Interest on borrowed funds taken for purchase or construction of House

Interest on borrowed capital is deductible (of the current year and pre-construction period): (A) – In case of Self-Occupied Property &...

No requirement for Individuals to declare high value transactions in ITRs – CBDT

News & FAQs | By ALOK PATNIA | May 5, 2011

The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks,...

Taxability of contribution to recognised provident fund

The contribution by the employer is not taxed if it does not exceed 12 per cent of the employee’s salary (excluding allowances and perq...

Save Taxes and Secure Future – Tax saving options under section 80C

Every individual and HUF taxpayers are entitled to a deduction of an aggregate amount paid or deposited in the specified items, subject t...

Pay taxes on expenses incurred for marriage

News & FAQs | By ALOK PATNIA | May 1, 2011

In our country it is common to incur astonishing amount of expenditure at the time of marriages, both from bride’s side and also from b...

Important points to note with regard to gifts received – Income Tax Act

News & FAQs | By ALOK PATNIA | May 1, 2011

The income tax act provides excellent opportunity for tax planning and also for creating wealth, by way of exemption granted with respect...

Taxability of gifts received – Indian Income tax Act

News & FAQs | By ALOK PATNIA | May 1, 2011

The provision states that, if the aggregate sum of money received during any financial year without consideration exceeds Rs. 50,000 by a...

Some Uncommon Facts of House Property income- Its Taxability

Rent and other income from any flat, building or land appurtenant thereto is usually taxed under the head “Income from House Propertyâ€...

Transfer of shares/ debentures by ways of gifts received under ESOP plan – Taxability

Capital gain shall arise under section 47 (iii), in case of shares, debentures or warrants which have been transferred by way of gift or ...

Deposit in Capital Gain Account Scheme- Save taxes on Capital gain Income

Income Tax Act, 1961 provides certain exemption on capital gain income earned vide section 54, 54B, 54D, 54F, 54G and 54GA. These exempti...

Save Capital Gain Taxes – Capital Gain on sale of House Property- Sec 54

The Income Tax Act, 1961 grants exemption of capital gains arising from the transfer of residential house property under section 54. Cond...

Invest in NHAI and REC Bonds to save tax on Capital Gains

If you have transferred long term Capital asset during the previous year and on the same if you have earned capital gain, usually you hav...

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