CA. Naresh Jakhotia

TAX TALK-07.12.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Housing loan & tax treatment of pre-construction period interest Query 1] I have booked flat in under construction project in pune, costing Rs. 52 lacs. The possession is expected in Nov. 2017.   Now my question is whether the amount paid to the builder through bank loan (Principal and Interest) before the actual possession of the flat is eligible for tax exemption? If yes, how could I claim the Refund of the said amount? [ narayan.parjane@gmail.com ] Opinion : Housing loan offers tax sops. Interest paid on amount borrowed for purchase/construction of house is eligible for deduction u/s 24(b) of the Income Tax Act-1961 up to a maximum of Rs. 2  Lacs p.a in case of self occupied house property. Earlier, there was a max cap of Rs. 1.50 Lacs which is enhanced to Rs. 2 Lacs by the Finance Act-2014 (for the FY 14-15 & onwards).  Additionally, principal...

TAX TALK-30.11.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant How to get Income tax refund speedily? Query 1] Kindly advice, by what time normally tax refund is received? Now a day, it is learnt that within one month tax is refunded. But in my case, despite elapse of 3 months, I did not receive refund so far. Kindly enlighten. [ kaushikpopat@gmail.com ] Opinion : “Next to being shot at and missed, nothing is really quite as satisfying as an Income Tax Refund”. - F.J. Raymond. Gone are the days when getting the refund was stupendous task. With the passage of time, the time taken for issue of refunds has been reduced from years to months to almost weeks now. More and more taxpayers are surprisingly finding the credit of income tax refund in their bank account within unexpectedly short period and that too without even approaching or writing to their assessing officer. As far as issue of income tax refund is concerned, CBDT deserves kudos fo...

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Easy money-Complicated taxation. Its all about shares & derivatives - Readable format accessible at http://ssrpn.com/article-details.php?id=1331

Government have its share in your lottery income. Tax Talk- My weekly Column. Word readable format available at- http://ssrpn.com/article-details.php?id=1318

TAX TALK-03.08.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant NRI: Basic exemption limit cannot be reduced from LTCG Query 1] I am an NRI Sir in AY 2015-16. I am having taxable house property income of Rs. 42,631/- and long term capital gains (LTCG) taxable income at Rs. 10,70,567/-. When form 2 is being filled up, the tax payable is calculated @ 20% on LTCG of Rs. 10,70,567/- at Rs. 2,14,113/- + cess. The basic exemption of Rs. 2,50,000/- is not being given. As per this, the tax would be Rs. 11,13,198/-  less basic exemption Rs. 2,50,000/- i.e., Rs/  8,63,198/- @ 20%. = Rs. 1,72,640/- + 3% cess.  Please guide me as to the correct calculation.  [ Ajay Agrawal- akagrawal87@gmail.com ] Opinion: 1.       Long Term Capital Gain (LTCG) is taxable at a special concessional rate irrespective of the applicable individual tax slab of an Individual. 2.       Additionally, b...

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TAX TALK-13.07.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income from funds transferred to Wife attracts clubbing provision Query 1] I am a salaried person and pay Income Tax. I transfer my salary from salary account to a joint saving account where I am the 1 st holder and my wife is 2 nd holder. My wife transfers this account's deposit into term deposits where she is 1 st holder and I am 2 nd holder. She is having PAN and submits 15G in bank. Total interest is below Rs. 2.50 Lacs. Please tell me whose is the tax liability on the interest received from term deposit? [S.Nandi , Jabalpur- snandi1957@gmail.com ] Opinion: "The husband who wants a happy marriage should learn to keep his mouth shut and his checkbook open." - Groucho Marx Its not your case alone. It a global phenomenon as has been rightly recognized by Joey Adams also when he says "Marriage is give and take. You'd better give it to her or she...