CA. Naresh Jakhotia

TAX TALK-22.02.2016-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Not actual rent,  House property is taxable on the basis of its Annual Value Query] 1.       If I purchase the second house property for my own use, still whether I would be required to pay the tax? I don’t wish to let out the second house but want to purchase it for investment purpose. [ K.T.Jannawar, Chandrapur ] 2.       From your articles in newspaper-The Hitavada, I came to know that if a person having more than one HP, the second property onwards to be shown on rent or deemed to be let out. I understood that while filing return, in the HP schedule from rent received, first taxes paid to local authorities (NMC/Grampanchayat etc) to be deducted, then on balance 30% to be deducted for maintenance, followed by interest payable on borrowed capital/loan. The remaining amount is income from house property. My queries are:- i. ...

TAX TALK-08.02.2016-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Beware, there is a penalty for property transactions in cash Query 1] 1.       I am to get some amount in March 2016 on redemption of ELSS MF done in March-2013 for tax savings. Whether I shall have to pay IT on LTCG or otherwise? Kindly enlighten me in this matter. [ kumarmeher52@gmail.com ] 2.       Is it better to invest in Equity linked saving scheme to save tax? Isn’t PPF a better option as compares to ELSS? My agent has advised me to go for ELSS and not PPF. Please advise.  [ amitr******@gmail.com ] Opinion : There are lot many taxpayers who are not well aware of the Equity-linked saving schemes (ELSS) as a tax cum financial planning tool. ELSS is one of the types of mutual funds with tax benefits. It is one of the most preferred tax saving option for the young taxpayers as it has the potential to yield robust tax ...