Selling A House - Watch Out For Tax Implications

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Selling a house? Watch out for tax implications Last date for filing original FY2014-15 ITR was Looking to save tax for FY 2017-18? Here are 6 Here's how TDS o
1 2 31.3.2017: If you missed this too, here's what to 3 investments with tax-free income 4
do
1 of 13 27/04/2017 15:43
Selling a house? Watch out for tax

implications
Jan 30, 2017, 06.00 PM IST
India | House | Bonds
Its critical to keep an eye on the calendar when

you sell your house. If you dont time it well, you
could end up paying a hefty tax. If a property is
sold within three years of buying (acquiring) it,
any profit from the transaction is treated as a
short-term capital gain in the hands of the
individual. This is added to the total income of
the owner and taxed according to the slab rate
applicable to him. For those earning over Rs 10
lakh a year, this shaves off 30% of the profits
from the sale consideration.
house property is sold within five years of the end of the financial year
it was purchased, the tax benefits claimed go out of the window i.e. tax
which were claimed earlier will have to be reversed. The tax deduction
for the principal repayment, stamp duty and registration under Sec 80C
sed and the amount becomes taxable in the year of sale. Only the
n of the interest payment under Section 24B is left untouched.
hy, from the tax point of view, it is advisable to hold a property for at
e years. If you sell a property after three years, the profit is treated as
capital gains and taxed at 20% after indexation. Indexation takes into
account the inflation during the holding period and accordingly adjusts the
purchase price, thereby slashing the tax burden for the seller. There are other
benefits too. The owner can claim various exemptions in case of long-term
capital gains, but no such benefit is provided for short-term gains.
Expenses incurred on repairs and renovation can be added to the cost of

acquisition of the house while computing long-term capital gains. Also, the
interest paid during the pre-construction period of the house can be added to
the cost, if not already claimed as a deduction earlier, points out Vaibhav
Sankla, Director, H&R Block India.
How to avoid tax

There are several ways to avoid paying tax when you sell a house. There is no
tax to be paid on the gains, if you use the entire gain from the transaction to buy
another house within two years or construct another house within three years.
The two- and three-year period applies even if you bought another house a
year before selling the first one. But the property should have been bought in
the name of the seller.
In case the entire capital gains are not invested, the balance amount is charged
to longterm capital gains tax. However, the entire tax exemption will be
reversed if the new property is sold within three years of purchase or
construction. In such a case, the entire capital gains from the sale of the
previous house will be considered as short-term gains and taxed at the normal
slab rates.
If you are not keen to lock-in your gains from sale of the house in another
property, there is another way out. You can claim exemption under Section 54
(EC) by investing the long-term capital gains for three years in bonds of the
National Highways Authority of India and Rural Electrification Corporation
Limited within six months of selling the house. However, one can invest only up
to Rs 50 lakh in these bonds in a financial year.
do
2 of 13 27/04/2017 15:43
Last date for filing original FY2014-15

ITR was 31.3.2017: If you missed this
too, here's what to do
|Apr 26, 2017, 11.02 AM IST
Income Tax Return | Income Tax
March 31, 2017 was the last date to file your

original income tax returns for the financial year
2014-15. In fact, the Income tax department
had, in a release on March 28, 2017, urged
taxpayers to file their pending income tax return
for this financial year before the expiry of the
deadline of March 31st, 2017.
Amarpal Chadha, Tax Partner and India Mobility

leader, EY says "An individual as per the tax
laws is required to file the original return by July
31 every year. However, in this case, the due
extended till Sept 5, 2015. Anyone who has missed the original tax
e can still file the return within 2 years' period before March 31. 2017."
, if you have missed this final deadline for filing the original returns for
15, then here's what can you do.
idual who has missed both the deadlines is now left with an option of
application with the relevant tax authority to explain the delay in filing
If such application is accepted by the tax authorities based on the validity and
correctness of the claim and satisfaction of the tax officer, only then is the
person allowed to file the ITR.
The return, in this case, would be filed as a normal one. There would be no
restrictions or conditions attached to the filing of the income tax return in this
manner i.e. he can still receive the section 80C benefit. However, a person will
lose certain benefits like the option of carrying forward and set off of losses,
revision of tax returns.
What if you have received an income tax notice for the relevant FY?
A situation may arise where you haven't filed your return or your application (for
filing after the aforementioned deadline) is rejected by the income tax
department. In that case, you may receive a notice from the department.
As per the income tax laws, a person who has not filed his/her return within the
stipulated time can be issued a notice under section 142 of the Income Tax Act.
Section 142 (1) (i) states that any person, whose total income exceeds the
maximum amount which is not chargeable to tax and who has not furnished the
details of the income earned in the relevant year can be served the notice by
the Assessing officer asking for details of the same.
Chadha says, "In this situation, the individual has the option to file the return of
the income in response to the notice received under this section. Application for
condonation of delay is a suo moto action by the individual as compared to
notice issued by tax authorities asking the individual to furnish the return of
income ."
Also, one can also receive a notice under section 148. Notice under this section
do
3 of 13 27/04/2017 15:43
Looking to save tax for FY 2017-18?

