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Showing posts from July, 2012

“INTEREST PERTAINING TO PERIOD PRIOR TO POSSESSION/ CONSTRUCTION OF THE HOUSE PROPERTY”

TAX TALK-23.07.2012-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “INTEREST PERTAINING TO PERIOD PRIOR TO POSSESSION/ CONSTRUCTION OF THE HOUSE PROPERTY” Query 1] Sir, The following is the case:
Loan is taken for construction of independent House. Construction Started in April-2010. Construction is expected to be completed by August 2012. Full EMI have started immediately with effect from May 2010 for full Sanctioned Loan (irrespective of stage-wise disbursement).
1.Whether we can claim deduction for Interest accrued during 2011-12 in Income from House Property, irrespective of Completion / Possession of House? 2.Precisely, we seek your clarification as to whether the date of completion, or the date of occupation or the date of commencement of Loan repayment will be the deciding factor for computation of allowance of accrued Interest on House Property under the head Income from House Property, while computing the taxable income? Early clarification is solicited. [N.…

“TDS NOT REFLECTED IN 26AS”

TAX TALK-16.07.2012-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “TDS NOT REFLECTED IN 26AS” Query 1] TDS of Rs. 5,400/- is deducted by a branch of State Bank of India on 26/12/2011, from certain amount payable to me on account of salary arrears. But the same amount is not reflected in Form No. 26AS. A lot of correspondence with the branch and their controllers has taken place but the matter is still not resolved. At last on 30/06/2012, the bank issued me a Form No. 16. In which Acknowledgement No. 029560200081661 is incorporated. However, this amount is yet not reflected in Form No. 26AS. Upon making queries with the deducting Authority, they have given an evasive answer that it does not matter & I may file the return manually. In the circumstances, I am unable to file my Income Tax Return online. I request you to advise me: 1.From whom I can verify the data uploaded against Acknowledgement Number- 029560200081661? 2.To whom, I may address my complaint with Incom…

“THE YEAR OF ACQUISITION WHEN PROPERTY RECEIVED UNDER WILL IS SOLD?”

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TAX TALK-16.07.2012-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “THE YEAR OF ACQUISITION WHEN PROPERTY RECEIVED UNDER WILL IS SOLD?” Query 1] Sir, kindly guide me in the following matter. The basic threshold income which was not chargeable to tax for F.Y 11-12 (A.Y 12-13) is Rs 2.50 Lacs for senior citizen (those who are 60 years of age and above). Now in budget 2012, limits of incomes are revised. Accordingly now what is the limit for senior citizens for F.Y 12-13 (A.Y 13-14)? Kindly clarify. [nikhil.143gotenssj4@gmail.com] Opinion: 1.The new income tax slab for the F.Y. 2012-13 (AY: 2013-14) for Individual / HUF is as under:

Individuals/HUF Senior Citizens Very Senior Citizens Rate Up to 200000 Up to 250000 Up to 500000 Nil 200000-500000 250000-500000 -- 10% 500000-1000000 500000-1000000 500000-1000000 20% Above 1000000 Above 1000000 Above 1000000 30%