Video Tax Guru Subhash Lakhotia, CNBC

Category: 
Tax-Saving-Tips

In this episode Subhash Lakhotia talks about some good tax saving tips.
He talks about -
1. What to do with taxes during Diwali Gift
2. How to deal with gifts from relatives
3. How to deal wtih loan from NRI relative
4. How to deal with Short term loss due to share
and more ..

Video: 

clarification on income tax

Dear Sir,
I have a house in Mumbai which stands in a joint name with my wife. However, she has not invested any money for its purchase and I have availed housing loan from my employer in my name. The EMI is being paid by me from my salary regularly. This house has been given on rent and I am staying in a company owned house for which the company is charging a nominal monthly rent and I am not getting any house rent.

In this connection I seek your view / clarification as to whether I can account for the rent received from this house divided as 50/50% in my account and in my wife's account i.e half of the rent is accounted for in my income and the balance half as income in my wife's account. She is also an income tax assessee. This will help me in reducing my tax liability.
Thanks
suresh vaish

Income tax advice

Dear Sir,
Me and my wife purchased a DDA flat in 2007 where ownership was specified in the sale-deed Agreement (Me and my wife's ratio was 25 : 75). The flat was rented out to L&T co. and our homeloan was from GE Wizard. In the first year, both of us proportionately claimed IT rebates due to the loss from the above mentioned property (as rental income was much less than the interest paid by us). Next year, i.e. in 2008 she lost her job, and I started claiming 100% IT rebate after my wife wrote an undertaking that she will not claim any IT rebate. Now, the IT assessing officer (Addl. commissioner IT) is asking if there is any written provision to support our case. Since you are an undisputed authority on tax matters, your piece of advice in this regard will definitely serve our purpose.
If possible, please, respond.
Thank you, very much.
With all my regards
Amit Jha

P.S. Email id. [email protected]
My next hearing is on 15-2-2011.

NRO Income Tax liabalities

Dear Lakhotia sb
Jai jinendra
My daughter Miss shweta is working at USA (Austin ) getting salary for the work and Taxed their . She has surplus amount of Rs 50 Lacks wants to Invest in Bank FDR in canara Bank Udaipur (INDIA). kindly let me know the Tax structure in India which I have to pay . I have Pan number in India . presently not under Tax liabality in India . Kindly advise me
Yours sincerely
vijay Talesara
For Miss shweta Talesara

E-Filling

4

i have filled income tax return (audited)dated sept 2010,in this return some mistake is held. details of profit and loss a/c are not entered in this return. i have filled ITR online.
so my question is that .. whether i will fill a revised return or wait for intimation.?

Regarding Tax on Gratuity

Dear Sir,

I saw your program on Sunday at 5.30PM on Business Awaaz on the above mentioned subject. In this connection, i want your clarification that i retired from PSU company on April 2010 and i received 9lakhs(approx) as gratuity dated 4th May 2010.
Kindly advice me on whether it is a taxable amount or not?
Please reply as early as possible.

My email id : [email protected]

Regards
Anil Kumar Gupta

INCOME TAX

Respected Sir,

My client has done Fd with Banks and earns interest on it Rs 2,00,000/- (annually)

Further he has taken loan from non-relative and pays interest on it @ 12% amounting to Rs 60,000/-

Can this interest payment of Rs 60,000/- be set off against interest income under the head income from other sources

 

Please advice.

salary structure

Respected sir,
One of my client get Salary Structure showing following break up:
Basic 40% of CTC
HRA 35% of BAsic
Special Allowance
Fixed Allowance:
Conveyance 9600 PA
medical allowances 15000 PA
Education Allowance 2400 (per chiled 200/- for 2 Child)

Variable Allowance u/s.10(14)
Helper Allowances
Uniform Allowances
Travelling Allowances
Resarch Traing Allowances
(get deduction for Fixed Allowances
Also deduction for Variable Allowances on producing Receipt/bill/vouchers for Actual Expenditure incurred by employees on Variable A;llowances provided by emoployer.

