tax question

r u really a CA or CA is prefixed anyway??

I agree with Uday Sir

hi uday thanks for the answer

2.Hello anurag garg if u know the answer reply or dont question whether its a prefix or suffix and hope you will not repeat this thing again

FATHER & SON BOTH HAVE SEPERATE HOUSE IN THEIR NAME. BOTH HAVE SOLD THE HOUSE. THE LONG TERM CAPITAL GAIN IN BOTH CASE IS NEAR ABOUT 15 LACS. NOW WANT TO PURCHASE A FLAT AT MUMBAI JOINTLY.CAN BOTH HAVE CAPITAL GAIN ADJUSTED

SUNIL MAHAJAN

SUNIL..

Yes..Under section 54..the amount of capital gain invested by both father and son ...can be claimed as examption...

If they purchased the residential property jointly then we wl have to consider the share of father and son seperately in that investment....and seperate calculations wll be made in this respect..

Further ,i also want 2 clarify that on the date of transfer of assets the assessee should not own any other residential property apart from the new one...otherwise exemption of capital gain invested can not be made...

hope..u r satisfied with the answer...!!

Dear Anurag,

This forum is for raising querries & providing solutions for the querries raised.

If you know the answer of a querry just give the reply, you are no one to comment on anyone.

Hope you will not repeat this again.

Regards

Rajat

Ya Sonia

You have to club the salary of both employers and and them apply the exemption limit to arrive at GTI

Please add income from other sources like inttrest received in saving account

In case there is shortfall of tax , it is the duty of every individual to pay it

Ya sonia

You have to club the salary of both employers and then apply the exemption limit to get Gross total income ie GTI

Pls addd interest on saving bank accont under Income from other sources

In case , taxability arise then it is the duty of every  individual to deposit it

On the hands of company for deducting TDS:

Second company can calculate tax and deduct TDS by applying exemption limit without considering salary earned from other employers. But if the employee informs about the salary from other employer the the second employer is bound to club the salary and deduct TDS.

If the salary from previous employer was considered by new employer then employee is bound to tax while filing return.

Its Okey Dear

Originally posted by : AnuraG GarG
	r u really a CA or CA is prefixed anyway??

 Anurag I agree with you that Sonia is CA... and she should not ask this kind of question but here She is just confirming the solution of the same. She is knowing the answer but she is cross checking her knowledge and there is nothing wrong in that. Wherever you cross check the things you will never be wrong Mr. Anurag.

i m also agree with mr. uday,......thanks