I’m salaried and have income of 2.5 lakhs/year + I started receiving a rent of 4 lakhs per year, so how much expense can I show from my rented place so as to save all tax, currently I’m not paying any tax for my 2.5 lakh income? OR What are the expenses I can show from my rented property so as to save optimum tax?
The new income tax Circular No– 05/2011 requires one to produce the PAN card of the landlord if the rent paid for the year exceeds Rs.180000. If the landlord doesn’t have a PAN card one should get a written declaration from him that his income is below the taxable income.
Will they be conducting checks? It seems they have implemented this rule due to the increase in the number of people producing false rental receipts. Naturally, I’m one of them and so I’m afraid.
My package is 3.0 lacs per year. Considering no investment from my side what shall be the
amount of income tax deducted.
My PF deduction is 1020 per month and conveyence is 5000 pm.
HRA 3400 pm.
and medical remn. is 1250 pm.
So how much should i invest so that there is no deduction.
I bought a 5 year FD of INR 1,50,000 from Canara Bank dt. 12 Mar, 2011. Due to some reason i couldnt claimed for Income Tax Rebate in Financial Year 2010- 2011. I would like to know if i am eligible for IT rebate in Financial Year 2011- 2012 ?
I had bought a house for which I paid EMI and sold that house after clearing all the dues. I got the IT saving certificate and claimed the benefits till the month of sale. I then bought another house taking loan and got provisional tax saving certificate. When this was submitted the earlier benefit for the first house was disallowed.
i wanna buy a land worth rs 2000000 and resale it within an year making a payment of 200000 and rest 18 from the bank ,so what are the difficulties while buying and reselling the property in indore by the banks ,what is the procedure and taxes implied ,as i am totally new to this market and a dumb to such dealings?/
I am yet to receive tax refunds from my previous years of IT Filings, and I’ve run out of patience waiting for it, so can I offset my current year’s Tax payments with the previous years refunds? Is that allowed in India, anybody having any idea about the same please let me know what’s the process.
Is income tax applicable for these transactions?
We are 4 brothers and 2 sisters. My father purchased a land property in the year 1978. For our convenience, he purchased this land property in our younger brother’s name. The many is paid cash in that time. The of my younger brother at that time was 21 years and he was not having any source of income. My father said that after some years, you four brothers get this property equally divided. But Now our younger brother is refusing to give us a share in that property. What is legal way for us go get a share in this property ?
Calculation of income tax is done after set off losses of last year if we want to compare the same with mat calculation for company as per IT act of India ?