It ok sir Can i go with these strucutre of salary for calculating Taxable Salary income .

Pl reply to me as per your convinent .

Thanks
Jaipal

Query on home loan interest benefit

Dear Sir,

I live in Mumbai and have purchased a flat in Mumbai. I have also purchased another flat in Hyderabad. I have not given the Hyderabad flat on rent whereas in Mumbai I have given the Mumbai flat on rent and am staying on rent in another flat as the purchased flat in Mumbai is very far from my office place. I have taken home loan on both my flats. On flat in hyderabad, I paid home loan interest of around 95,000 and for my Mumbai flat I have paid home loan interest of around 1,45,000. My questions are

1) Can I claim home loan interest benefit on both the flat? If yes, is there a limit on home loan interest on second flat?

2) I am receiving some rent for my Mumbai flat. Can I include the rent in income and claim HRA on the actual flat I stay in in Mumbai?

Thanks.
Namit

Capital Gains on sale of flat

Dear Sir,
I want to sell the flat purchased about a year ago and upgrade to a bigger flat using all the amount which I recieve from sale proceeds.
Could you tell me hat wil be the capital gains tax.
Thanks
Arun

income tax demand under sec 143(1)

I have got a demand notice against my tax liability rs 140686 which was deducted by the employer under tds to the full amount during the financial year 2007-08.Now the interest payable is demanded as under:
A 234A INTERSEST:RS 1406/
B 234B RS 33744/
C 234C RS 5202/
As such a demand for rs 40352 was demanded from me for the reasons not known to me.My employer is regularly deducting TDS from my salary and bonus was paid to me in the month of feb08 to the tune of rs 1.50 lac and as such the tds was deducted in fb 08 and mar 08.The ITO has not find any mistake in calculations.The order is dated 23.03.2010 but the same is received to me through my office only a week before.Due date of filing the return is shown as 31.07.2010 and date of filing has been shown as 04.08.2010.
KIndly guide and advise what to do now?
Richa

Dear Sir, I have a small

Dear Sir,

I have a small business. My monthly income is 12000/- p.m. I want to file the income tax return but I have no current a/c in firm name & no saving a/c of myself because all the transaction made in form of cash so that we have no prrof to show our business to govt.
So Please tell me how could i file the return.

With Thanks & Regards

CAPITAL GAIN TAX

SIR,
I have purchased a 10 yr. old residential tenament in gujarat vadodara.The owner of that property also purchased other residential property against above one.Now he shows profit of 6 lacs from selling old one.will he has to pay capital gain tax? if yes,HOW MUCH? WHAT IS THE TIME LIMIT TO PAY THAT TAX from date of 23 june 2010?

Capital Gain Tax

Sir,

If one has two residential accommodation in his name and a vacant plot at which he intend to sell and invest the proceedings of selling plot for purchase of another flat, will he be exempt from Capital Gain tax. Can he avail exemption of Capital gain tax, even if he purchases the new flat in his wife or children's name? If all the three are in his name, will he be liable for wealth tax? If he transfer any one in his children's name will he be out of wealth tax liability?

salary in the name of spuse

3

What should we do in case an employee wants the part of the salary credited to their spouse account? is there any tax implication for this?
Pls advice

TDS

I HAVE DEDUCTED THE TAX ON 31 MAR-2010 AND DEPOSITED THE 1-06-2010. CAN WE CLAIM THE EXPEDITUE IN F.Y 2009-10.

shares transcation

dear sir,

i have some query about shares transcations.
I have 60 shares of gtl. infra ltd. as on 31.03.2009 as shown as closing stock in my balance sheet (as business head applies to my shares transcations).
Now in june 2009 i had received 60 bonus shares of gtl infra. i want to know that these bonus shares will be recorded as closing stock with nil value or treated as investment (capital gain head applies) with nil value.

