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

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, able to understand BUT NOT able to take suggested course

    Votes: 0 0.0%
  • Somewhat able to take desicions, BUT seek professional help in my area

    Votes: 0 0.0%
  • Find it tough to understand the replies hence always seek other professional help

    Votes: 0 0.0%
  • Not able to understand any of the replies !!!

    Votes: 0 0.0%

  • Total voters
    4
  • Poll closed .

john302928

Well-Known Member
Is there any excel based personal balance sheet template and income preparation template available where we can make entries of FD, rental income, stock trading income etc. If so please share
It will be really helpful during ITR filing
 
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Interesting. I was myself looking at several other books from the Taxman stable as a possible alternative.

So I take it that it is not possible to get the material on the IT department's website?
You will get material on IT department website.

But that will be in pure raw form i.e. Bare Act.

In VKS's book it will be explained better.
 

rangarajan

Well-Known Member
i request a reply from the thread starter or my learned friends here for the following :

In case of Long term CG on sale of Residential House property ( single house, 31yrs old )

1. What is the max amount one can invest in CG bonds, total 50lac or 50lac/yr ( within 6 months ).

2.If the property deed is in joint name of Husband & Wife, can the CG be divided between them if both are filing IT return separately.

3.For calculating CG, should Land & Building value be taken separately. If so , what is the depreciation to be applied for building & whether present indexed cost to be taken separately for land.
What part is played by Guide line value.
Or can the total value taken for indexation ( land plus building )

If land value is not known or shown separately in sale deed, what should be done.

If addition has been done in 1st floor ( 21 yrsr ), how to calculate the cost if bills r not available for material cost.

4. If CG exceeds one cr, how to avoid tax on balance amt after depositing in Bonds.

Thanks for the time.
 
i request a reply from the thread starter or my learned friends here for the following :

In case of Long term CG on sale of Residential House property ( single house, 31yrs old )

1. What is the max amount one can invest in CG bonds, total 50lac or 50lac/yr ( within 6 months ).

2.If the property deed is in joint name of Husband & Wife, can the CG be divided between them if both are filing IT return separately.

3.For calculating CG, should Land & Building value be taken separately. If so , what is the depreciation to be applied for building & whether present indexed cost to be taken separately for land.
What part is played by Guide line value.
Or can the total value taken for indexation ( land plus building )

If land value is not known or shown separately in sale deed, what should be done.

If addition has been done in 1st floor ( 21 yrsr ), how to calculate the cost if bills r not available for material cost.

4. If CG exceeds one cr, how to avoid tax on balance amt after depositing in Bonds.

Thanks for the time.
If the LT cap gain is likely to be more than Rs 1 Cr,consult a good CA ,pay his fees...it is dangerous to base such decisions on information one gets in the forum,if something is overlooked or one wrong decision can put a tax liability of 15-20 lacs....I have suffered in one of my previous transactions and had to pay huge cap gain tax .

Smart_trade
 

rangarajan

Well-Known Member
If the LT cap gain is likely to be more than Rs 1 Cr,consult a good CA ,pay his fees...it is dangerous to base such decisions on information one gets in the forum,if something is overlooked or one wrong decision can put a tax liability of 15-20 lacs....I have suffered in one of my previous transactions and had to pay huge cap gain tax .

Smart_trade
You are correct Smart_Trade & i will definitely be doing that.
I am Not trying to save cost.

Instead of going to them ignorant, if i could learn some thing basics here, it would be easy for me to interact.

And also believe me Smart, even Not all Practicing CAs nowadays are very knowledgeable & sometimes times i had pointed out the discrepancies.
Ofcourse u have qualified Good CA.

Having said that, what i have learnt in this thread & similar were very helpful in enriching my knowledge & my thanks & compliments to them.

So, i would still welcome the views of the members here which would be useful to many others also.
 

natjay

Well-Known Member
Can anyone confirm if electronic statement (soft copy) of ELSS investment is enough for income tax purposes or do I have to procure hard copies of the same from mutual fund companies? Thanks in advance.
 
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
 

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