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Sameer Gupta
What are the provisions for Taxation of Second House in India ? Can we claim principal repayment for second house also in sec 80 C along with first house under the total cap of Rs1.5 lakh and similarly can the interest benefit of 2 lakhs be claimed on second house too , if yes then does the total limit cap get increased to 4 lakhs i.e. 2 lakh against first house and 2 lakh against the second house or the cumulative limit remain 2 lakhs only for both the houses..
First Property is currently shown as self occupied and i am availing the HRA benefit also since i am residing in a rental accommodation which is in the city of my work.
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Beryl
Hi, Should an NGO having 12 A and 80 G exemption, include SAC 9954 for funds received for the purpose of construction of any service building for public/institution use?
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Kavitha D L
We are a registered NGO. We have received donations in kind (around 6 lakhs units ) worth of Rs, 12 Cr. Considering, the time, resource and other resources involved for the execution process, we want to quantify the donations received in kind. We want to know whether we can account the donations in kind in books of accounts by quantifying it. Please suggest if it is possible and how to go about it?
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Kiran R
Hi , myself run a service based company without gst since my annual turnover is less then 20lakh.
But I ll take contracting from company where they will deduct tds while doing the payment but intern even I ll hire sub contractor he is also run the job without gst. So what ever the amount I ll receive I ll keep 20% and remain will be transferred to sub contractor. Is there any harm to my itc or will gov consider complete amount I received as a profit?
Your query is not very clear.
You can book consultation at https://www.taxontips.com/tax-notice-personal-consultation/ for better discussion.
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Adam
We are 5 members in the family, all having saving account, 13 lacs in each account , we don't file ITR, we are deciding to buy a flat worth of 1 crore, half amount we will pay within march and remaining half after April 2021,my question is in this case I will receive notice from income tax.
