Hi,

I had taken a Housing Loan for which my Father is Main applicant and I am joint applicant. Property is in the name of Father.

EMI's are paid by me using my savings account (salary account).

Am I eligible to claim Interest / Principle amount paid for Housing Loan. If so to what extent and which component can be claimed by me??

Thanks in advance.

Regards
Sridhar

Incentive is being paid to Marketing people after the end of the year based on sales achieved by them. Sometime this incentive is called bonus.


Should one consider this under the head 'Salary' for TDS purpose? For YES or NO kindly give reasons.

Thanks.

We are getting IT exemptions under Sec 10 (A). Last year we have not paid MAT. But somebody told that this year (Assessment year 08 - 09), we are suppose to pay MAT inspite of comming uner the exemption under Sec 10 (A)

Is it necessary to file zero quarterly return if turnover is less than 30 lacs for one finiancial year

To deduct tds u/s 194c is contracual agreement necessary?

if there is condition in the contract as follow:-

commission 2% on turnover subject to max of 20000

that commission will be included in salary for the purpose of above sec ( HRA) OR NOT.


Answer is Yes Coz There is Variable Component in it.

If the initial compensation is less than the cost of acquisation the in such a case will treatment will be given,

Weather capital loss will be treated or remaining part of caost of acquisation will be set off with additional compensation.

E.g.

A property is compulsory acquired by govt. by paying initial compensation of rs. 250000 on 1.1.2008. Cost of Acquisation being rs. 500000. Later on on 1.5.2010 govt. accepts additional compensation of Rs. 300000. Will be the tax treatment in A.Y. 2008-2009 & 2011-2012

Thank You

Kunal Agrawal
kunalagrawal@aol.in
+91-99295-03735

If an assessee claimes exemption U/S 54F and within 2 years or construct new house within 3 years, he transfers his one residential house (other than that in which investment U/S 54F was made) and purchases another house.

In such a case will exemption earlier allowed u/s 54F will be withdrawn or not.

E.g. A has house A on date of transfer. He invested in house B to claim deduction. Now within stipulated time period (i.e. 2/3 years) he transfers house A and purchases House C. In such a case weather exemption allowed by making investment in house B will be withdrawn or Not?

Thank you.

Kunal Agrawal
kunalagrawal@aol.in
+91-99295-03735

A pvt Ltd. company has given a salary of Rs. 2,40,000/- p.a to its employee Mr.A. Further, he has given Professional fees of Rs. 2,50,000/- due to his technical assistance.

Can the company give an employee (employed for the whole year) salary as well as professional fees

Dear Members

One of my client is providing services to the private banker. Client providing the services of either collecting fund or catching vehicles on behalf of bank. In such case client gets commissio.

My query is that whether tax audit is applicable in case assessee's gross receipt is more than 10 lacs.