CA. Naresh Jakhotia

TAX TALK-13.05.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant WANT TO INVEST THE MONEY FROM SALE OF “AGRICULTURAL LAND & PLOT”   FOR PURCHASE OF “A READYMADE HOUSE”: INCOME TAX SAVING Query 1] I am in Government job and purchased an agriculture land for total amount of Rs. 4.00 Lacs   in the year 2008 and a plot in city area for total amount of Rs. 6.50 Lacs in the year 2011 (through loan & self saving). I want to sell these properties in the FY 2013-14. Please provide following information: 1.       Tax liability on capital gain; 2.       Presently, I do not own any house and want to invest above money to purchase a readymade house (new or old). What would be tax liability in FY 2013-14 or onwards if house is purchased after 2013-14?;and 3.       Till investment in readymade house, I want to do investment in Fixed deposit/ Bonds of Go...

TAX TALK-06.05.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “CLOSING ONE HOUSING LOAN ACCOUNT AND AVAILING ANOTHER HOUSING LOAN FOR CONSTRUCTION: INCOME TAX IMPLICATIONS” Query 1] With regard to personal taxation, please clarify the following. My Bank has permitted me to avail Leased Accommodation facility at Bangalore , to enable my family to continue to stay there. Our Bank is also deducting Monthly Lease Rent, as per our Pay Scale, which is about Rs. 400/- pm. However, I am also paying monthly rent of Rs. 5,000/- for my accommodation at Nagpur . Please inform me, whether I can claim deduction for House Rent paid by me as I am also paying tax for the Leased Accommodation provided by my employer.   [Sivaram.G- sivaram.ganeshan@sbm.co.in ] Opinion: You are provided with the leased accommodation by your employer and probably you may not be receiving the House Rent Allowance (HRA). For the mass benefit, I am elaborating the ...