CA. Naresh Jakhotia

TAX TALK-01.04.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “WHETHER HOUSING LOAN BENEFIT AVAILABLE ON THE LOAN TAKEN FROM EMPLOYEE’S CO-OPERATIVE SOCIETY?” Query 1] I sold my ancestral land for Rs 33 Lacs on 24.05.2010. The sale proceeds are kept in S/B a/c since then. I acquired a residential house from G'Noida Authority ( allotted on 29.11.2007) in FY 2012-13 by executing lease deed on 18.06.2012, jointly with my husband out of other sources of finance, including Housing Loan, PPF withdrawal, etc. Can I claim exemption from Tax on LTGC on this house. On the date of sale of land, I owned another Flat jointly with my husband. If I cannot claim exemption, as above, can I buy a residential flat now and save Long term Capital Gains Tax of about Rs 10 Lacs (including Interest). The IT Return for FY 2010-11 is yet to be filed. I shall be grateful for your advice. [Neelam Gupta- anilg.244@gmail.com ] Opinion: 1.    ...

TAX TALK-25.03.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “ERROR IN PAN CARD, HOW TO GET THE PAN CARD RECTIFIED” Query 1] My wife is a Central Government employee & her gross salary is Rs. 2,90,000/- without giving effect to the provisions of sections 80C   to 80U.   Her total salary after above provisions is Rs. 1,55,000/-.   She also has interest income of Rs. 20,000/- on fixed deposits with banks.   She has not filed her return for the assessment year 2012-13.   Now my question is: 1.       Is she exempt from filing IT return under section 139(1C) for the assessment year 2012-13? 2.       If not, then can she file the IT return now electronically? 3.       If she files the IT return now, then under which section: (a) Before due date U/s 139(1) or (b) After due date u/s   139(4) 4.     ...

TAX TALK-04.03.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “SHORT TERM CAPITAL GAIN ON BUY BACK OF SHARES - TAXABLE AT WHAT RATE” Query 1] I am 61 years old. I have purchased 27 shares of GSK Consumer Ltd @ Rs. 2,588.61 for a total consideration of Rs. 69,892.51 inclusive of STT and brokerage on 29/02/2012. The same were offered to the company under "Buy-back" scheme and the company has accepted all 27 shares for "Buy-back" and paid me Rs. 1,05,300/- @ Rs. 3,900/- per share on 12/02/2013. No STT, brokerage was deducted from this amount.   Thus, there is Short Term Capital Gain of Rs. 35,407.49. Please advise me about the following: 1.       How this amount will be taxed since no STT was paid at the time of "Buy-back"? Will it be taxed at the rate of 15% as it is Short Term Capital Gain (STCG) and shown accordingly in I.T. Return? Or 2.       Will be added to my Gross Total I...