CA. Naresh Jakhotia

“WRONG SUBMISSION OF FORM NO. 15G / 15H CAN PUT YOU BEHIND BARS” Query 1] I wish to take your help on the following: 1.       I purchased a flat in Chennai during 2008 for Rs. 22 Lacs with financial help from my daughter (around 60%) and during March-2013, I executed a settlement deed in favor of my daughter and got registered as per the prevailing rules in Chennai. 2.       Meantime, I purchased another flat in Chennai during 2009 (registration done on 15.02.2013) with my savings and also the entire sale proceeds of my Bhopal flat. (Around Rs. 12 Lacs of LTCG). 3.       Now that I have sold a plot in Bhilai and to save LTCG, I want to invest in another flat the entire sale proceeds. As per existing provisions, to claim tax benefit, I cannot have more than one house property before investing in another property from the LTCG amount. Out of 2 flats I had, as indicated above, I had transferred on...

TAX TALK-05.05.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “UNTAXING THE TAX ON LONG TERM CAPITAL GAIN” Query 1] Your help is sought in the following query:   One of my cousins at Durg (CG) has sold one Plot (with one shop constructed on it) for Rs. 60 Lacs in January-2014. The plot was purchased in the Year 1987 and its cost was Rs. 35000/- only. Please  advise:- 1.       The approximate amount of basic exemption (i.e., cost of purchase) after taking into account Index Factor? 2.       The amount of Capital Gains he will be required to pay? 3.       The different options for him to invest his money to save Capital Gains Tax? 4.       Whether he can invest in other Plot/ Shop to claim exemption under Section 54?   [ manjit_parihar@yahoo.co.in ] Opinion: 1. ...

TAX TALK-05.05.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “UNTAXING THE TAX ON LONG TERM CAPITAL GAIN” Query 1] Your help is sought in the following query:   One of my cousins at Durg (CG) has sold one Plot (with one shop constructed on it) for Rs. 60 Lacs in January-2014. The plot was purchased in the Year 1987 and its cost was Rs. 35000/- only. Please  advise:- 1.       The approximate amount of basic exemption (i.e., cost of purchase) after taking into account Index Factor? 2.       The amount of Capital Gains he will be required to pay? 3.       The different options for him to invest his money to save Capital Gains Tax? 4.       Whether he can invest in other Plot/ Shop to claim exemption under Section 54?   [ manjit_parihar@yahoo.co.in ] Opinion: 1. ...

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 ...