Q&A: May 2006 
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Enjoy Latest News on Tax!
Enjoy Latest News on Tax! Dear readers On the right side bar , I have now added a window wherein latest news on Indian tax matters shall be displayed. This will fulfill my dream of giving readers better value for money ! Just joking .No body pays mon...
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Take Loan on REC Bond and Forgo the Exemption!
I had sold some land and so to save tax on capital gains I invested the said amount in REC bonds. It is just 6 months since I made the investment. Now for personal reasons I am in need of some money. Can I apply and get a loan from some bank with the...
-and-forgo.html
F. A.Q. on Indian Income Tax Laws!: Tax Evasion Investigation By I.T. Department Is Public Information!
The Right to Information is a fundamental right under our constitution. The RTI took birth to fulfill this fundamental demand .Therefore, in my opinion , the law makers made explicit the overriding effect of this law on all other laws of the country,...
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F. A.Q. on Indian Income Tax Laws!: Turned 65 on 31st March,You are Senior Citizen Even Then!
Senior citizen gets tax relief as the tax imposition on them starts only from Rs 1,85,000.But unlike Railways,Income tax regards a man/woman only after reaching 65 of his/her age as Senior Citizen.So, obvious question in the minds of would be senior ...
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F. A.Q. on Indian Income Tax Laws!: Capital With Firm Is Not Wealth For Tax Purpose!
I have a plot of land that I had purchased for Rs. 3.7 lacs which is registered in my name. This was bought about 4-5 years ago.I recently bought another plot for Rs. 18.00 lacs. I have paid the stamp duty and regn but not recd. the certificate yet f...
not-wealth-for-tax.html
Exemption of Capital Gains u/s 54 Is Allowed Even When New Residential Property is Purchased in Foreign Country!
let us take example. Mr. X, a Non Resident had acquired a property in India. He left India and settled in USA. After twenty years, he sold the property in India for a huge sum. He wants to save on LTCG tax by purchasing a residential house , so that ...
gains-us-54-is.html
F. A.Q. on Indian Income Tax Laws!: Points worth remembering while filing Return
What are the important points which one suit keep in mind while repairing Returns of Income? 1. Use corrects Form of Return; 2. File return before due date; 3. Fill up the Form completely and special attention should be given to A.Y. and PAN
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