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Tax Planning & Help |
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Eight new forms have been released this year. Identify the form you need to file your tax returns for the year 2007-2008.
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Section 80DD has a proviso under which the word `disability` has been defined. Autism is not just being hard of hearing. Purchase of hearing aid, in my opinion, will not come under the definition of severe disability and therefore deduction of cost of hearing aid may not be admissible. Further, being hard of hearing is not such an ailment as to require constant care and support as is the case with mental disability, disorientation etc.
(c) disability shall have the meaning assigned to it in clause (i) of section 2 87 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) 88[and includes autism, cerebral palsy and multiple disability referred to in clauses (a), (c) and (h) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999)];...
In reply to:
Tax Benefits in case of disabled dependent
Posted by :
ashalanshu
Dear vikas80, plz. note u can claim a deduction of 50K Rs. or 75K Rs. as per the severity of the disability of the dependent person under section 80DD.
Thanks
Ashal 
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Dear vikas80, plz. note u can claim a deduction of 50K Rs. or 75K Rs. as per the severity of the disability of the dependent person under section 80DD.
Thanks
Ashal ...
In reply to:
Tax Benefits in case of disabled dependent
Posted by :
Vikas80
Please let me know if there is any tax benefit on the amount spent for disabled dependent on purchase of some equipment like hearing aid etc.
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Interest will be allowed to the extent of their ratio in the property, upto a maximum of Rs.1.5 lacs for each borrower....
In reply to:
Interest benefit on housing loan
Posted by : ashalanshu
Dear Ranjan, U r right in case of joint property, each individual can claim a max. of 1.5L Rs. interest benefit but my dear friend, the division of interest paid to bank/financial institution `ll be strictly on the basis of ratio of ownership declared at the time of registering the house or the ratio of downpmt. pitch in by each owner. It can`t be 50:50 interest division for each owner if the above said ratio is 70:30 or 60:40.
Thanks
Ashal
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Dear Ranjan, U r right in case of joint property, each individual can claim a max. of 1.5L Rs. interest benefit but my dear friend, the division of interest paid to bank/financial institution `ll be strictly on the basis of ratio of ownership declared at the time of registering the house or the ratio of downpmt. pitch in by each owner. It can`t be 50:50 interest division for each owner if the above said ratio is 70:30 or 60:40.
Thanks
Ashal...
In reply to:
Interest benefit on housing loan
Posted by : RANJAN
Dear Ashal,
I am of the opinion that even for self occupied properties the limit of 1.5lakhs on interest repayment applies to each joint owner. So in this case each of them can claim Rs1.25 lakhs benefit on interest repayment. (ownership 50:50)Yes the ratio of ownership cannnot be changed every year. It has to be declared at the time of registering. Please check it out.
Thanks
Ranjan
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Dear rb25, From ur post it`s clear to me that for ur personal ease u have maintained credit in trading acct. after T+2. My dear friend even in this case, the shares purchased on march `ll be considered for selling no matter in actual ur trades were sat off from may purchase.
in case of ICICI, yes there is also a trading account but being an internet account, it`s seamless transfer between demat & trading acct. without worrying about delivery slips or so.
I hope now the matter is clear to u.
Thanks
Ashal ...
In reply to:
How to calculate tax on share trading
Posted by :
rb25
I trade in a local share trading agency recognised by BSE and NSE. When i buy shares they are kept in my trading account till i give instructions to transfer them to my demat account. 1. If i do intraday trading they can be used as margin (security) 2. When i sell them there is no need to issue delivery slip. 3. i can save transfer charges to and from demat account. I think in icici direct and SBI online trading there is nothing like trading account and shares will be directly credited into demat account in T+2 days. Am i clear ? Is there any thing irregular in this method ? Pls comment.
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does prepayment of house loan calculated in tax deduction....
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Please let me know if there is any tax benefit on the amount spent for disabled dependent on purchase of some equipment like hearing aid etc.
...
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LTA (Leave Travel Allowance ) what proof we need to submitte to the company for claiming the deduction, Secondly Car rental charges bill is claimable as LTA ?
Car rental bill can be submitted to company for claiming
Example : Car Rental for Mahabaleshwar / Shridi so on...
Please advice....
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Dear Ashal,
I am of the opinion that even for self occupied properties the limit of 1.5lakhs on interest repayment applies to each joint owner. So in this case each of them can claim Rs1.25 lakhs benefit on interest repayment. (ownership 50:50)Yes the ratio of ownership cannnot be changed every year. It has to be declared at the time of registering. Please check it out.
Thanks
Ranjan ...
In reply to:
Interest benefit on housing loan
Posted by : ashalanshu
Dear friend, Plz. note the interest portion `ll not be determined between u by ur choice but by the ratio of ownership of house (if mentioned in the title deed) or the money pitched in for down pmt.
On the basis of above, u & ur wife can claim interest benefit individually. Plz. do note for individual, the max. limit of interest benefit for a self occupied house is 1.5L only so out of 2.5L Rs. even if ur share comes to 2L rs. as per ownership or down pmt. ratio u can claim only 1.5L rs.
