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

[skt_90]

HI,
Please answer m following questions
1. Whats the income tax amount on delivery based equity transanction? Is it flat 10% irrespective of other source of income?
2.How is total incomecal culated? Is it sum of all profits achieved in different scrips minus sum of all loss incurred in different scrips?
3. Whether loss in particular srip can be carried forward for delivery based transaction?
4. Whats the tax audit limit on delivery based equity transanction in a year ? Is it calculated by sum of total buy and sell or is it sum of total profit and loss?
5.When should I pay the income tax for capital gains earned in the year 2007-08? Is it by march 2008 or march 2009

 

[emailkailash]

Hi,

I am a salaried individual and recently I had to spent around 50,000 on the medical treatment, nursing and training of my handicapped sister as she needed to be hospitalized for about 1 month, I came to know from sources that there is a provision in Income-tax for such deductions, if this is true I want to know how I can claim that and upto what amount that is allowed for current assesment year.

Early reply on this is highly appreciated.

Thanks

 

[V FROM TCR]

Hai,
Many Thanks For This Thread Which U Guiding Many Persons Like Me To Not Fear About Tax.

Please Sorry If Any Words Of My Herting Or Misspelled,hence I Not Command In English.

I Have Some Doubts In Taxes.

I Am An Unemployee,but Since Last 2 Years Took Trading As My Income.i Am Borrowing Money From My Some Friends And Relatives And Investing In Shares.i Doing Intraday And Also Shortterm Also.but I Not Know How Can I Show These Money Which I Borrowing From Others.if I Get Income From Trading Above 1.1lac Then How Can I Manage My Tax.please Reply To This Matter Hence It May Be Help Others Like Me.
It May Be Very Silly Questions To Other Viewers But Please Ansver To This.
Thanks For All Your Answers In This Thread.
Thanks.

 

[diosys]

Hai,
Many Thanks For This Thread Which U Guiding Many Persons Like Me To Not Fear About Tax.

Please Sorry If Any Words Of My Herting Or Misspelled,hence I Not Command In English.

I Have Some Doubts In Taxes.

I Am An Unemployee,but Since Last 2 Years Took Trading As My Income.i Am Borrowing Money From My Some Friends And Relatives And Investing In Shares.i Doing Intraday And Also Shortterm Also.but I Not Know How Can I Show These Money Which I Borrowing From Others.if I Get Income From Trading Above 1.1lac Then How Can I Manage My Tax.please Reply To This Matter Hence It May Be Help Others Like Me.
It May Be Very Silly Questions To Other Viewers But Please Ansver To This.
Thanks For All Your Answers In This Thread.
Thanks.

Show your income as business income and all the expenses would be allowed to be deducted from the same....dont show them as capital gain...

 

[diosys]

Hi,

I am a salaried individual and recently I had to spent around 50,000 on the medical treatment, nursing and training of my handicapped sister as she needed to be hospitalized for about 1 month, I came to know from sources that there is a provision in Income-tax for such deductions, if this is true I want to know how I can claim that and upto what amount that is allowed for current assesment year.

Early reply on this is highly appreciated.

Thanks

Sorry for the late reply...

Yes you can claim in under 80U but as far as i remember this deduction is limited to 40,000

 

[diosys]

HI,
Please answer m following questions
1. Whats the income tax amount on delivery based equity transanction? Is it flat 10% irrespective of other source of income?
2.How is total incomecal culated? Is it sum of all profits achieved in different scrips minus sum of all loss incurred in different scrips?
3. Whether loss in particular srip can be carried forward for delivery based transaction?
4. Whats the tax audit limit on delivery based equity transanction in a year ? Is it calculated by sum of total buy and sell or is it sum of total profit and loss?
5.When should I pay the income tax for capital gains earned in the year 2007-08? Is it by march 2008 or march 2009

1.) it is not 10% flat...it is after you slab is extinguished....
2.) yes it is calcukated in the manner told by you...but short term with short term and long term with long term.
3.)Yes losses can be carried forward for 4 years maximum...provided there is no profit or income left for the year...
4.) Tax audit limit is 40 Lacs...be it delivery or not...for derivatives the total of loss and profit would be seen...mind it, its the total not the addition and substrction...
5.) till you have not filed your income tax return..

 

[diosys]

hi,
I trade in both F&O and cash segment. Suppose I have loss of 20000 in F&O and profit
of 70000 in cash segment (short Term capital gains) what would be my stcg tax at the end of financial year?

regards,
Aman1

not possible to reply till i have the exact details of other incomes...

 

[diosys]

hi this is in addition to my above query... my dp gives me yearly transaction list only, now calculating the gains or loss outta that is a gigantic task. Any suggestion to do it optimally or any tool like excel sheets ?

Thanks.

Maintain your accounts on tally and you would have ready result...Tally is an accounting software...moresover you would be required to maintain books of accounts under Income tax act

 

[diosys]

Hi,
I wanted to know if there are any taxes on the mutual fund capital gain and also on the dividends? e.g. If I purchased a MF for RS 10000 and say after three years I sell the units at 11000, will the capital gain of 1000 taxable?

No it is tax free as Long term capital gain....not taxable

 

[diosys]

Hello!
What is the best instrument to invest for the future needs of your 3yrs old kid?
The cash gifts he collects at various family functions adds to my income as far as tax view-point is concerned. Can a separate parallel mechanism be maintained so as to unload my own tax burden at the hands of child's cash gifts? plz guide!

I dont agree with raj that insurance should not be in your kitty....life is very unkind sometimes...you should protect your child by taking a healthy insurance coverage for yourself...I like Aviva...least charges..their poilicy Life bond 5