Dear Friends & Experts,

My querry is as under:

A company has taken Group Gratuity policy of LICI for payment of gratuity to its employees. Annual contribution is paid to LICI based on Calculation done by LICI which includes Contribution to Gratuity Fund and annual premium for life cover of the employee to pay gratuity in the unfortunate event of death. In case of death gratuity is paid out of the Gratuity fund managed by LICI based on last salary drawn for actual years of service put-in and life-cover amount is by LICI for the remaining period of service considering the retirement age of 60 years. Amount of Gratuity and/or lifecover is restricted to a maximum of 20 months pay but not restricted to the limit of Rs3.50 Lakh and Income Tax is deducted on the amount in excess of Rs.3.50 Lakh.
My questions are -
(i) Whether the full amount of Gratuity (Gratuity out of Fund + Lifecover amount paid by LICI) received by the nominee of the deceased employee taxable as income of the deceased employee in the relevant AY or it will be taxable in the hands of the nominee?
(ii) Since part of the Gratuity Viz., the life cover amount, paid by LICI out of the group insurance policy for which annual premium has been charged by LICI, whether the same will be exempt u/s10(10D)in the hands of the deceased employee or his nominee ?

Shall be grateful for resolving my problem. Reply can also be mailed to me at aditya_asm@yahoo.co.in

Thanks & regards,
Aditya

HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

Plse tell me whether Sec 80GG can be claimed for part of Financial year for Rent paid but no HRA reced (for my present job) .
However, in my earlier job, I got HRA & deduction availed u/s !0(13A) rent paid.
If so then , how to calculate

a property is owned by tw people , however the housing loan is in the name one person only. There is an understanding b/w the parties and half the loan is shown in the 2nd parties books in the name of the first party.
Is this correct, the 2nd party is claiming an exemption u/s 24 as half the interest is being paid by this party to the 1st party in cash.

If a salaried employee is having an income from trading in shares which ITR he has to filed, if he has already declared the income from share and included in the form 16 under the head income from other sources

Dear Sir,


My query is regarding interest received on fixed deposit with bank. I made an FD with ICICI Bank as on 15/07/07 and it matured on 14/07/08.The FD was for Rs.150000 and its maturity value was Rs.160184.On this bank has also deducted Tds @10.30 percent. My question is whether the interest income on FD is income for the A.Y 2008-09 OR FOR A.Y 2009-10.

Secondly If the interest income is the income for A.Y 2008-09 can I claim refund of TDS deducted by the bank on interest income of Rs.10184, since my net taxable income is less than the taxable limit i.e. Rs.110000.


Can I now submit to bank form 80G,When a TDS has already been deducted though I havn't encashed my FD as yet.

Hi

I have the problem regarding filing of income tax return, i was submitted address of my native place during PAN application, i got PAN according to my native place address, but now can i file my return from Pune temporary residence address.

In most of the cases gratuity is deducted @ 4.81% of basic. why the rate is taken as 4.81%. was it anywhere mentioned under the payment of gratuity act?
if yes, under which section?

In which amount tds Would be deducted when professional charges included service tax