TAX TALK-21.01.2013-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant “LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1. I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year. For that, A. Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B. Should I go for additional loan from the bank to construct a house? My query is, if...
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 ...
TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Section 145A(b) provides that interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received. It is not at all dependant on the method of accounting followed by the assessee. Interest on compensation on acquisition of land: Tax Complexity Query 1] My query is taxability of interest received under Land Acquisition Act. I own a land at Mouja-Chinchbhuwan on Amravati road, Nagpur. While widening the high way, my agricultural land admeasuring 0.1853 H.R. was acquired by National Highway Authority of India (NHAI). The amount of compensation awarded to me was Rs. 29,741/- only. I filed a case under Arbitration. The case went in my favour and the Arbitrator awarded me higher compensation of Rs. 8,44,968/-. In addition to this, I received Rs. 84,496/- being 10% of compensation for loss of e...
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