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REAPING GAINS FROM LOSSES!

Even in the gloom and doom of the capital market, you can make a boom by planning some tax saving strategies!       As a logical corollary to Section 10(38) of the Income-tax Act exempting long term capital gains (LTCG) arising from transfer of securities upon implementation of STT, long term capital losses (LTCL) arising from such security transactions are required to be ignored.  Short term capital losses (STCL)...

HNI PROPERTIES UNDER I.T. SCAN

Income earners beyond Rs.25 lakhs required to declare their assets & liabilities in income-tax returns from 2013     The Income-tax Department seems to have set its eyes on the properties of high net worth individuals (HNIs). And the start has been made by seeking information in regard to their assets and liabilities, which will be required to be declared in their Income-tax returns (ITRs) due to be filed by...

PLANNING FOR RENTAL INCOME!

30% standard deduction & unlimited deduction for interest on loan are attractive tax incentives for earning rent!     The income from house property for purposes of income tax is based on the ‘annual value’ of the property. The Annual Value (AV) of a let-out property is determined on the basis of the following: The fair rental value of the property, not exceeding the standard rent determined or determinable...

TAX INCENTIVES FOR HOUSING

Liberal deductions for interest on housing loan & repayment of loan installments are provided under the Income-tax Act! If a taxpayer has taken a housing loan either for purchase, construction, repair, renewal or reconstruction of his house property, interest on the borrowed capital is allowable as deduction. Whereas there is no limit as regards the amount of interest allowable for deduction in respect of a...

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