If these are taken as stock than my stock value per shares will be decreased.
and If these are taken as investment than the capital gain head will be arise with nil cost.

so please resolve my query.
thanking you.

eail id. [email protected]

Capital gain computation/utilization

Dear Sir,

I had bought a plot of area 230 sq.mt in Sept'03 in Lucknow for Rs 5,05,780.00 plus stamp duty of Rs 50,600.00. I sold this plot for Rs 20.00 Lacs in Feb'10. In Oct'09- Dec'09, I had invested Rs. 4.40 Lacs for purchase of a flat in Noida , which will be handed over by the builder in 2012-13. This new investment is jointly in the name of myself & my wife, who is also working & an income tax payee. The total value of this flat will be Rs 44.00 Lacs and payment plan is construction linked. I have opened a capital gain account with my bank to deposit CG amount due to sell-off of old land.

My queries are as follows :

1. How much CG amount I have to deposit in this account?
2. What will be duration during which I had to utilize this amount?
3. Will the 4.40 Lacs invested by me before selling my land, can be treated as utilized capital gain?
4. Do I have to pay tax for balance amount after capital gain deposition?
5. I am a public sector employee. My Finance dept. provides me form-16A, prepares my ITR and deposits the same with Income tax deptt. Do I have to show anything (gain & exemption) in my ITR for this year or in future?
6. What is the procedure for periodically withdrawing amount from my Capital gain account for handing over the same to my builder?

Thanks & regards,

NEERAJ AGARWAL
[email protected]

I TAX APPLICABILITY ON SALE OF THIRD FLAT

Dear Sir,

I have got houses as below

1) I had purchased Mhada room ( second sale )in 1993 from a person who had inturn purchased from the Mhada Allottee. Purchase was made by agreement / affidavit made in my name. Agreement is not yet registered with Mhada as it involves additional expenses on transfer charge / stamp duty / registration etc. Value of purchase was Rs 1.4 lacs plus I have done renovation of about Rs 1.0 lakh. I have shown this purchase in my balance sheet / returns showing the payment of Rs 1.17 Lakh as my share ( Balance amount was paid by my father but agreement was made in my name alone )

My parents ( Retired ) are staying in this room independently at present.

2) I got married in Dec 2001 and I purchased a new flat in 2002 with loan portion of Rs 4.0 lacs by wife and other payment of Rs 4.0 lacs from my savings. Flat was purchased in joint name and I have shown 50 % stake in my returns for this flat

3) In 2008 , I purchased another new home on joint name with 100 % my stake. I have taken housing loan of Rs 20 lacs for the flat and availing Tax benefit on loan.

Presently myself with family are staying in this house.

Now I have sold my flat no ( 2) with the intention of adding few lakhs ( By taking loan on wife's name )and go for bigger house. I am advised by my collegues that I will have to pay Income tax on capital gain as there are total three rooms on my name.

PL ADVISE WHEATHER IT IS TRUE THAT I TAX WILL BE APPLICABLE ON SALE OF THIRD FLAT EVEN IF I AM REINVESTING THE ENTIRE AMOUNT BACK.

DILIP SADIKALE
09967588824
[email protected]

can i attain a scrutini

1

i am a B.com graduate from mumbai university,
and practicing taxation and accounting for last 3yrs,
can i attain a scrutiny with the ITO for my client,
plz help me with section.
thank you

regarding trust account for child

Plz provide me information ,I want to open a trust account for my child in a bank.
plz provide me full knowledge for tax related matters iin this part.
thanks

Home Loan and HRA exemption

Dear Sir,
I am having rental home in vile parle Mumbai and owned home in navi mumbai, pl let me can i get HRA as well as Home loan exemption in tax
Sunil Dange

gift received by huf

one of my client received gift in cash in huf name but gift deed was not executed can he draft now gift deed now citing original date of gift received on stamp please reply to me over my e mail address daga_jk @ rediffmail.com

property tax

Sir
I have a commercial space in Dwarka of which we took possession in Nov 2002.I have paid taxes since April 2004.What is the basis of property tax for the previous 1.5 year since unit area value method was not there at that time. if we calculate it on previous terms it's coming out to be somewhere around Rs 55000 for the period from Nov'02 to March 04 where as now a days we are paying around 3500 p.a.
Secondly under amnesity scheme will we be getting the waiver on penalty and interst.

