A
Amritpal Singh
For property sold in FY2019-20, can we invest capital gain amount to purchase new property till Nov'2020?
Facebook
Twitter
Linkedin
Dear Sir,
Under Section 54 the IncomeTax Act, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property. For the said exemption seller should purchase a residential house either 1 year before the date of sale/transfer or 2 years after the date of sale/transfer. Hence, in your case you can purchase new property in F.Y. 2022-2023 and thereafter only.
For more assistance call at 7667559772
K
Kapil Kumar
Can i recieve money in UK from my friends account in UK and transfer him money in india from my india account without any tax implication?
Payment from UK account to Indian account has no tax implication, but payment to foreign account from Indian account needs ca certification in Form 15CB.
For more information call at 7667559772
C
Chandan Kumar
I bought a flat in 2014 December and have still not claimed the interest in home loans as deduction as I have not got possession yet. The buildings are delayed and expected possession is 2021 June. When can I claim the same and can I claim for the previous years?
Hi, you can claim pre-construction interest only once you get possession and that too will get amortised for 5 years. Please connect on 7045760379 for further clarifications
CA Jaya Agarwal 5 Oct 2020Dear Sir,
The income tax law provides for the claim of such interest also, called the pre-construction interest, as a deduction in five equal instalments starting from the year in which the property is acquired or construction is completed, over and above the deduction you are otherwise eligible to claim from your house property income. However, the maximum eligibility remains capped at Rs 2 lakh.
For more assistance call at 7667559772.
P
Pradeep Mahendra
At present I am working in a bank in Mumbai as a consultant who issues me F16 form but in Pay slip shows total payment as Personal allowance instead of salary structure like bifurcation as Basic Pay, HRA, DA etc...
Can I claim HRA vide any section. I have one residential property in my name at Jaipur which is not let out and locked there.
If yes what amount may I claim. My gross salary is 15 lac and Rent paid for previous F Y is 240000 . What about 80GG section.
I need few clarifications. Please connect on 7045760379
CA Jaya Agarwal 5 Oct 2020Dear Sir,
First I need to know whether you are consultant or on employment basis. This will decide your income taxability. If you are consultant, TDS will be deducted @ 10% flat, without HRA benefits under head business and profession and there you can claim deduction for rent paid u/s 80GG
For more assistance call at 7667559772
If your company is not paying you HRA how will you claim HRA that's the basic condition.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
R
Ranjan
I wish to know whether retreachment compensation is taxable or can get rebate upto Rs 5 lakh.
The retrenchment compensation received by a workman is exempt provided that in general it does not exceed the sum calculated on the basis provided in Section 25F(b) of Industrial Disputes Act, 1947 or any such amount as is specified by the Central Govt. by a Notification, whichever is less. The maximum exemption is Rs. 5 lakhs where retrenchment is on or after 1-1-1997.
CA Jaya Agarwal 5 Oct 2020Dear Sir,
There are some conditions for retrenchment compensation:
The employee must be a workman.
The employee must have offered continuous service for a period of 240 days in the previous 12 months, which will be calculated as a year of continuous service.
Least of the following will be exempt from tax:
The amount of average pay provided to the employee
Rs 5,00,000
The actual amount received
For more assistance call at 7667559772
