I have purchased a flat in 1989 for a consideration of Rs.2 Lac. i am selling the same house for Rs.20 lacs in Jan 2010. With the indexation what will be my tax liability. I am 80 years old and presently has no income or it is better to give gift to my son
my father wants to sell a land that he inherited and give that money to me for buying a flat. my father is a retired person and senior citizen. what will be tax implication on me & my father?
there are a very large no of income tax payers who prepare their returns all by themselves .The amount of tax is small or it may be even nil in some cases.If it is sent by registered post, the acknowledgement form is not received back.
If it is submitted electronically, there is the question of digital signature,( to subscribe to a digital signature is a costly proposition). In these days of electronics how it can be done in a proper way ?
The answer is to be on the Indian context
I am a retired government employee.My date of birth is 01-04-1951. Am I eligible to submit Income Tax returns this year as a senior citizen?
is any allowances like team leader allowance,design allowance and similar type is there which is not taxabe as per Income tax of India under the head of Incme from salary?
I am a senior citizen and getting pension, if i do daily trading in share market and make profit, is there any tax tax to be paid and how to account my transaction. whether i have to file any return in IT department?
the senior citizens may need compassion, respect and physical help. but they are not financially weak. then there appears no basis for giving them benefit in income tax and railway fare.
with no opportunity of generating monthly income
My father died at 86. He had a FD in a schedule bank which matured 6 months after his death. The bank has given interest at agreed rate upto date of death, but disallowed the extra 0.5% given to senior citizen on FDs after his death on the ground that he was no more a senior citizen after death. Is the bank right in holding that ground?
My father is a senior citizen. He is a retired govt employee and does not file his return.
Last fy PNB deducted TDS on his FD with the bank.
How can he refund this?