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Not actual rent, House property is taxable on the basis of its Annual Value

TAX TALK-22.02.2016-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Not actual rent,  House property is taxable on the basis of its Annual Value
Query] 1.If I purchase the second house property for my own use, still whether I would be required to pay the tax? I don’t wish to let out the second house but want to purchase it for investment purpose. [K.T.Jannawar, Chandrapur] 2.From your articles in newspaper-The Hitavada, I came to know that if a person having more than one HP, the second property onwards to be shown on rent or deemed to be let out. I understood that while filing return, in the HP schedule from rent received, first taxes paid to local authorities (NMC/Grampanchayat etc) to be deducted, then on balance 30% to be deducted for maintenance, followed by interest payable on borrowed capital/loan. The remaining amount is income from house property.
My queries are:-
i.For IT exemption what documents/papers required if property given on rent and what documents required i…

Taxpayer may find it surprising but its the fact, without actual rent also, tax liability could arise... Tax Talk- My weekly column. Readable format accessible at http://ssrpn.com/article-details.php?id=1386

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Amount received on compulsory acquisition of agricultural land in MIHAN is tax free..... Readable format accessible at http://ssrpn.com/article-details.php?id=1384

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Readable format accessible at http://ssrpn.com/article-details.php?id=1383

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TAX TALK-08.02.2016-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Beware, there is a penalty for property transactions in cash
Query 1] 1.I am to get some amount in March 2016 on redemption of ELSS MF done in March-2013 for tax savings. Whether I shall have to pay IT on LTCG or otherwise? Kindly enlighten me in this matter. [kumarmeher52@gmail.com] 2.Is it better to invest in Equity linked saving scheme to save tax? Isn’t PPF a better option as compares to ELSS? My agent has advised me to go for ELSS and not PPF. Please advise.  [ amitr******@gmail.com] Opinion: There are lot many taxpayers who are not well aware of the Equity-linked saving schemes (ELSS) as a tax cum financial planning tool. ELSS is one of the types of mutual funds with tax benefits. It is one of the most preferred tax saving option for the young taxpayers as it has the potential to yield robust tax free returns in addition to offering tax benefit. The return from ELSS are tax free and have a smaller lock in …