Srihari 16

• asked Jul 16, 2012

Long term Capital Gains - Without indexing

Pankaj, For the purpose of tax calculation on Capital Gains, under what curcumstances calculate capital gain tax without indexation can be considered. I was referring Schedule CG sheet which gives me two options. 1. Other assets for which o...

without-indexation long-term-gains capital-gains income-tax

0 votes

1 answers

3614 views

sharma 1

• asked Jul 16, 2012

do ecnr stamp required on 1st renewed

i renew my passport on may 2012 after my expiration is due on december 2012. i am a seaman and work for last 7 years on ship in different water of different countries. i have not seen the ecnr stamp not the ecnr page on my newly renewed pas...

passport-renew emigration-check ecnr

0 votes

1 answers

1850 views

Promod 1

• asked Jul 16, 2012

ITR -1 Total Interest u/s 234A Query

Hi, I am getting some amount in this section of ITR-1 form while doing Tax computation in the sheet. I has some balance tax that I already paid last week and have keyed in the details on next sheet. Then why should I be levied this interest...

interest-penalty itr1 section-234a income-tax-return

0 votes

1 answers

1936 views

Newbie 1

• asked Jul 16, 2012

LCTG on new house built before sale of old one...

Dear Pankaj: Thank you for your time. I live in my own house built on a plot registered in the names of my parents and myself. We took possession of this house in April 1998. I am now thinking of buying another plot and constructing a house...

house-construction long-term-gains section-54 income-tax

0 votes

1 answers

978 views

Anicha 1

• asked Jul 15, 2012

Tax rate for Very Senior Citizens

As per the new Tax Rule for Very Senior Citizens (citizens of age 80 and above), the Taxable income is only if above Rs.5/- lacs per year and is applicable only to Resident Individual Assessees. Can u pls explain why this is denied for Very...

very-senior-citizen non-resident-indian taxable-income income-tax

0 votes

1 answers

1073 views

Param 1

• asked Jul 14, 2012

Global Income

Dear I worked in India from April to Dec 2011 and am now in UK from Jan 2012 onwards. I am told that I will be taxed on Global Income for calculation of income tax and your excel sheet does not have row to incorporate the same. Can you help...

global-income income-tax-calculator income-tax

0 votes

1 answers

924 views

Parthasarathy 1

• asked Jul 14, 2012

Desire to know components of income & eligible items for exemption

Pension for 12 months: Rs.2,05,116 Rental income: Rs.1,80,000 Gross income: Rs.3,85,116/- Annual House tax paid: Rs.7,135 Appx.rent collctn.chgs.Rs.10,000 Annual Med.Ins.premium Rs.10,000 Annual Health Checkup: Rs.5,000 Being a pensioner, a...

pension-income tax-deduction rental-income income-tax

0 votes

1 answers

973 views

dimpy 1

• asked Jul 13, 2012

tax liability on legal heir

My grandfather has sold agriculture land in urban area in Feb 2012 & the LTCG amt earned has been transferred to his saving bank a/c. Unfortunately he has passed away within 2 weeks of land sold. While alive; he had made/written a will ...

deceased-person tax-liability agricultural-land long-term-gains

0 votes

1 answers

1198 views

pompom 16

• asked Jul 13, 2012

Gifts from Relatives, how taxed

My Father in law pays lump sum amounts directly into my car loan account. On an average, he will pay about 2 lakhs this year. Do I need to add this to my Income?

gift-to-relatives gift-tax income-tax

0 votes

1 answers

1509 views

pompom 16

• asked Jul 13, 2012

PF Options given by Employer

Hi, My new employer is giving me an option to choose if I want to contribute 12% of basic to PF or just 2%. My initial thought was to go with the 2% option and invest the remaining 10% in ELSS/PPF for better returns and liquidity. However, ...

minimum-contribution cost-to-company employer-contribution tax-saving epf

0 votes

1 answers

1129 views