Author Topic: Indian Income Tax Questions and Answers  (Read 115342 times)

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1060 on: September 20, 2017, 06:15:32 PM »
Q. I am planning to sell my house located at Karnal and have just constructed another house at Panchkula that is within one year before the sale of my Karnal house. Please let me know the exact procedure and the papers needed to save capital gain tax. Please also advise what documents are required to prove the construction so as to claim benefit under Section 54 of the Act.
— Rajinder Singh
A. It has been stated in the query that you have already constructed a residential house at Panchkula. The capital gain arising on the sale of a residential house should be utilised for the construction of a new house within three years after the date of sale of a residential house. The expression used in Section 54 of the Act “within one year before or two years after the date of sale” is applicable when the house is purchased within the aforesaid period.  For construction, the period of three years has to be after the date of sale.  You may therefore not be able to claim benefit under Section 54 of the Act in view of the fact that the house has been constructed before the date of sale of the residential house.

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1061 on: September 20, 2017, 06:16:40 PM »
Q. I am a senior citizen and a retired government employee of Punjab Government with my pension income above tax exemption slab of Rs 2,50,000 for the current financial year besides income from other sources such as interest on my fixed deposits in nationalised bank. I need your guidance on the following issues:
1. In order to save tax to the maximum extent, can I gift some amount to my married daughter instead of going for a tax-saver fixed deposit for a lock-in period of five years? My daughter is a housewife.
In that case, can I claim rebate in my total income for the amount so gifted under Section 80C of the Income-tax Act or not?
2. Is there any maximum limit for the gift amount?
— Anil Kumar
A. (i) You would not be entitled to claim any deduction under Section 80C of the Income-tax Act 1961 (the Act). There is no provision in the Act for allowing such a deduction.  (ii) The Gift Tax Act 1958 is currently not in force and therefore a gift can be made to a relative defined under Section 56 of the Act without any limit. The word relative for this purpose covers son and daughter. However, gift received from a person who is not covered under the aforesaid section, is exempt to the extent of Rs 50,000 only. If the gift received is more than the said amount from any of those persons who are not covered under the exempted category, the total amount so received would be treated as income from other sources in the hands of the recipient.

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1062 on: October 16, 2017, 03:49:32 AM »

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1063 on: October 16, 2017, 03:52:36 AM »

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1064 on: October 16, 2017, 03:53:48 AM »

PRITAM DASS

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Re: Indian Income Tax Questions and Answers
« Reply #1065 on: October 16, 2017, 12:33:01 PM »

PRITAM DASS

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Re: Indian Income Tax Questions and Answers
« Reply #1066 on: October 19, 2017, 12:45:06 PM »

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1067 on: Today at 03:13:13 AM »

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1068 on: Today at 03:14:53 AM »

SHANDAL

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Re: Indian Income Tax Questions and Answers
« Reply #1069 on: Today at 03:16:05 AM »

 

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