HITAVADA TAX TALKBY CA. NARESH JAKHOTIA (Chartered Accountant) “LIC COMMISSION INCOME:
WHETHER BUSINESS OR PROFESSION” Query 1]Mr. X is having commission income of Rs. 15,82,760/-.
The Commission is derived from LIC, Sahara & HDFC. Whether his income is
professional income or business income? Because, if it is a professional income,
then he has to get his books audited u/s 44AB. Otherwise, can he file his
return u/s 44AD in ITR 4S. Apart from doctors, lawyers, architects, CA’s who
else can be professional? What norms have to be taken into consideration?
Please clarify. [email@example.com]Opinion: 1.A person who is carrying on
business is required to get its books of accounts audited if the gross
sales/receipts/ turnover exceeds Rs. 60 Lacs for the Financial Year 2011-12
(The limit has been enhanced to Rs. 1 Cr from the F.Y. 2012-13).A person who is carrying on profession, the
limit for audit for the F.Y. 2011-12 is Rs. 15 Lacs (From FY 2012-13, it is Rs.
TAX TALK BY CA. NARESH JAKHOTIA Chartered
Accountant “LOAN TAKEN
FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”Query 1]1.I
have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing
a residential plot under Govt. scheme. The bank gave me a loan under the realty
category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate
in income tax. My query is, how I can get the income tax rebate on the interest
amount I'm paying to the bank every year.
For that, A.Do
I need to build one room, kitchen and toilet and then start claiming the income
tax exemption? OrB.Should
I go for additional loan from the bank to construct a house? My query is, if I go for "A", will I get the income tax
exemption? Or if I go for option "B", will I get exemption on the new
loan only or whether it will be addition of two loans interest? Kindly suggest
second query is, as my plot is mo…