For a rented house, there is no ceiling of 1.5L rs. but the rental income `ll be added to ur income from all other sources & `ll be taxed accordingly. In case of rental income u can claim property tax paid to municipal authority & 30% standard deduction for maintenance of house (no matter u actually spend the amount on maint. or not).
Thanks
Ashal
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I trade in a local share trading agency recognised by BSE and NSE. When i buy shares they are kept in my trading account till i give instructions to transfer them to my demat account. 1. If i do intraday trading they can be used as margin (security) 2. When i sell them there is no need to issue delivery slip. 3. i can save transfer charges to and from demat account. I think in icici direct and SBI online trading there is nothing like trading account and shares will be directly credited into demat account in T+2 days. Am i clear ? Is there any thing irregular in this method ? Pls comment. ...
In reply to:
How to calculate tax on share trading
Posted by : ashalanshu
Dear rb25, there is some confusion, which i`m unable to understand.
Quote -
Some shares i purchaged in march were credited to my trading account in may. Those purchaged in april were credited within 72 hours. As a result shares are not being transfered to my demat account in the order of my purchage.
Unquote -
Plz. note from taxation point of view, the shares r considered from their date of receipt in ur demat acct. which is normally T+2 days for purchases thru market. So no matter what u transferred in ur trading acct. within 72 Hrs. or after 3 months, Still the FIFO `ll be applicable.
I hope the matter is clear to u now.
Thanks
ashal
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Dear friend, Plz. note the interest portion `ll not be determined between u by ur choice but by the ratio of ownership of house (if mentioned in the title deed) or the money pitched in for down pmt.
On the basis of above, u & ur wife can claim interest benefit individually. Plz. do note for individual, the max. limit of interest benefit for a self occupied house is 1.5L only so out of 2.5L Rs. even if ur share comes to 2L rs. as per ownership or down pmt. ratio u can claim only 1.5L rs.
For a rented house, there is no ceiling of 1.5L rs. but the rental income `ll be added to ur income from all other sources & `ll be taxed accordingly. In case of rental income u can claim property tax paid to municipal authority & 30% standard deduction for maintenance of house (no matter u actually spend the amount on maint. or not).
Thanks
Ashal...
In reply to:
Interest benefit on housing loan
Posted by : Guest
I have purchased a flat jointly with my wife through joint home loan. If the yearly intrest on the housing loan is (say) Rs. 2.5 lacs. My questions are (i) Can I claim interest benefit on Rs.1.5 lacs & my wife of Rs.1 lac in the first year? (ii) In the subsequent year can my wife claim interest benefit on Rs.1.5 lacs (or say Rs.2 lacs)& myself on Rs.1 lac(or say Rs.0.5 lacs)? (iii) If the house is rented out, can we still claim interest benefit on the housing loan?
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I have purchased a flat jointly with my wife through joint home loan. If the yearly intrest on the housing loan is (say) Rs. 2.5 lacs. My questions are (i) Can I claim interest benefit on Rs.1.5 lacs & my wife of Rs.1 lac in the first year? (ii) In the subsequent year can my wife claim interest benefit on Rs.1.5 lacs (or say Rs.2 lacs)& myself on Rs.1 lac(or say Rs.0.5 lacs)? (iii) If the house is rented out, can we still claim interest benefit on the housing loan? ...
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Dear rb25, there is some confusion, which i`m unable to understand.
Quote -
Some shares i purchaged in march were credited to my trading account in may. Those purchaged in april were credited within 72 hours. As a result shares are not being transfered to my demat account in the order of my purchage.
Unquote -
Plz. note from taxation point of view, the shares r considered from their date of receipt in ur demat acct. which is normally T+2 days for purchases thru market. So no matter what u transferred in ur trading acct. within 72 Hrs. or after 3 months, Still the FIFO `ll be applicable.
I hope the matter is clear to u now.
Thanks
ashal...
In reply to:
How to calculate tax on share trading
Posted by : rb25
Thanx ashal. Some shares i purchaged in march were credited to my trading account in may. Those purchaged in april were credited within 72 hours. As a result shares are not being transfered to my demat account in the order of my purchage. Similarly when i sell my broker is taking the shares which are in my trading account leaving those in demat account which were purchaged earlier for mutual convenience. As a result i am not able sell in the same order in which i purchaged. Is it irregular ? I am keeping only part of my holdings in trading account for safety. Is there a way out ?
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Thanx ashal. Some shares i purchaged in march were credited to my trading account in may. Those purchaged in april were credited within 72 hours. As a result shares are not being transfered to my demat account in the order of my purchage. Similarly when i sell my broker is taking the shares which are in my trading account leaving those in demat account which were purchaged earlier for mutual convenience. As a result i am not able sell in the same order in which i purchaged. Is it irregular ? I am keeping only part of my holdings in trading account for safety. Is there a way out ?...
In reply to:
How to calculate tax on share trading
Posted by : ashalanshu
Dear rb25, Congratulations ur answer is 100% right this time. Plz. make gift deed on plain paper mentioning the details of donor (u), donee (ur children) & gift (shares) & this deed should be signed by both of U Donor & Donee. Donee should write clearly with his/her signature that S/he is accepting the gift.Plz. keep this deed safely with urself to produce the same in future if demanded by Income Tax officials.
Thanks
Ashal
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