Income Tax & Income are not always related with each other: Tax Talk


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“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”

TAX TALK-21.01.2013-THE HITAVADA 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? Or B.                 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 t
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“TAX TREATMENT ON SALE OF FACTORY LAND & SHEDS”

TAX TALK-28.04.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “TAX TREATMENT ON SALE OF FACTORY LAND & SHEDS” Query 1] I am a govt. employee. in FY 2013-14, my home loan bank showed interest on home loan as Rs. 28,500/- in provisional income tax certificate whereas actual interest as shown in final certificate is Rs. 2,82,73/-. Please tell me how to pay that extra tax online and also the corresponding challan involved? [N.A. Mahajan- nilay_am@rediffmail.com ] Opinion: 1.       It’s important for the taxpayer to verify the data recorded in the TDS certificate in Form No. 16 vis a vis actual data. 2.       You can pay the tax online by just logging in at www.incometaxindia.gov.in wherein you will have a link for tax payment on the left hand side of the portal with menu as “Pay tax Online”. You can follow the screen wise instructions & can pay the tax. Following points may be of your held while making the payment: a] Use “C
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