Tax
This query is : Resolved
20 March 2017
Dear Member's
I do Accounting a proprietor ship firm and his profit this Financial year 50 lakh and he is want buy a home. and i want know if he is invest 40 lakh rupee new home did this amount his taxable
I do Accounting a proprietor ship firm and his profit this Financial year 50 lakh and he is want buy a home. and i want know if he is invest 40 lakh rupee new home did this amount his taxable
21 March 2017
As per Income Tax Act, tax is levied of net total income which is Rs. 50 lakhs in your case.
Exemption by way of purchasing new house is available in case there is income from capital gains, in your case income is chargeable under head business or profession, so tax is to be paid on 50 lakhs that means tax is also charged on amount to be invested in house (i.e, 40 lakhs)
Exemption by way of purchasing new house is available in case there is income from capital gains, in your case income is chargeable under head business or profession, so tax is to be paid on 50 lakhs that means tax is also charged on amount to be invested in house (i.e, 40 lakhs)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
