My friend is a salaried employee. He stays in parents house and pay them rent for which he claims HRA deduction. He resides in Delhi but his office is in noida. He wants to buy a House in Noida BY TAKING LOAN. But he will not move in there immediately.For the time being he wants to stay with parents and rent the house that he will purchase. So that he can claim full interest payable on loan.

CAN HE CLAIM FULL INTEREST AND ALSO HRA?


Answer: He Cannot Claim HRA.

My friend is a salaried employee. He stays in parents house and pay them rent for which he claims HRA deduction. He resides in Delhi but his office is in noida. He wants to buy a House in Noida BY TAKING LOAN. But he will not move in there immediately.For the time being he wants to stay with parents and rent the house that he will purchase. So that he can claim full interest payable on loan.

CAN HE CLAIM FULL INTEREST AND ALSO HRA?

What are the remedies left before an asseesee when he is denied a genuine refund even after appealing u/s 154
kindly reply soon becoz its urgent

My Client Deposited CASH Rs. 50,000, Rs. 80,000 and Rs. 1,00,000 on different dates into his creditors bank account using the core banking facility. Is this amount of payment to the creditors is entitled for disallowance under section 40A(3).

Father of one of my client(working in MNC) is having a land in his name on which they have decided to construct house, now for the purpose of availing tax benefits by my client following modus operandi is proposed to be adopted –
1. Land, owned by client’s father, will be given on lease for 50 years to my client on payment of Rs.1000 p.m. as lease rent under a unregistered lease agreement.
2. Client will take loan for construction of house on this land from some bankers, in bank loan client will be co-applicant and part of construction cost will be borrowed from individuals on interest.
3. In order to pay installment of bank loan (principle), client will again take loan from individual on interest basis.

Query - Whether payment of installment to bankers, interest to lenders as per point no. 2 and point no. 3 will be eligible for deduction under Income tax act, if yes, pl. provide supported case law etc.

If a Professional like Our Chartered Accountant raise the bills with add service tax,while making the payment whether we should deduct TDS on whole bill amount i.e. including service tax or after less service tax.
pl reply this query is urgent.

with thanks

Medical Reimbursement of above Rs 15000/- for whole year i.e. 1250/-PM is liable to FBT or not.
And if a employer reimburse above Rs 15000/- in a year the part above 15000/- will included in the salary of employee?
pl answer the query is most urgent, kindly answer as soon as possible.

thanks

A company which has been formed in Aug-07. It is not having any employees throughout the year. Only director and Managing directors are appointed as per requirements under Companies Act. The directors have not given any salary / managerial remuneration expenses.

THere are many expenses like motor car maintanence, repair, depreciation, entertainment, travellig etc. expended by directors.

Whether this company will be liable for Fringe benefit tax?

Whether a director can be considered as a employee for this purpose?

My father has purchased a plot of land which is registred in his name and he constructed a house by taking a loan from bank. Now i am paying the EMI (Principle + Interest) because my father does not have source of income and he is dependent on me. What should I do so that I can claim the deduction for EMI paid. Please advice.

Thanks
Yogesh Modi

My father has purchased a plot of land which is registred in his name and he constructed a house by taking a loan from bank. Now i am paying the EMI (Principle + Interest) because my father does not have source of income and he is dependent on me. What should I do so that I can claim the deduction for EMI paid. Please advice.

Thanks
Yogesh Modi