a man invest a sum of Rs. 20000/- in the name of his wife in "LIC Market Plus Plan". i want to ask that , Is he eligible for deduction of Rs. 20000/- U/s 80c in his Income Tax Return which was invested in his wife name.

Can you please tell me can father in law gift to daughter in law . is that amount is taxable , in whose hands.

IS additional Depreciation allowable for machinery for AY 2008-2009 ? If yes what is the percentage for additional depreciation for the year ended 31/03/2008.

Assessee has recieved 3000 USD after sufference of tax of 900 usd towards TDS.The same is towards Royalty which the university pays to all the students who had developed the product and hold the patent.Assessee was a student in USA and has since returned and is now a salaried employee in India.


Is the amount ;

1.Taxable in India.
2.If so , under Salary or Other Sources.
3.How to claim TDSA credit as TAX Identification Number of the university is not available on the form which has been received.This needs to be mentioned in ITR 2.Details of Tax Paid.
3.Amount was received in november 2007.
4.If not taxable , should it be disclosed as Exempt income.

can u please tell me what is the new in this budget for F/y 2008-09 regarding minor's income

Dear Sir,
I intend to sell my flat in New Delhi after 5 years of ownership. During this process, I shall be making profit from my investment which will come as long term capital gain. Would I get any exception on tax liability on capital gains, If I invest my profit earned from selling this property for the purchase of a land for residential purpose?
I seek clarification on this matter pl.
Regards,

Hitesh Malviya

A person has raised loan from bank to finance the purchase of a flat. The amount is payable to the builder in installments based on progress made in construction. Registration of the flat will be done in his name after he pays 90% of the purchase price.


The person has paid 75% of the purchase price to the builder till 31 March. The bank has charged interest on the loan amount drawn. Since the person has paid only 75% of the total purchase price the flat is not registered in his name yet.


1)Can he claim deduction u/s 24 for interst paid eventhough the house is not registered in his name?



2)If the answer to above question is 'No', is it possible to claim deduction for interest paid before registration, during the financial year when the registration takes place?

do we have to deduct tds on directors sitting fees payable to a NR? if yes at what rate of tax? substantiate if full time director?

I WANT TO KONW THAT TDS SHOULD BE DEDUTED OR NOT ON INTERNET(BROADBAND) CONNECTION( NOT ON TELEPHONE LINE)FROM VSNL ( A TATA GROUP COMPANY) BILL PAYMENT/CREDIT?
PLEASE GIVE SECTION CODE AND CASE IF APPLICABLE?

1) Is there a distinction between revenue and capital expenditure for making TDS?

2) Do we need to make TDS for provision made during the year (for e.g., audit fees)?

3) What is the consequence if TDS is made without applying for TAN?