Regards
Rajat

PF WITHDRAWAL

Dear Lakhotia Sir,
I was working for a multinational company for last 20 years. I have left the company. My PF would be around 10 L. I donot want to withdraw my PF rightnow.

1 Can i do that ?
2 For how long can I not withdraw my PF ?
3 If I do that can I withdraw my PF whenever I wish ?
4 If I donot withdraw PF will Interest be added every year?
5 what are best suggestion and options available according to you for the same.

Thanks & Regards

Parvez Ali

Registry Transfer

Dear Sir , there is a plot whose registry is in the name of my mother and now she want to gift it to me and my brother in equal share , plz tell me do we have to register the plot again. Plzz Reply...

Regards,
Anshul

capitalgaintax/income tax

SIR,
BACKGROUND OF THE CASE

THERE WERE SIX BUILDINGS, CONSISTING OF 78 TENANTS, CONSTRUCTED IN THE YEAR 1958. OUT OF THESE SIX BUILDINGS, FOUR BUILDINGS WERE MANAGED BY THREE SOCIETIES, WHILE TWO WERE UNDER MHADA. THE SOCIETIES WERE REGISTERED IN THE YEAR 1992, 1993 AND 1994.THE LAND OF 9300 SQ.M. WERE ALLOTTED BY THE THEN MAHARASHTRA HOUSING BOARD TO THE APPLICANTS UNDER THE LOW INCOME GROUP SCHEME. EACH FLAT IN THE SIX BUILDINGS WAS OF 410.00 SQ.FT. IN MARCH 2002, THE THREE SOCIETIES AND TENANTS OF TWO BUILDINGS ENTERED INTO AN AGREEMENT WITH A BUILDER, WHEREIN THE SOCIETIES GAVE DEVELOPMENT RIGHTS FOR THE CONSTRUCTION OF ONE TOWER FOR THE 78 FLATS. UNDER THE AGREEMENT THE DEVELOPER WILL MAKE USE OF THE AVAILABLE 2.4 FSI SO THAT THE 78 MEMBERS WILL GET 750 SQ.FT CARPET AREA IN LIEU OF THE PRESENT 410.00 SQ.FT. THE AGREEMENT ALSO SPECIFIED THAT THE BUILDER WILL MAKE AVAILABLE TO THE EXISTENT 78 MEMBERS SUCH AMOUNT OF CORPUS FUND, EQUAL TO AN AMOUNT WHICH WILL EARN AN INTEREST SUFFICIENT TO MAKE THE FLATS MAINTENANCE-FREE AT THE TIME OF GIVING POSSESSION OF THE FLAT IN THE TOWER. IN JUNE 2003, THE THREE SOCIETIES WERE DISSOLVED AND ONE SOCIETY WAS FORMED BY MERGING THE THREE SOCIETIES AND ALSO THE TENANTS OF TWO BUILDINGS.

THE QUERIES ARE AS UNDER

1. IF THE SOCIETY RETAINS THE OWNERSHIP OF THE LAND EVEN AFTER REDEVELOPMENT, WHETHER TRANSFER OF DEVELOPMENT RIGHTS ATTRACT CAPITAL GAIN TAX? IF YES, WHETHER CAPITAL GAIN WILL BE DEEMED TO HAVE ARISEN WHEN THE AGREEMENT HAS BEEN ENTERED INTO I.E. IN THE YEAR 2002?