Here are 6 investments with tax-free
ONOMICTIMES.COM |Updated: Apr 26, 2017, 06.29 PM IST
Traditional Insurance Plans | Tax Saving | Equity Mutual Funds | ELSS | EEE
While investing in a tax-saving instrument or for

that matter any investment, it's important to
keep an eye on the taxability of its income. If
the income earned is taxable, the scope to build
wealth over long term gets constrained as taxes
will eat into the returns.
In the tax saving instruments such as National

Savings Certificate (NSC), Senior Citizen
Savings Scheme (SCSS), 5-year time deposits
in bank and post office, the interest amount
gets added to one's income and hence is liable
irely taxable. so, even though they help you save tax for the current
interest income becomes a tax liability in each year till the tenure
il Rego, CEO & Founder of Right Horizons, says, "One must note that
tax savers) instruments will help in saving the tax to an eligible limit
nvestments and on maturity. Since they provide the tax benefits, the
n them are likely to be below the market returns."
-tax return in them, therefore, comes down after factoring in the tax.
ple, for someone who pays 30.9 percent tax, the post-tax return on a
5-year bank FD of 7 per cent is 4.8 per cent per annum!
They can still be tax-exempt income if even after adding the interest income,
the individual's total income remains within the exemption limit as provided by
income tax rules. Illustratively, a taxpayer between ages 60-80 earns only
interest income from such taxable investments of about Rs 3 lakh a year. Since
the income for such individuals is exempted till Rs 3 lakh, even the interest
earned from investment in taxable products does not translate into tax liability
for them.
But, for most others especially those earning a salary or having income from
business or profession, choosing tax savers that come with E-E-E status helps.
The investment in these get EEE benefit i.e. exempt- exempt- exempt status on
the income earned. The principal invested qualifies for deduction under Section
80C of the Income Tax Act, 1961 and the income in all of them is tax exempt
under Section 10.
Here are few such tax savers that not only help you save tax but also help you
earn tax-free income. But, not all are the same in terms of features and asset-
class, so making the right choice is essential.
1.EQUITY-LINKED SAVINGS SCHEMES

Equity-linked savings schemes (ELSS) are diversified equity mutual funds with
two differentiating features - one, investment amount in them qualifies for tax
benefit under Section 80C of the Income Tax Act, 1961, up to a limit of Rs 1.5
lakh a year and secondly, the amount invested has a lock-in period of 3 years.
Every mutual fund (MF) house offers them and generally uses the word
tax-saving in its name to distinguish them from their other mutual fund
schemes. The returns in ELSS are not fixed and neither assured but is
dependent on the performance of equity markets.
do
4 of 13 27/04/2017 15:43
Here's how TDS on salary income

works
ONOMICTIMES.COM |Apr 25, 2017, 10.02 AM IST
Investment Declaration | Income Tax | Employer | Employee
Typically, in the month of April, being the start of

the new financial year 2017-18, salaried
employees are asked by their employers to
send 'investment declaration statement'.
The most popular and frequently used

deductions are allowed under section 80C of
the Income Tax Act, 1961. Few others sections
for tax benefit are section 80D, section 24(b),
section 80EE, section G amongst others.
Based on the salary income and the investment

employer will estimate the taxable income and start
g tax on a monthly basis in the form of tax deducted at source (TDS)
employee.
ome from the salary of an employee is more than the exempted limit,
oyer will deduct TDS. According to Dr. Suresh Surana, Founder, RSM
onsulting , "Every employer is required to deduct income-tax on the
d income of the employee. The estimated income is computed in the
g of the financial year considering the Tax Declaration Statement
On what is TDS based upon

