now I do not see anything in my W2 as salary paid in India. So I end paying tax in India and in US as well. Is there any way I can claim returns with Indian govt?
I had purchased a flat for 20L in 2003. Am planning to sell it now for abt 40L. But utilize the entire amount for payment of hsg loan for that flat (15L) partial payment for a new bigger flat(25L out of 45L). Will there be Taxes that I need to pay?
RE:Gains Tax?
by manan on Feb 05, 2008 04:01 PM
u can get exemtion of your capital gain u/s 54, as your capital gain is less than cost of new house property, provided you buy the new house property within 1 year prior and 2 years after the date of sale of old property. Also u will have to retain the new house property for a minimum of 3 yrs. In case u sell the new property wihin 3 yrs of acquiring it, capital gain exempt u/s 54 i.e 20L, will be reduced from cost of new house property thus increasing your capital gains.
Hello Vikas I am an American Citizen from 2003.before as an Indian citizen I had PPF account can I still deposit money in that account. And also please let me know if I have to pay tax for income earned in India for e.g. I bought a land and sold if for a profit I know I have to pay tax in USA but do I have to pay tax in India. If yes it does not make any sense getting double taxed so is there any other alternative. Thanks Have a great day Samir
RE:Ploicy of Indian goverment for Income Tax for Other country citizen
by manan on Feb 05, 2008 04:04 PM
Yes u will have to pay tax on income arising out of property in india. my opinion is that u can not deposit money in PPF
Hi I am going to take a loan to purchase a flat which will be ready by 2010. Will I be eligible for Tax Exemption on the EMI paid out ? ie the interest and principal?
RE:Tax Exemption on Housing Loan
by Kaushik Das on Feb 03, 2008 01:42 AM
:-) Unfortunately, as per the tax laws of India, you can claim the benefit only after the possession.
RE:Tax Exemption on Housing Loan
by jayasimha krishnaswamy on Feb 07, 2008 01:28 PM
Can we claim the benefit after the possession in the next yr. for the interest paid in the previous yr.
RE:Tax Exemption on Housing Loan
by Amitabh on Feb 09, 2008 08:30 AM
The interest for the pre construction period is deductible in 5 equal annual instalments starting from the year you get the posession of the house.
RE:Tax benefit on Housing Loan
by manan on Feb 05, 2008 04:11 PM
You will get tax benefit u/s 24(b)of the amt. of interest paid by u only after the possession of the property, upto max. limit of 150000 p.a, In case the loan is taken for the purpose of repair, renewal, renovation or reconstruction, the limit is 30000 p.a
Hi, I have invested in shares. Some of them are yeilding some profit and some are in loss. Planning to sell as i need money. Gain is calculated on shares together or only on shares which are getting some profit? Please clarify.
RE:Profit/Loss in Equity
by KHM DATABASES on Feb 01, 2008 05:54 PM
sell only part of which one is giving you profit, as feb. is going to give u good returns
RE:Profit/Loss in Equity
by manan on Feb 05, 2008 04:15 PM
Yes u can set off the loss incurred on sale of shares against the profit earned on sale of other shares u/s 70 i.e inter source adjustments.
I had taken home loan in July,2007 and will be getting possession in July,2008.Hence i won't be able to get any benefit for interest and principal payment in this financial year..but what about stamp duty and registration?? when can i claim that?? any answers
RE:query
by manan on Feb 05, 2008 04:18 PM
no, there are only 2 deductions available under income fron HP, i.e 30% of netannual value & interest payable on loan. but that is only after taking possesion.
Hi, I have got ESOPs through company @Rs. 10 with a lock in period of 3 years. I am yet to receive final lot of 200 esop shares in feb. 2008. Pls. let me know if I have to pay FBT for that since, alltment was done in 2005 and final allotment will be done in feb. 2008.
Hi, I have got ESOPs through company @Rs. 10 with a lock in period of 3 years. I am yet to receive final lot of 200 esop shares in feb. 2008. Pls. let me know if I have to pay FBT for that since, alltment was done in 2005 and final allotment will be done in feb. 2008.
I m making my Ulip Payments from last 2 yrs. & hav home loan. My wife is also working. NExt year if I pay the Premium from Wife's account can she claim the same under Sec 80 as I have exhausted my limit with House Loan principal. Pl help me for the same.
