Tax consultant Subhash lakhotia clears the air on the confusion regarding surplus income on the sale of agricultural land and whether it qualifies as capital gain.
Generally speaking every person carrying on business is permitted within the parameters of the Income-tax Law to adopt any system of accounting.
Tax and investment consultant Subhash Lakhotia explains on how to save capital gains tax when the house/property is in the joint ownership of the assessee and his wife.
Tax guru Subhash Lakhotia explains on how one can save tax expenditure on property gains through cost inflation index methods. He points that it saves substantial amount of income tax on long term capital gains.
It is well known fact that tax payers are now required to file their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July, 2013.
Sometimes a thought might come in the minds of the tax gatherers that why not introduce “Inheritance Tax†to gather more revenue for the Government. Well, it is time right now to debate on the theme of introduction of Inheritance Tax in the present scenario in the country.
Are you adequately insured? Let this question be asked by every adult income-tax payer in his family. I would like every tax payer to take care of securing his family during the year against calamity.
Think of investing in Zero Coupon Bond in the year 2013 and it should be taken as a preferred tool of instrument of investment specially by persons not interested in regular income.
Do invest in Postal Office Instruments like National Savings Certificate VIII issue, National Savings Certificates IX issue, Post Office Time Deposit Receipts, as well as in Senior Citizen Savings Scheme specially keeping in view the aspects connected with tax deduction under section 80C and also the rise in the interest rates.
In case you do not yet own your own residential house property then it is time now to start investing in new residential house property so that you can have your dream house.
Please focus your investment strategy for the year 2013 on investment vistas connected with New Pension Scheme.
For all those tax payers who have never had any exposure in the stock market let the year 2013 be their first year for investing in the stock market.