The employees are asked to furnish the tax declaration statement, indicating
the proposed investments for deductions (Section 80C etc) that they wish to
undertake during the year. The TDS deduction happens after taking into
account any such declarations by the employee. Such declarations are typically
asked by employers in the beginning of the financial year.
"TDS liability is calculated on the said estimated income for the whole year at
the average rate of income tax (i.e. on pro rata basis) which is based on the
rates in force for the financial year in which payment is made. The Finance Act
of each financial year specifies the rates in force for deduction of tax at source
which is basically the slab rate," says Dr. Surana
Here's a stepwise modalities from Dr. Surana for TDS in case of employees:
a) First compute gross salary (including all fixed & estimated variable
components) allowing all deductions / exemptions based on Investment
declaration for the whole year
b) Add income from all other heads as reported by employee
c) Deduct loss from House Property
d) This will be the amount of total income of the employee on which income tax
is required to be deducted.
e) Calculate Income-tax on such income based on slab rate along with the
surcharge and cess as applicable.
f) Every month, 1/12th of the amount of tax as arrived at (e) shall be deducted.
g) Any excess or deficit arising out of any earlier deduction can be adjusted by
increasing or decreasing the amount of subsequent deductions during the same
financial year.
Actual TDS deductions

In the last three months of the FY, the employer asks for actual documentary
do
5 of 13 27/04/2017 15:43
All about income tax return form Sahaj

Apr 24, 2017, 06.30 AM IST
Income Tax | ET Wealth | CBDT
The Central Board of Direct Taxes (CBDT) has

notified new income tax return filing forms for
2017-18. An easy to understand, single page
form named Sahaj (ITR 1) has been
introduced for individual assessees whose
income in the financial year 2016-17 has been
up to Rs 50 lakh, subject to certain conditions.
Who can file?

ITR 1/Sahaj can be used only by individuals
who have income from salaries or one house
property or other sources of income (except
rom lottery or income from horse racing).
n be filed in the following ways:

nically with digital signature
nically with verification code
nically and thereafter submitting the verification in Return Form ITR-V.
ssee is required to print out two copies of Form ITR-V. One copy of
ly signed by the assessee, has to be sent by post to Post Bag No. 1,
c City Office, Bengaluru - 560 100, Karnataka. The other copy may be
by the assessee for his record.
Filing return in physical form

Option available only in following cases:
1. The individual was 80 years old or more during the previous year.
2. Income of individual does not exceed Rs 5 lakh and no refund is claimed.
Only one copy of the return form needs to be filed. If the return form is furnished
physically, the acknowledgment/ ITR-V should be duly filled.
Information in the return

Details such as PAN, email id, mobile number, address, residential status,
income and tax details. Aadhaar number is required. In case Aadhaar not
allotted but applied for enrolment ID may be given. However, effective 1 July
2017, Aadhaar will be a mandatory field.
Points to note
1. ITR 1 Sahaj is an annexure-less form. Any document attached along with the
return will be returned to the person filing the return.
(The content on this page is courtesy Centre for Investment Education

and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and
Labdhi Mehta.)
READ MORE ON Sahaj | ITR | Income Tax | ET Wealth | CBDT
Comments (1) Add Your Comments
No income tax on salary deducted for not serving

notice period
do
6 of 13 27/04/2017 15:43
No income tax on salary deducted for

not serving notice period
Apr 21, 2017, 02.07 PM IST
Taxable Income | Tax Deduction | Income Tax
MUMBAI: The Income-tax Appellate Tribunal

(ITAT) which adjudicates Income-tax (I-T)
disputes, has held that an amount deducted by
an employer for not serving out a notice period
cannot be brought to tax.
In this case, two companies while settling dues

had deducted salary for the notice period which
the person had not served, but this deduction
was not taken into account during tax
assessment. However, ITAT (Ahmedabad
bench) in its order dated April 18, said only
ceived would be taxable, and not portions which were deducted by a
for not serving out a notice period.
e I-T Act, salary income is taxable on a due basis, regardless of

