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Invest in Infra-structure Bonds – 80CCF – Save Taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Deduction in respect of subscription to long term infrastructure bonds under Section 80CCF is applicable for the assessment year 2011-12 ...
Valuation of medical facilities – either provided or reimbursement by the employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The following shall not be treated as perquisite – • Medical facility provided in a hospital, clinic, dispensary or nursing home ...
Tax on Perquisite paid by employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
If tax is paid by an employer on behalf of an employee, the same (being in nature of an obligation which, but for such payment, would hav...
Creation of Hindu Undivided Family (HUF) and its Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Under the India income tax provisions, HUF is considered as having distinct legal identity. There are few ambiguities with regard to its ...
No Capital gain Tax on transfer of house property
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Normally there will be capital gain tax on transfer of house property. However, if following conditions are satisfied, you can claim tota...
Taxability of bonus shares allotted without any consideration
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Date of Acquisition in case of bonus shares for holding period – The assessee who is allotted bonus shares should be taken to hold ...
Claim securities transaction tax (STT) as business expense and not as tax paid
News & FAQs | By ALOK PATNIA | Last updated on Apr 22, 2011
The treatment of STT would depend whether the transaction made in shares or mutual fund are treated as business income or capital gain. S...
No Capital gain tax or income tax on profit on sale of a car or other personal effect
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Car used for personal purpose will be personal effect and not treated as capital asset as per definition in section 2 (14). Therefore, th...
Housing loan interest of pre-possession period is claimed in five equal instalments
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The housing loan provides dual benefit to the taxpayers, first it acts as excellent tax saving tools and second, creation of long term as...
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