practical tax & investment planning online
international tax expert / colunmist / author / speaker

FREEDOM FROM TDS

Filing of Forms 15G or 15H, subject to relevant conditions, can help you enjoy the benefit of no TDS!  Although the net of tax deduction at source (TDS) has been considerably widened in the past few years, there are provisions to enable you to avail of no deduction of TDS from your income.     Section 194A of the Income-tax Act provides for tax deduction at source (TDS) at 10% out of interest payments exceeding...

PARK YOUR GAINS IN A HOUSE!

Courts have liberally interpreted exemption provisions via investment of capital gains in a residential house!  Under Section 54 of the Income-tax Act, an exemption is available to a taxpayer who is an individual or a Hindu Undivided Family, in respect of the transfer of a residential house (whether self-occupied or let out) held for more than 36 months, where the capital gains arising from the transfer are...

FLYING HIGH ON EXEMPTIONS!

Can a taxpayer avail capital gains tax exemption by investing in more than one residential house?     Section 54 and 54F of the Income-tax Act provide for an exemption in respect of long term capital gains (LTCG), where subject to fulfillment of prescribed conditions, a taxpayer makes investment either in the purchase or construction of a residential house. In this context, let us take the case of a taxpayer who...

PLANNING FOR HRA EXEMPTION!

If you are staying in a house belonging to your father, you can plan a win-win tax situation for both of you!     AM Tax Clues today deals with some interesting readers’ queries on House Rent Allowance (HRA) exemption and 80C deduction for stamp duty on house property. HRA EXEMPTION FOR RENT PAID Query:  My family is living jointly with my parents in a residential bungalow owned by my father at Ahmedabad.  My...

Powered by HADNow.com