Is payment by cash of Rs.15000/- each to 6 persons totalling to Rs.90,000/- constitute violation under section 40A(3)?

Hello,

(1) Dedcution of Interest on Loan:

Pls guide whether Loan Interest paid during FY 2013-14 will be available as deduction while calculating Income from House Property? It is to be noted that person had sold property on 20.03.2014.

(2) Dedcution of Principle Portion of Loan:

Pls clarify also whether deduction of Installment (Principle Portion) will also be available as dedution in above example.

I am facing a problem regarding the following situation in one of our client :-

Our client is a company dealing in Plotting business, company has policy to take advance payment against the plot to be allotted but in the particular case the company has taken Advance against booking of Plots from the customer of Rs.35Lacs , now the customer is not paying any thing so the deal has been cancelled and the amount is written off by the company and recognized as Income .
My questions is following :-
1.whether the same is considered as Business income or Income from other sources ?
2. Suppose company is in Real Estate business than, Whether the same can be adjusted toward work in Progress ?
3. what should be Tax Treatment in this Case for the same if the advance from whom is taken is written of by the Customer in his Income Tax Returns as Short term capital loss and there after the same is written off by the company ? whether it should be considerd as Short term capital Gain in the hands of company or Business Income ?
4.whether section 269S/269TT of income tax is to be attracted ?
5. whether any other provisions of Company Act is applicable in the particular case ?

Suppose A = Assessee(Father), B= grand Father, C = yonger Son, D=elder son

Assessee(A) having Resi House Prop. which he has got ancestrol from his Father(B). Sold the same property & purchased new property in the name of Son(C). ( earlier one ancestrol peoperty already tranfered by grand father(B) to assessee's(A's) Elder son(D). so Assessee(A) for safegurding interest of other son(C) , assessee(A) has purchased new house in the name of second son(C) Whether deduction u/s 54 is available to assessee(A) ????

Dear Sir/Mam,

My Employer has deduct TDS @20% and in form 16 My pan no not showing. In this case what is the way in which i have received my Refund.

Thanks
Saurabh Tomar

Dear experts,
I have bought a house in 2006, selling it now Long term capital gain is 60L

I booked a apartment in Oct 2012,cost 110L which builder has promised to give by Oct 2016. I have paid 50L till date. balance 60L to be paid as per construction linked plan. Can I invest 60L capital gain here.

Bit doubt on section 54. It says you can buy before one year, or 2 year after sale of existing, or within 3 years you need to construct.

Since I booked in Oct 2012, but construction will finish in Oct 2016 only. can I take adjust LTCG of current house
regards
Chandra

I have some confusion, Like, To adjust loss from house property with INCOME OTHER SOURCES,
house property loss is 5156/- But, SB Interest is 10,666/-, Now my doubt is
Can we take the deduction U/s 80TTA 10,000/- and The remaining 666/- only need to Set off with loss (or) after adjustment of loss remaining amount 5510/-only need to take U/S 80TTA(10,666-5156).
Please asnwer it......
THANKS IN ADVANCE

Dear Sir,

I have Purchased Shares of Private limited company on 02/04/2007.

on 10/03/2008 i have received advance amount against sale of such shares.

on 03/05/2008 i have received final payments for sale of shares.

Transfer deed has been made on 05/05/2008 also on MCA site transfer of shares booked on 05/05/2008 only.

My question is
1) Is advance received can be consider as sale & Gain can be consider as STCG ??
or it is LTCG ??

pls if any such case law is available then forward that also

Sir,is the amount of creditors unpaid for more than three years disallowed u/s 41(1) and added to profit?

MUKUND CA student

A individual working in a pvt ltd company will give his personal LIC premiums vide ECS for the months of Feb'15 and Mar'15 for the F.Y. 2014-15 but his company has generated his Form- 16 in the month of January'2015 for the F.Y. 2014-15 so he cannot show the LIC premiums for the two months but he wants to show the premium amounts in his I.T. Return. So can he claim the same amounts and whether it will be granted by the deptt. Please reply.

Thanks,
Abhishek.