I stayed in a rented house till Dec'12. After getting possession I moved to my flat in Jan'13.

My query is can I claim for HRA exemption for the period Apr'12-Dec'12 and Home Loan Interest benefit of 1.5lacs also?

If yes, what should I do if my employer doesn't consider both exemptions and deduct excess tax?

Thanks...

Suppose One of my client friend is doing business of kiryana stores in his locality & his sales is around 25lac Per annum.My question is that,if he dont maintain any books of accounts then how to file his income tax return .his income is near about 10-12% of his gross receipts.It is to be cleared that he has not furnished any return of income before.Now he want to take loan from bank,and bank is asking for income tax return of last three years.Plz help me.

Dear Sir,

We are a family of 5 and our father had died instate on January 07, 1987 and our mother too passed away on January 02, 2010. Our father had purchased a house property ( 25 cents plot with house ) for Rs. 25,000/= in the year 1970. Muncipility has issued KHATHA in our name ( 5 children ) on November 21, 2011 being legal heirs and we have also applied ( on February 08, 2013 ) to Sub-register to incorporate our name ( 5 members ) in the government records and get the mutation of records ( MR ) completed. ( This process should take about 3 months. )

We now ( all 5 members ) would like to sell this property for about Rs. 37.5 lakhs.

( a ) Do we have to pay short term capital gain tax, if the property is sold before November 21, 2014 ? If so how can we minimize the tax ?

( b ) If the property is sold AFTER November 21, 2014, what will be long term tax applicable? What are the
options available to minimize the tax ?

( c ) One of my brother is interested in buying the whole plot. Can the other 4 members our family discharge our rights in this property to our brother? Are there any tax implications in this case?

Your early reply will be highly appreciated.

Thanks,

Regards,



R.V.Kamath
9886795163 ( M )
r_v_kamath@hotmail.com

One of my client friend has annual income of around 2 to 2.5 lacs per annum from his shop(business of grocery items),plz tell me if there is any requirement of books of accounts.Can i show it u/s 44AD for filing his return for A.Y.2011-12.plz explain me what should i do? If i show his gross receipts more than 25 lakhs u/s 44AD then is he liable for vat registration or anything like that under any other law.

Sir,


Experts Pl. give me reply

pl. explain exactly

We have group insurance mediclaim policy for employee's & their family. For the premium payment, some portion is part of each employee CTC & ramaining portion is contributed by company. The receipt of the premium is in the name of company. Employee got the Insuracne card only. In this situation can the employee will get the benefit of section 80D for his part of contribution. Pls guide.

1.one of my client is starting a new HR consulting firm (HR sourcing - proprietory biz). Is it necessary to register for service tax number and will he be an input service distributor

2.same client has bought 2 computers on his friends credit card for the purpose of his business. how can this be shown in the accounts as assets of the his business

3.if three people take a loan to buy a house,will the deduction for interest paid towards house be 4,50,000.

Thanks in advance

Dear sir/Madam,

Am going to register for Cs Executive,
my query is, after professional programme of CS, shall i go for practical training,
Coz; am working in an organization right now, so i would prefer to go for practical training after Professional programme CS.

Hello all

If a person want to become director with the following restriction
1) No shares in the company
2) No liability of the company
3) If in future, the company is liabile to pay to banks or any government institutions, the director is not responsible to make any such payment

Is it possible.

Dear Expert plz clearify it...

Maturity Amt Rs. 900000.00
Premium Amt per year Rs. 250000.00
Policy Period 3 yrs

Here, they pay more than 20% of Maturity Amt.
plz tell at the time of maturity how much amount will be exempt u/s 10(10)(D).

Whether Full amt is exempt or partly or how much...