I am currently discussing selling part of the garden of our only residential property and would like to know if tax is payable on the proceeds. The land would probably be sold to a builder for the construction of two semi-detached houses.
Hi, Im Karthik Herewith Im providing my salary details for Jan 2011 where I got a hike kindly help me to calculate tax and also how to exempt the max please explain in detail.
Basic tot – 207339 actual – 164839 projection – 42500, HRA tot – 103669 act – 82419 proj – 21250, LTA tot – 24476 act – 20310 proj – 4166, CA tot – 28751 act – 27151 proj – 1600, Medical allowance tot – 31451 act – 28951 proj – 2500, Education allowance tot- 15967 act 15967 proj – 0, additional allowance tot- 251266 act- 186716 proj- 64550, performance incentive tot – 6000 act – 6000 proj- 0.
Allowance u/s 10 CA- 3975, HRA – least of the following: 40% of Basic – 82935, HRA – 103669, Excess of rent paid over 10% of Salary( im paying 10K as rent per month).
u/s 16 tax on employment – 1876, u/s 80C provident fund – 24881, 20K LIC, 18K Aviva pension plan on my wife name she is a house wife, 14K ELSS, 25K PPF. Also 15K for mediclaim self family & 16K mediclaim for my parents father is a senior citizen who doesnt have any tax. Can i invest in bonds if yes how much to exempt max tax
Tax deducted from salary Jun to Dec is 3K/month & Jan to Mar is 4K/month.
Kindly help me to calculate tax and also how to exempt the max
FYI my mom is a permanent disabled from 2005 because of an accident and she is dependending on me she is 57 completed.
Thanks in advance