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Showing posts from May, 2013

WANT TO INVEST THE MONEY FROM SALE OF “AGRICULTURAL LAND & PLOT” FOR PURCHASE OF “A READYMADE HOUSE”: INCOME TAX SAVING

TAX TALK-13.05.2013-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
WANT TO INVEST THE MONEY FROM SALE OF “AGRICULTURAL LAND & PLOT” FOR PURCHASE OF “A READYMADE HOUSE”: INCOME TAX SAVING
Query 1] I am in Government job and purchased an agriculture land for total amount of Rs. 4.00 Lacs in the year 2008 and a plot in city area for total amount of Rs. 6.50 Lacs in the year 2011 (through loan & self saving). I want to sell these properties in the FY 2013-14. Please provide following information: 1.Tax liability on capital gain; 2.Presently, I do not own any house and want to invest above money to purchase a readymade house (new or old). What would be tax liability in FY 2013-14 or onwards if house is purchased after 2013-14?;and 3.Till investment in readymade house, I want to do investment in Fixed deposit/ Bonds of Government owned bank/ company, Post office certificates etc. What would be tax saving as per Income Tax Act? [Dilip Singh-om1950lal@yahoo.co.in] Opinion: Ta…

“CLOSING ONE HOUSING LOAN ACCOUNT AND AVAILING ANOTHER HOUSING LOAN FOR CONSTRUCTION: INCOME TAX IMPLICATIONS”

TAX TALK-06.05.2013-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“CLOSING ONE HOUSING LOAN ACCOUNT AND AVAILING ANOTHER HOUSING LOAN FOR CONSTRUCTION: INCOME TAX IMPLICATIONS” Query 1] With regard to personal taxation, please clarify the following.
My Bank has permitted me to avail Leased Accommodation facility at Bangalore, to enable my family to continue to stay there. Our Bank is also deducting Monthly Lease Rent, as per our Pay Scale, which is about Rs. 400/- pm. However, I am also paying monthly rent of Rs. 5,000/- for my accommodation at Nagpur. Please inform me, whether I can claim deduction for House Rent paid by me as I am also paying tax for the Leased Accommodation provided by my employer.[Sivaram.G-sivaram.ganeshan@sbm.co.in]
Opinion: You are provided with the leased accommodation by your employer and probably you may not be receiving the House Rent Allowance (HRA).
For the mass benefit, I am elaborating the provision related to availability of deduction to…