Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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A says : medical reimbursement of 15K declaration in form16
The medical reimbursement of Rs. 15000 to an employee is exempted from tax. I want to know how & where this amount should be shown in the books of account, as this becomes a part of the CTC of the employee. For e.g. the total salary of A is 200000 + 15000 ( as medical reimbursement ) Form 16 of A shows only 200000 ( since medical reimbursement upto 15K is not shown in form 16 ) Then where to show the extra 15K I have shown in my books of account 215000 as salary for A ( 2lac + 15K medical) Is it correct even if the form 16 shows 200000. Or can i show 15k in form 16 plz help

A says : stamp duty paid for transfer of property as gift
stamp duty paid in connection with purchase or construction of a house is eligible for deduction under clause xviii(d) of subsection 2 u/s 80C of Income Tax Act, 1961. I have paid duty paid for transfer of residential property, from my mother's name to my name. Hence can I claim exemption for the same under 80C

rakesh says : capital gain 54EB
mujhe capital gain me rupees invest karna hai allahabad bank ne mujhe kaha main usake yaha capital gain a/c open kar ke fix deposit kara du i.t us capital gain tax exemption (sec. 54eb) kya is sec ke tahat exemption mujhe milega ya main 54EC me rec,nhai bond me invest karu mere paas time kafi kam hai meri agricalture land thi jise maine sale kiya so plz help me kya ye sec se exemption it me mujhe milega plz reply

vigneswar says : Finance bill 2010 - service tax
I would like to know the effective date for applying the service tax amendments relating to letting of vacant land.

sandeep patni says : Tell me solution Please
I have filed my ITR-2 for A.Y 2009-10,due to clerical mistake i have written wrong PAN No. on verification/declaration part (where assessee signed the ITR), few days before i received a notice of "Show cause notice for imposing penalty u/s 272B(2) of the I.T. Act for failure to comply with the provision of section 139A of the I.T. Act" please help me and me how i handle this situation, please hurry as the hearing date is 18/03/2011 only few days are left