2. IN A MUTUAL UNDERSTANDING WITH THE BUILDER, IT HAS BEEN AGREED BY THE BUILDER TO FORM A PRIVATE TRUST EXCLUSIVELY FOR THE BENEFIT OF 78 MEMBERS AND THE BUILDER, AS A SETTLER, HAS ALSO AGREED TO DEPOSIT THE CORPUS AMOUNT IN THE NAME OF THE PRIVATE TRUST. IN THIS CASE, WHETHER THE CORPUS AMOUNT WILL BE TAXED IN THE HANDS OF THE TRUST?

3. SINCE THE TRUST IS NEITHER THE OWNER OF THE LAND NOR HAS IT GIVEN ANY DEVELOPMENT RIGHTS TO THE BUILDER, THE CORPUS AMOUNT CAN BE TREATED AS CAPITAL RECEIPT IN THE HANDS OF THE TRUST NOT LIABLE FOR TAX? OR THE AMOUNT WILL BE CONSIDERED AS GIFT OR INCOME FROM OTHER SOURCES IN THE HANDS OF THE TRUST?

4. IF THE CORPUS AMOUNT WILL BE TAXED IN THE HANDS OF TRUST, EITHER AS GIFT OR INCOME FROM OTHER SOURCES AT 30%, IS IT ADVISABLE TO GO FOR INDIVIDUAL CONTRIBUTION OF CORPUS AMOUNT?

5. IN CASE OF INDIVIDUAL CONTRIBUTION, IS IT POSSIBLE FOR THE INDIVIDUAL MEMBERS TO VALUE HIS OLD FLAT AS ON 01.04.1981, TAKE THE INDEXATION, AND ARRIVE AT THE CAPITAL GAIN AGAINST THE CORPUS AMOUNT?
IN SUCH SITUATION, WHETHER THE INDIVIDUAL MEMBER CAN TREAT THE NEW HOUSE IN THE TOWER AS INVESTMENT U/S. 54F FOR CLAIMING EXEMPTION?

REGARDS,
SHRIRANGJOSHI

Respect

Lakhotia Sir You Are A Very Minded Person in the world of income tax.
Sir main aap jaisa banna chata hoon please some advice for me
thanks
Piyush Jain
Pali Marwar

Prepare E Return Electronically

DEAR Sir,

THE NEW SYSTEM FOR THE ASSESSEE FOR E FILING, POST YOUR ACKNOWLEDGMENT IN BANGLORE.

SOME QUESTIONS ?

1. YOU HAVE TO POST YOUR ACKNOWLEDMENT IN ORDINARY POST ONLY - MEANS YOU HAVE NO PROOF TO CLAIM THAT YOU SENT YOUR ACKNOWLEDMENT.

2. CPC CENTRE BANGLORE HAVE NO ANY E MAIL ID.

3. CPC CENTRE HAVE ONLY ONE PHONE NUMBER i.e. 080-43456700 NEVER CONNECTED.

4. BY CHANCE IF CONNECTED THEN RESPONSE IN REGIONAL LANUAGE.

5. IF YOU HAVE WANT TO KNOW ANYTHING ABOUT CPC CENTRE OR REGARDING YOUR ACKNOWLEDGMENT IN 01242438000 THEN NO ANY HELP RECEIVED BY THEM.

SO, DEAR WHAT THE ASSESSEE, CA, ADVOCATE, TAX CONSULTANT WILL DO, WHERE THEY SHOULD COMPLAIN ? BEFORE MR. MANMOHAN SINGH, MR. PRANAB MUKHERJEE OR MS. SONIYA GANDHI, WHERE ?????

PLEASE LAKHOTIA SIR REPLY IMMEDIATELY BECAUSE I AM ALONE IN THIS WORLD AND TIME IS NONE OF ME AND T.V ALSO NO SO PLEASE REPLY BY E-MAIL I AM TAX RETURN PREPARE ALSO

With Regards
Piyush jain
C.a & C.S Student

My Email Id [email protected]