it has been actually paid to an employee or not. And typically, when an
e resigns but does not serve out the notice period (provided for in the
ent agreement), the employer deducts salary attributed to this period.
, I-T authorities do not consider such deductions and seek to tax entire
e (that is, salary before allowing for such deduction). Hence, the latest
"The ITAT has recognized the concept of real income, which is well accepted
under I-T laws. It held that the salary against which notice pay was adjusted
had not become due, as the net amount was paid by the employer. The
employee had no right to receive the portion of the salary that had been
deducted, under the terms of employment. Thus, the deducted amount could
not be held as taxable salary income," said Gautam Nayak, tax partner, CNK &
Associates.
In this case, which pertains to financial year 2009-10, N. Rebello, had resigned
from two companies, viz: Reliance Communication and Sistema Shyam
Teleservices. Both companies had deducted a notice pay of Rs. 1.10 lakh and
Rs. 1.66 lakh respectively and handed balance salary dues to Rebello.
Accordingly in his I-T return, Rebello claimed as a deduction Rs. 2.76 lakh from
gross salary income, as this amount was not received by him. I-T authorities, in
the course of assessment, denied such deduction. Commissioner (Appeals),
which is the first level of appeal for a taxpayer, also upheld the action of the I-T
authorities.
The Commissioner (Appeals) pointed out that under section 15 of the I-T Act,
tax is triggered when the salary becomes due, irrespective of whether it is paid
or not. Secondly, section 16 of the Act does not provide for any deduction made
by the employer for the notice period. Thus, the deduction of Rs. 2.76 lakh
claimed by Rebello was not upheld. This led to Rebello filing an appeal before
the ITAT, which decided in his favour.
READ MORE ON Taxable Salary | Taxable Income | Tax Deduction | Income Tax
9 tasks do at the beginning of the new financialyour

Review year goals 1 of 9
14 Apr, 2017
1 31.3.2017: If you missed this too, here's what to 3 investments with tax-free income 4
7 of 13 27/04/2017 15:43
Tax queries: Should you disclose a

deposit of less than Rs 2 lakh during
demonetisation in your ITR?
Section 10 (38) | Income Tax | Gift Taxation | Demonetisation
Dilip Lakhani, senior chartered accountant,

answers the income tax related queries from
our readers.
In part E of the tax return form that seeks

other information from assesses including
bank details, another column has been
added seeking details of cash deposited
between November 9 and December 30,
2016 if the aggregate amount was Rs 2 lakh
or more. I had deposited Rs 1 lakh during
od. Do I need to disclose anything?
ave deposited only Rs1 lakh, you are not required to give details of the
osited during the period November 9 December 30, 2016. An
n is to disclose the amount of cash deposited only if the aggregate
to save tax can I transfer about Rs 60,000 to my wife who has no

I am a salaried individual in the 20% tax bracket.
e when you gift Rs 60,000 to your wife, there is no liability for payment
x either by you or your wife.However, as per provisions of Section
64(1)(iv), the income of your wife from the investments of Rs 60,000 will be
included in your total income and you will be liable to pay tax on the said
income.
In the light of draft notification issued under the third provision to the
clause (38) of section 10 of the Income-tax Act,1961, kindly advise on the
applicability of tax on capital gains in the following circumstance. My
mother-in-law, who was entitled to purchase the rights issue shares of
Wheels India in 2014 transferred it to me (for nil consideration) and
accordingly I paid the money for the rights to the company. Will then
issued the rights shares to me in March 2014.Now I wish to sell these
shares.Would I be exempt from capital gains tax considering these were
held for more than 12 months and will be sold through stock exchange
and STT will be paid on sale? Or will I be charged tax (rate ?) considering
that the shares were purchased in an off-market transaction directly
from the company and possibly no STT was paid then?
The government has issued draft notification and representation have been
made.The final notification is pending. The legal position regarding the
application of Section 10(38) is not yet crystallised.I suggest that you should
wait till the final notification is issued giving clarification on various issues
including the purchase of shares through the rights issue by the company.
Please send your queries on tax to et.tax@timesgroup.com
READ MORE ON Tax | Section 10 (38) | Income Tax | Gift Taxation | Demonetisation
5 smart things to know about income from property

Selling a house? Watch out for tax implications
Last date for filing original FY2014-15 ITR was Looking to save tax for FY 2017-18? Here are 6 Here's how TDS o
do
8 of 13 27/04/2017 15:43
5 smart things to know about income

from property
Standard Deductions | RENTAL INCOME | ET Wealth
1. Rent and other income from any flat, building

or land attached to it is generally taxed under
the head income from house property. Open
plot of land is not considered under this head.
2. The assessee must be the owner of such

property and it should not be used by him for
the purpose of any business or profession
carried on by him.
3. Income chargeable is computed after

standard deductions30% of the net annual
d the amount of interest payable if borrowed capital is used to acquire,
t, repair, renew or rebuild.
e is taxable on the basis of annual valuethe amount for which the

might be reasonably be expected to be let out from year-to-year. The
rged on actual rent if it is higher than the standard amount.
, which is used for own residential purposes

ut the year and no other benefits are derived by the owner from it,
(The content on this page is courtesy Centre for Investment Education

and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and
Labdhi Mehta.)
READ MORE ON Tax | Standard Deductions | RENTAL INCOME | ET Wealth
Tax Optimizer: IT professional Desai can cut tax

outgo by switching from FDs to debt MFs
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do
9 of 13 27/04/2017 15:43
Tax Optimizer: IT professional Desai

can cut tax outgo by switching from
FDs to debt MFs
7, 2017, 06.30 AM IST
Home Loan | Fixed Deposits | ET Wealth | Debt Funds
Hyderabad-based software professional Manoj

