Page 15 - Taxation

Readers' Corner: Taxation

LTCG from transfer of equity shares acquired on or after October 1, 2004 would be exempt from tax

PM Modi seeks CAs' help to spread tax knowledge

He was addressing chartered accountants after launching a new course introduced by ICAI

Reader's corner: Taxation

Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions

Readers' Corner: Taxation

Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions

Taxation: Use date of allotment to calculate capital gains

Assessee owns the property from the date of issuance of allotment letter

Readers' Corner: Taxation

Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions

Readers' Corner: Taxation

Kuldip Kumar, partner and leader, Personal Tax, PwC India, answers your questions

Readers' Corner: Taxation

Kuldip Kumar, partner and leader, personal tax, PwC India, answers your questions

Raising tax can be a 'retrograde' method at times: Arun Jaitley

Jaitley said that the govt's intention was to increase the revenue base

Readers' Corner: Taxation

Kuldip Kumar, partner and leader personal tax, PwC India, answers your questions

Readers' corner: Taxation

Kuldip Kumar, partner and leader (personal tax), PwC India, answers your questions

Taxation: Kuldip Kumar

Kuldip Kumar, partner and leader (personal tax), PwC India, answers your questions

Taxation: Kuldip Kumar

Kuldip Kumar, partner and leader (personal tax), PwC India, answers your questions

Taxation: Kuldip Kumar

My daughter has received a scholarship of Rs 5 lakh. Will she be taxed for this amount? Since she has never filed taxes, she does not have a PAN card. Should I make a PAN card for her?'As per section 10(16) of the Income Tax Act, 1961, scholarships granted to meet the cost of education are exempt from income tax. The term scholarship is not defined under the Act. However, the dictionary meaning of scholarship is anything which makes education free of charge at a concessional rate of fees. Also, in general parlance, the cost of education may include not only the tuition fees but all expenses incidental to obtaining education. Considering this, scholarship received by your daughter to meet the cost of education may be claimed as exempt u/s 10(16) of the Act.In case you are claiming an exemption of the scholarship received by your daughter u/s 10(16) and she does not have any other income for which a return is required to be filed in India, she is not mandatorily required to obtain a PAN

Taxation: Kuldip Kumar

Kuldip Kumar partner and leader, personal tax, PwC India, answers your questionsI want to apply for a joint home loan with my father. The bank wants income tax returns of the past three years. However, I will be filing taxes for the first time this year. What should I do for the previous returns? Explain to the bank that your total income was less than the basic threshold limit and you were not required to file a return for those years. However, prepare a statement of income for the relevant past two previous years and give it to the bank. Also keep the proof of such income ready, as they might like to verify it.While filing tax returns, do I have to show long-term capital gains from equity or mutual funds? Can I set off losses against interest income from fixed deposit(FD)? Any long-term capital gains from the sale of an equity share or units of an equity- oriented mutual fund is exempt from tax provided the securities transaction tax (STT) has been paid. However, at the time of fili

Taxation: Kuldip Kumar

Kuldip Kumar, partner and leader, personal tax, PwC India, answers your questionsIf I claimed tax benefit on my leave travel allowance (LTA) last year, can I do so this year as well? Section 10(5) of the Income Tax Act, 1961 read with Rule 2B of the Income Tax Rules, 1962 provides an exemption in respect of an allowance or assistance received by an individual from his current employer or former employer for himself and family in connection with proceeding on leave to any place in India. An employee can claim the exemption in respect of any two journeys in a block of four calendar years. The current block is 2014 to 2017. Where an employee has not availed the exemption in respect of LTA in a particular block, then such employee can avail the exemption of one journey in the following calendar year falling in the next block. If you have not claimed LTA in 2014 or if you have not carried forward LTA exemption claim from the previous Block (2010-2013), you can claim the LTA exemption this y

Taxation: Kuldip Kumar

Kuldip Kumar, partner and leader-personal tax, PwC India, answers your questionsMy wife and I are both income tax (I-T) assessees. I have one flat in my name, for which I have repaid the home loan. I have taken another housing loan but purchased the flat in my wife's name. I am repaying the second home loan. None of the flats are let out. Can we show the flats as self-occupied in our individual I-T returns without attracting provision of notional rent on one of the flats? If not, who should show the second flat in the I-T return? Can I get the benefit of Section 80C and Section 24 on repayment of principal and interest?Under the Income Tax Act, 1961, where an individual transfers any house property to his or her spouse otherwise than for an adequate consideration, such individual shall be considered to be the deemed owner of the house property. In your case, the second property has been registered in your wife name, but the same is funded by you and therefore, you will be considered as