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Fire your tax related quieries and i would get it solved!!!

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  #2241  
Old 20th March 2017, 12:17 PM
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Default Re: Fire your tax related quieries and i would get it solved!!!

Is there any use of showing Longterm losses from stocks, in Incometax filing?
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  #2242  
Old 20th March 2017, 09:42 PM
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Default Re: Fire your tax related quieries and i would get it solved!!!

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Originally Posted by ankur07090 View Post
Can one show investment of lic of his wife if she is house wife?
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  #2243  
Old 20th March 2017, 11:17 PM
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Default Re: Fire your tax related quieries and i would get it solved!!!

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Originally Posted by ankur07090 View Post
Can one show investment of lic of his wife if she is house wife?
Please elaborate. You mean you have bought policy in the name of your wife and want to claim benefit ? If that's the case yes its possible.
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  #2244  
Old 21st March 2017, 08:42 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

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Originally Posted by john302928 View Post
Is there any use of showing Longterm losses from stocks, in Incometax filing?
no. it doesn't...
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  #2245  
Old 22nd March 2017, 09:47 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

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Originally Posted by elwavetrader View Post
Nikhil Sir

This query of mine is related to income from house property, of a lady 62 years of age, living next door. If one has a rental income from residential property, then in which case it is necessary to file ITR.

If total rent is above exemption limit of 3 lakhs (its case of senior citizen) OR total rent after adjusting standard deduction of 30% is above 3 lakhs. Thanks
Nikhil Sir

Please reply.
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  #2246  
Old 23rd March 2017, 12:13 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

I have purchased some furniture for trading office, can I deduct it's cost from income?

Is there any limitations for expenses for business? I trade 90% fno only

Last edited by princy01; 23rd March 2017 at 12:19 AM.
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  #2247  
Old 23rd March 2017, 12:30 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

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Originally Posted by princy01 View Post
I have purchased some furniture for trading office, can I deduct it's cost from income?

Is there any limitations for expenses for business? I trade 90% fno only
Ha ha
Very good idea to reduce profit.

BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.

You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.

There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
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  #2248  
Old 23rd March 2017, 12:38 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by traderniftybull View Post
Ha ha
Very good idea to reduce profit.

BTW, what is the value of the furniture purchased.
Furniture is a capital asset, so you can not deduct its cost from income.

You can only claim depreciation of the capital assets, that too if you are opting for regular assessment and not availing presumptive scheme. In presumptive scheme, no expanses are allowed as deduction.

There is no limitation on expanses, but such expanses should be related to business only and one should have necessary bills etc.
Is it an idea or business need?

Bought new pc 5 monitors for trading purposes, is it idea or business expenses

Buying air conditioner too, that's an expense?

I think my turnover is high so will get audit done anyways
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  #2249  
Old 23rd March 2017, 01:02 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

Quote:
Originally Posted by princy01 View Post
Is it an idea or business need?

Bought new pc 5 monitors for trading purposes, is it idea or business expenses

Buying air conditioner too, that's an expense?

I think my turnover is high so will get audit done anyways
Ha ha

I dont think, PC, monitors and AC can be termed as furniture.

You said furniture, you didnt specify item name. Furniture is something different. Thats why said. Otherwise every FnO trader will change his household furniture in the name of office furniture, every other year and will get the value deducted from his income

BTW, by now you should know, at least, the difference between different type of expanses. Capital expanses and revenue expanses.

As items bought, are capital expenditure and not revenue expenditure, you will be allowed a specific percentage of value as depreciation on these items.
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  #2250  
Old 23rd March 2017, 01:10 AM
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Default Re: Fire your tax related quieries and i would get it solved!!!

I bought IT stuff for 1 lac as well as furniture worth 1 lacs around, air conditioning still to be purchased
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