CA. Naresh Jakhotia

TAX TALK-25.07.2011-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “CLUBBING OF MINOR's INCOME – WHEN NOT REQUIRED!” Query 1] 1. Whether there is income tax deduction on donation given to charitable trust ? If yes, whether entire amount given is eligible for deduction? Whether donation done to temple by way of receipt will also be eligible for deduction? Is there any restriction on the amount of donation? 2. I am a salaried employee & not receiving any HRA from my employer. The person who receives HRA is eligible for income tax benefit. I am living in a rented premise in Nagpur. I have read in the earlier issues about the availability of deduction towards rent for persons who stays in a rented premise and not in receipt of HRA. I shall be thankful if you can explain about the availability of income tax benefit on rent payment. 3. By what date, I will be required to file the income tax return? Is there any exemption on the Interest from Bank FDR & S.B. A...

TAX TALK-18.07.2011-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “Salaried Taxpayers with total Income up to Rs. 5 Lacs are exempted from filing Income Tax Return for Assessment Year 2011-12” Query 1] I had retired from Central Govt. (Age 62 Years) and getting pension. My total income with pension and interest from Saving account in Bank/ CTZ A.C of Post Office is Rs. 5 Lacs p.a. Kindly confirm the following through mail and oblige me: 1. Whether I have to submit the I.T Return for FY 2010-11 (Ass. year 2011-12.)? 2. If so, Form 16 will be required to submit with return and who will provide /Issue me the Form 16 to enclose with Return. (I am receiving pension from PAO-GSI, Nagpur) 3. I have some FD in Banks and interest with maturity on FD is payable after April-2012. Whether I have to show these interests in FY 2010-11? [ qumarabbas_zaidi1983@yahoo.com ] Query 2] My gross total income is Rs. 2, 81,760/- from 01st Apr-10 to 31st Mar-11 as per F-16. Total deductio...

TAX TALK-11.07.2011-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “TAX TREATMENT OF SECOND HOUSE PROPERTY” Query 1] I have some queries regarding sec 80C and 24. Please help me: 1. I have taken HBA of Rs. 4 Lacs from bank 8 years back which is going to be over by this year ending for house located in Gramin / Rural Nagpur. I am claiming principal & Interest benefit for this loan. Recently I have purchased a flat in city area with HBA of Rs. 10 Lacs from another bank for 10 years period. I am staying in the flat & given old house on rent for Rs. 2,000/-. Please let me know, now how I can get maximum benefits of both HBA loan under section 80C and u/s 24 for interest and principle? 2. My father-in-law has made a gift deed in favor of my wife (before marriage) for old house located at our native place. She is getting rent of Rs. 3,000/- per month from that. She is housewife. Since the gift deed is made before marriage, whether this rent is to be clubbed with ...

TAX TALK-04.07.2011-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “WHETHER EXEMPTION IS AVAILABLE U/S 54 OR U/S 54F?” Query 1] I have few doubts & request you to please clear it through Tax Talk column in the Hitavada: 1. Since I haven’t shown Interest (on accrual basis) from FD & Company Bonds earlier, Can I show the interests from FD, Company Bonds on receipt basis in my IT return i.e. on completion of tenure on maturity? Whether this is correct or not? 2. Will there be any fine if I show interest on receipt basis instead of accrual basis? 3. Also I would like to know since few company bonds are in my minor child's name (having separate PAN no.). At the time of maturity, the exemption on interest received will be only Rs. 1,500/- or Rs.7,500/- (for 5 years on receipt basis). [suryajeet.614@rediffmail.com] Opinion: The interest to be offered for taxation depends upon the method of accounting regularly followed by the assessee in recognizing the income...