An individual wants to invest Rs. 1,50,000 under sec. 80(C), in any Mutual Fund Company's ELSS scheme,
to reduce his tax liability.

But, Is it compulsory to invest the whole amount of Rs.1,50,000 in any one ELSS scheme only ?
I mean,
Cannot he divide the total investment amount between 2 or 3 Mutual Fund Companies ?

He does not want to keep all the investment in one ELSS scheme.

So, if he distributes his total investment of Rs. 1,50,000
Into 3 different ELSS schemes of 3 different Mutual Fund companies, (each Rs. 50,000)
OR
into 2 ELSS schemes of 2 different Mutual Fund companies (each Rs.75,000),

then,
will he be eligible for getting the full deduction of Total Amount (Rs.1,50,000), under sec.80 (C) ?

Please, guide.


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22 March 2019 at 19:31

Atal pension yojna or nps

For the current financial year, apart from 1.50 lac investment under section 80C I want to Investment Rs. 50000 in NPS or Atal Pension Yojana. Is it possible to invest Rs. 50000/- in this scheme in single shot /lum-sump for this fincial year. Or only monthly deduction is permitted?

Thanks


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As we all know that deduction u/s 80C shall be allowed for payment on account of Stamp Duty & Registration Charges of a Property. I have a query in relation to this in a particular scenario.

An individual paid stamp duty and registration charges in March 2019 (FY 18-19), however, due to procedural formalities of the government, actual registry shall be done in April 2019 (FY 19-20) and accordingly legal possession shall be given on or after April 2019.
Will the deduction be allowed in:
a) FY 18-19
b) FY 19-20
c) Not allowed at all

Further, would appreciate if anyone could quote the relevant section/ rule/ notification based on which time of the deduction in such a scenario is allowed. Thanks in advance!


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22 March 2019 at 15:18

Capital gain

Dear Friends

One of my client wants to sale the land and give the consideration to their sons in abroad.
1. How to get the guideline value before 2000 as the cost of indexation is calculated from 2000-01 from this financial year.
2. Whether any tax should be paid for transferring the consideration to their sons in abroad.

kindly suggest

thanks


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Respected Sir,
While Filling 3cd Disallowed Total Purchase Price of Fixed Assets i.e (Purchase in cash) instead of Depreciation on them and in Income Tax Return we Disallowed Depreciation on those Fixed assets which is purchase in cash .
Now We Received notice u/s 143(1)(a) of Such Difference , What to Do Now?????????

Suggest Solution for Them


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22 March 2019 at 12:28

Expenditure can be claim or not

Dear sir,
My business is closed and there is no any purchase sale transaction. There is only security charges of guard and electricity standing charges are paid. Whether that expenditure can claim as expenses of business.

Plz guide.


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22 March 2019 at 11:27

Tcs

Is TCS collected on basic expenses or on all expenses including freight and other direct expenses?


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22 March 2019 at 11:03

Tcs

Is TCS collected on basic expenses or on all expenses including freight and other direct expenses?


Answer now

Dear Members

As we all know that deduction u/s 80C shall be allowed for payment on account of Stamp Duty & Registration Charges of a Property.

I have a query in relation to this in a particular scenario

An individual paid stamp duty and registration charges in March 2019 (FY 18-19), however, due procedural formalities of the government, actual registry shall be done in April 2019 (FY 19-20) and accordingly legal possession shall be given on or after April 2019. Will the deduction be allowed in:
a) FY 18-19
b) FY 19-20
c) Not allowed at all

Further, would appreciate if anyone could quote the relevant section/ rule/ notification based on which time of the deduction in such a scenario is allowed. Thanks in advance!


Answer now

22 March 2019 at 01:18

House rent rebate

My father purchased a plot in my name and his name. I am about 20 year old at that time no source of income. After that he built house on it. We reside there. Now i am salaried, my father died 3 year ago his legal heirs are me, my brother and my mother. I want to pay rent to my mother to claim house rent rebate. Ownership rights of my father has not transferred to yet. Please guide whom the plot transfer, further whom i pay the rent to claim house rent rebate.


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