Desai has a high salary but also pays a high
tax. Over 28% of his total income goes into tax.
Taxspanner estimates that Desai can reduce
his tax by almost Rs 4.6 lakh if his company
changes the pay structure, Desai invests more
for retirement and also takes a home loan to
buy a property.
Desai is paid a very high city compensatory

allowance. This should be reduced and 10% of
his basic pay should be put in NPS under Sec
d). This will cut his tax by Rs 1.4 lakh. If he invests Rs 50,000 more in
under Sec 80CCD(1b), his tax can be cut by another Rs 17,000. Next,
d ask for a higher conveyance allowance. An increase from Rs 2,000
00 a month will cut his tax by Rs 12,250.
do
10 of 13 27/04/2017 15:43
Tax queries: Employer didn't deposit

the TDS it deducted on your salary.
How to claim it?
Section 80DD | IT Refund | Income Tax | Gift Tax | Form 16
Dilip Lakhani, Senior Chartered Accountant,

answers the tax related queries from our
readers.
I was an employee of Kingfisher Airlines.

The company didn't deposit the TDS it
deducted on my salary. As a result, it was
deducted from my IT refund to the tune of
Rs 4.4 lakh. How should I claim the amount?
Under the provisions of the I-T Act, 1961, an

e is entitled to claim credit for the tax deducted at source by the
r even if the same is not paid by the employer. If you have the evidence
that the tax has been deducted at source, then you are entitled to
TDS while computing your tax liability.
mployer has not paid the tax deducted from your salary, there will be
with details of the payment of TDS.On the administrative ground,
r authorities will not give credit for the TDS not paid by the employer.
file the appeal against the order not granting credit for TDS.
You can also inform the Commissioner of Income Tax (TDS) in whose
jurisdiction the case of the employer falls about the non-payment of TDS.
Although legally your claim is valid, you will have to litigate with the tax
department for your genuine claim of credit of TDS.
My salary falls in the 30% tax bracket. My sister is unmarried with no

source of income. Are there any tax implications if I transfer Rs 30,000
from my salary bank account every month to my sister's saving bank
account? Do I need to create a gift deed every month for documentation
purpose?
Assuming FD is created every month for this amount in her bank account,
can she still deposit Form 15G in her bank as her total taxable income
from Bank FD interest will be less than the minimum tax slab of Rs 2.5
lakh? She would like to deposit 15G so that the bank does not deduct 10%
TDS as she does not file tax return.
Every month you can give gift to your sister of Rs 30,000. Neither you nor your
sister will be liable to pay any tax on the amount. She can invest the amount
received as gift in the fixed deposit and earn interest income. As her total
income is below Rs 2.5 lakh, she can furnish form 15G to the bank under Rule
29C of the I-T Rules, 1962, either in the paper form or electronically.
My 80-year-old father is suffering from Parkinson's Disease. He is totally

dependent on me. I believe under the circumstances certain deductions
can be claimed under the tax law. Please let me know how much can I
claim, under which section, and the supporting documents that have to
be submitted.
Under Section 80DD of the I-T Act, 1961, an individual who is a resident in
India and is incurring any expenditure for the medical treatment of a dependant
do
11 of 13 27/04/2017 15:43
For tax relief, you need proof of rent

paid to kin
Updated: Apr 11, 2017, 11.32 AM IST
Section 10 (13A) | Rent Receipts | Income Tax | HRA
Recently, the Mumbai income tax appellate

tribunal (ITAT) denied a claim on house rent
allowance (HRA) by a taxpayer. She had paid
rent in cash to her mother, but was unable to
substantiate it. On the other hand, the
Ahmedabad ITAT allowed the HRA exemption
claimed by a taxpayer who had paid rent to his
spouse.
Given that the avenues available to save tax

are limited for the salaried class, some
es try and take the 'fullest' advantage of the income tax exemption
for HRA by paying rent to a family member with whom they are
It is another matter if the rent is actually paid to the relative, or if the
o these seemingly contrary ITAT decisions leave the taxpayer? The

ne is it isn't illegal to pay rent to a close relative, but it carries a risk of a
robe by the I-T officials and if genuineness cannot be proved, the claim
denied, with attendant consequences.
utions are necessary when paying rent to a relative. For instance, it is

better to enter into a leave and licence agreement with the person and make
payments via banking channels. Under section 10 (13A) of the I-T Act, a
salaried taxpayer can claim exemption on HRA for an accommodation occupied
by him, if the property is not owned by him and he has actually incurred rent
expenditure on it.
Amarpal S Chadha, partner, people advisory services at EY-India, says:

