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Agriculture Land Sale Is Taxable!
The capital gains is charged on capital assets sale. So first thing to determine is "whether the agriculture land , you have referred is Capital Asset or not?". Section 2(14) of the I t Act defines capital asset.The definition is as under: "(14) capi...
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Tuition Fee Upto Rs 1,00,000 Allowed as Deduction u/s 80C.
What is the limit of Tuition Fee (in Rupees) that is exempted from Income Tax Purpose for the financial year 2006-07?"The limit is Rs 1,00,000 -the limit u/s 80 C . but i am afraid there is no school in India , perhaps which charges such high amount ...
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FD for 5 Years in Most Indian Banks Will Give You Relief u/s 80C
uffice to know that most of the public sector banks like SBI ,Canara Bank,Allahabad Bank,UBI,Syndicate banks,ICICI Bank ,UTI Bank............almost all major banks of India comes within the definition of bank wherein you make Term deposit for 5 years...
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Savings in Parents' Name Will Not Give You Deduction!Cruel Law.
The Income Tax Act provides that if a person has more than one house , only one house , at the option of assessee , shall be taken as SELF occupied while the other house will be charged to tax as if the house is let out.Read the relevant provision un...
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Pay the Income Tax Even If House is Not Given On Rent! Shocking but True.
The Income Tax Act provides that if a person has more than one house , only one house , at the option of assessee , shall be taken as SELF occupied while the other house will be charged to tax as if the house is let out.Read the relevant provision un...
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Even Non Resident Can Claim Deduction of Interest on Home Loan
Often NRIs confuse whether they are allowed deduction of interest on home loan from their income
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