One of our client is earning rent of Rs.120000/- p.a. from a shop.
He is also paying interest on loal borrowed for the purchase of that shop Rs. 60000/-.
How this be charged to tax & under which head.
Is Standered deduction of 30% allowed?
&
whether Interest paid can be taken as deduction u/s 24?
Please Reply.
Thanks in advance.

Q1) kindly explain the consent of Employer- Employee Insurance and also highlight the relevant sections of Income Tax Act 1961 applicable for:-


a) Tax Exemptions in Employer- Employee Policy.
b) Fringe benefit Tax is applied?
c) Assignment
d) Maturity/ Death proceeds after assignment

Q2). If assignment of Employer Employee Policy is done to the employee just before the end of 3 years how will that be possible as the surrender value for the first three years is nil as per the policy term but employee purchase the policy on Guaranteed Surrender value.

The employer –employee policy shall have surrender value of the first three years premium have been duly paid. So can one assign the policy just before the premium payment of 4th quarter of third year? How will the whole arrangement work out, especially in the terms of surrender value, please explain?

Q3. If the assignment is made for a surrender value, would the Surrender Value is taxable? And in whose hand, the Empolyer or the individual.

Q4. After the Employer- Employee policy has been duly assigned, what shall be the scenario now:-

A) Who would receive the death claims, if accurse and would be same tax free?
B) Would the maturity proceeds do the Employee who has been assigned this policy and would the same be tax free in his hand?

Please reply as soon as possible

Dear All,

If an assessee has only stcg income on shares rs. 100000/- in a financial year, then it is taxable or not.
Whether it is under exemption limit or not ?

Please suggest me asap.

Thanks & REgards

CA. B.K.BANSAL

WHETHER RUNNING OF AN EDUCATIONAL INSTITUTION BY A CHARITABLE TRUST/SOCIETY WHO IS REGD U/S 12A WILL BE CONSIDERED AS INVOLVED IN THE CARRYING ON OF ANY ACTIVITY IN THE NATURE OF TRADE,COMMERCE OR BUSINESS AS ALMOST ALL INSTITUTIONS RECEIVES FEES ETC AND THERE FOR NOW WILL LOOSE THEIR EXEMPTION U/S 10(23C) OR U/S 11. pLEASE EXPLAIN THE LATEST POSITION AFTER AMENDMENT.

Is it essential to detailed mention in Gross salalry to claim the benefit of Transport Allowance,Education Allowance Medical Benefit Rs 15000,LTA(Ticket Cost)

why bctt withdrawn \?

was it making any sense when it was introduced?

Confirm notifcation no on which Genreal Cenvat reduced 16% to 14%

i am receiving rent from reliance compan y for giving Terrace for fixing antina for network. my doubt is in which head rent include for income tax canculation .

we have a company and there is one subsidiary of this. parent company has made payment through account payee cheque payble to a land owner for purchasing the land in the name of subsidiary company. Is this book entry in the books of parent company as loan given and in the books of susidiary company as loan taken is against the section 269SS of income tax act

Q1) kindly explain the consent of Employer- Employee Insurance and also highlight the relevant sections of Income Tax Act 1961 applicable for:-


a) Tax Exemptions in Employer- Employee Policy.
b) Fringe benefit Tax is applied?
c) Assignment
d) Maturity/ Death proceeds after assignment

Q2). If assignment of Employer Employee Policy is done to the employee just before the end of 3 years how will that be possible as the surrender value for the first three years is nil as per the policy term but employee purchase the policy on Guaranteed Surrender value.

The employer –employee policy shall have surrender value of the first three years premium have been duly paid. So can one assign the policy just before the premium payment of 4th quarter of third year? How will the whole arrangement work out, especially in the terms of surrender value, please explain?

Q3. If the assignment is made for a surrender value, would the Surrender Value is taxable? And in whose hand, the Empolyer or the individual.

Q4. After the Employer- Employee policy has been duly assigned, what shall be the scenario now:-

A) Who would receive the death claims, if accurse and would be same tax free?
B) Would the maturity proceeds do the Employee who has been assigned this policy and would the same be tax free in his hand?

Please send me your opinion as soon as possible.