"Payment of rent to a parent or spouse will not impact the eligibility to claim
HRA exemption as long as the above mentioned conditions are met and the
transaction is genuine." "The transaction should not be a mechanism to avoid
tax," he stresses.
So decisions by the Mumbai and Ahmedabad ITATs - one accepting the tax
exemption claim on payment of rent to a relative and the other de nying it-may
seem contrary , but the orders were based on specific facts in each case.
Rent paid to spouse, HRA claim allowed: In 2013, the Ahmedabad ITAT
bench in Bajrang Prasad Ramdharani's case, allowed an HRA exemption claim
by the taxpayer, even though rent was paid by him to his spouse. He was living
with his wife but paid her rent via bank transfers. The ITAT held that the
taxpayer had fulfilled the twin requirement of occupying a house not owned by
him and payment of rent.
Rent paid to mother , HRA claim disallowed: But more recently , the Mumbai
bench disallowed the HRA claim by Meena Vaswani who had contended that
she lived with her aging mother to take care of her and paid rent to her mother
in cash. While rent receipts were obtained by her, as the transaction was with
her mother, she had not entered in to any formal contract. Vaswani was not
able to produce proof of cash withdrawals from her bank to substantiate the
rental payments. Moreover, the authorities were able to prove that she was not
residing with her mother, but in another apartment nearby with her husband and
daughter. The ITAT agreed with I-T authorities that the transaction was a sham
do
12 of 13 27/04/2017 15:43
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Selling a house? Watch out for tax implications http://economictimes.indiatimes.com/wealth/tax/selling-a-house-watch...

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Selling a house? Watch out for tax

Its critical to keep an eye on the calendar when

Expenses incurred on repairs and renovation can be added to the cost of

How to avoid tax

Last date for filing original FY2014-15

Income Tax Return | Income Tax

March 31, 2017 was the last date to file your

Amarpal Chadha, Tax Partner and India Mobility

Looking to save tax for FY 2017-18?

ONOMICTIMES.COM |Updated: Apr 26, 2017, 06.29 PM IST

While investing in a tax-saving instrument or for

In the tax saving instruments such as National

1.EQUITY-LINKED SAVINGS SCHEMES

Here's how TDS on salary income

Investment Declaration | Income Tax | Employer | Employee

Typically, in the month of April, being the start of

The most popular and frequently used

Based on the salary income and the investment

On what is TDS based upon

Actual TDS deductions

All about income tax return form Sahaj

The Central Board of Direct Taxes (CBDT) has

Who can file?

n be filed in the following ways:

Filing return in physical form

Information in the return

(The content on this page is courtesy Centre for Investment Education

READ MORE ON Sahaj | ITR | Income Tax | ET Wealth | CBDT

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No income tax on salary deducted for not serving

No income tax on salary deducted for

MUMBAI: The Income-tax Appellate Tribunal

In this case, two companies while settling dues

e I-T Act, salary income is taxable on a due basis, regardless of

9 tasks do at the beginning of the new financialyour

Tax queries: Should you disclose a

Dilip Lakhani, senior chartered accountant,

In part E of the tax return form that seeks

to save tax can I transfer about Rs 60,000 to my wife who has no

Please send your queries on tax to et.tax@timesgroup.com

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5 smart things to know about income from property

5 smart things to know about income

1. Rent and other income from any flat, building

2. The assessee must be the owner of such

3. Income chargeable is computed after

e is taxable on the basis of annual valuethe amount for which the

, which is used for own residential purposes

(The content on this page is courtesy Centre for Investment Education

READ MORE ON Tax | Standard Deductions | RENTAL INCOME | ET Wealth

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Tax Optimizer: IT professional Desai can cut tax

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Tax Optimizer: IT professional Desai

Hyderabad-based software professional Manoj

Desai is paid a very high city compensatory

Tax queries: Employer didn't deposit

Dilip Lakhani, Senior Chartered Accountant,