Is severance payment taxable just as salary for an individual or is there any specific exemption provided by law for this payment. I read that VRS payments are exempt to INR 5 lacs. Is that applicable for Severance as well and to all employees or are there any specific conditions that have to be met to get this exemption. Please clarify. Thanks

Hi
I sold my house and thereafter constructed a new house. for getting exemption u/s 54
can i use the sale proceed of old house amount to repay a loan taken against LIC policy. Will that be considered as investment in new house as the loan against policy was taken for construction of new house.

Dear Members,

This is my 1st post on this forum.I have been working with a Firm A for a long time and decided to quit in November end 2012.
As per my Tax Sheet till November
Gross Salary : 9,50,000
HRA Exemption : 1,10,000
Conveyance : 9,600
Medical Exemption : 15000

Also i declared 80(c) of 100,000 at start of FY.
So my Tax Liabilty without any ivestment is 76,000 out of which 54,000 has already been deducted by November.

Now i am joining a new firm B from December with a Salary of 13,00,000 per annum.

Question
---------
1)Before quitting Firm A,they are asking me to submit my investment proof(as i claimed 100,000 in 80C at start of FY) or else they will deduct tax if any at final settlement.
But if i calculate the salary, A has paid me for 8 months(April 2012 to Nov 2012),hence my tax should be around 45,000 which is LESS than what has already been deducted.
Am i correct in calculating the Income,HRA and all other component in pro rata basis for ONLY 8 months.

2)If i invest 50,000 now and claim it for 80C with Firm A,can i claim same 50k with new firm B?

Please pardon my ignorance and would be grateful for a detailed reply.

Thanks,
Techkid011

i m having pvt ltd company and i hv just sold the plot on its name , so i guess now its compulsory to invest in commercial property thereafter , but can i invest in government bonds or need to buy a commercial property....and for how long i need to hold the government bonds ... please can u give good feed back on this matter...thank you....

I want to know that form-32 for appointment of director in which the date of board resolution & date of appointment is 30th June, 2012 and also in signatory details the appointment of director is showing 30th June,2012, so my question is that for preparing board minutes we will show one board meeting dated 30th the June,2012, in the list of present directors this director is included as present director or not...and also tell the same provision in case of resignation of director.

A residential property is purchased in the name of father and his 2 sons...but at the same time the housing loan is taken in the name of Father, his 2 sons and spouse of all 3. Hence the housing loan is taken by 6 people.Who all shall be eligible to claim housing loan deduction?
Is there any remedy?
can any one provide me any case laws for reference?
i shall be of great help!
Thanks

A Employer takes Life insurance for his employee (other then KEY man insurance) and premium paid by him, for the purpose of retain the employee(Employee has proper educational qualification to do their job), and employer made contract for 10 years.

my questions are,.....

1. Employer can claim the premium paid as a business expenditure.?

2. if any amount taxable in the hands of employee as a perquisite.?

3. At the time of maturity any amount taxable in the hands of employee.?

If my company received service from advocate on legal matters but the advocate is not charged service tax on the fees because he is not laible to service tax for reason of his total recipts is less than 10 lakhs in the above case my company is liable to pay service tax under reverse charge scheme.

a assessee is having 2 properties (shops) he is now purchasing a new property (shop)for Rs. 30 lakhs and after 3 month he is planning to sell his one of the two properties for Rs. 30 lakhs will capital gain arise on sale of this property if yes than what is a section if no than what is the maximum gap time in purchasing a new property.

Can both Husband and Wife claim interest deduction of Rs.1.50 lakhs each under sec 24 of IT Act which they have taken Joint house loan