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Showing posts from March, 2013

“WHETHER HOUSING LOAN BENEFIT AVAILABLE ON THE LOAN TAKEN FROM EMPLOYEE’S CO-OPERATIVE SOCIETY?”

TAX TALK-01.04.2013-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“WHETHER HOUSING LOAN BENEFIT AVAILABLE ON THE LOAN TAKEN FROM EMPLOYEE’S CO-OPERATIVE SOCIETY?”
Query 1] I sold my ancestral land for Rs 33 Lacs on 24.05.2010. The sale proceeds are kept in S/B a/c since then. I acquired a residential house from G'Noida Authority ( allotted on 29.11.2007) in FY 2012-13 by executing lease deed on 18.06.2012, jointly with my husband out of other sources of finance, including Housing Loan, PPF withdrawal, etc. Can I claim exemption from Tax on LTGC on this house. On the date of sale of land, I owned another Flat jointly with my husband. If I cannot claim exemption, as above, can I buy a residential flat now and save Long term Capital Gains Tax of about Rs 10 Lacs (including Interest). The IT Return for FY 2010-11 is yet to be filed. I shall be grateful for your advice. [Neelam Gupta- anilg.244@gmail.com] Opinion: 1.It appears that the land transferred is not an Rural Agr…

“ERROR IN PAN CARD, HOW TO GET THE PAN CARD RECTIFIED”

TAX TALK-25.03.2013-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“ERROR IN PAN CARD, HOW TO GET THE PAN CARD RECTIFIED”
Query 1] My wife is a Central Government employee & her gross salary is Rs. 2,90,000/- without giving effect to the provisions of sections 80Cto 80U.Her total salary after above provisions is Rs. 1,55,000/-.She also has interest income of Rs. 20,000/- on fixed deposits with banks.She has not filed her return for the assessment year 2012-13.Now my question is: 1.Is she exempt from filing IT return under section 139(1C) for the assessment year 2012-13? 2.If not, then can she file the IT return now electronically? 3.If she files the IT return now, then under which section:
(a) Before due date U/s 139(1) or
(b) After due date u/s139(4)
4.What is the time limit for filing IT return & belated IT return? [Dr Jacob Sakariah- jacobsakariah@hotmail.com] Opinion: 1.For the AY 2012-13, she is required to file the return of income and there is no exemption u…

“SHORT TERM CAPITAL GAIN ON BUY BACK OF SHARES - TAXABLE AT WHAT RATE”

TAX TALK-04.03.2013-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“SHORT TERM CAPITAL GAIN ON BUY BACK OF SHARES - TAXABLE AT WHAT RATE”
Query 1] I am 61 years old. I have purchased 27 shares of GSK Consumer Ltd @ Rs. 2,588.61 for a total consideration of Rs. 69,892.51 inclusive of STT and brokerage on 29/02/2012. The same were offered to the company under "Buy-back" scheme and the company has accepted all 27 shares for "Buy-back" and paid me Rs. 1,05,300/- @ Rs. 3,900/- per share on 12/02/2013. No STT, brokerage was deducted from this amount.Thus, there is Short Term Capital Gain of Rs. 35,407.49. Please advise me about the following: 1.How this amount will be taxed since no STT was paid at the time of "Buy-back"? Will it be taxed at the rate of 15% as it is Short Term Capital Gain (STCG) and shown accordingly in I.T. Return? Or 2.Will be added to my Gross Total Income (mainly being interest on bank term deposits as I do not get any pension)…