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…
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. [firstname.lastname@example.org]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.