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

[diosys]

what are the option of investment to save tax on upper bracket like 80G and mediclaim etc.

the biggext is 80C wherein a lot of investments options are given like NSC, PPF, Home Loans, FDR's etc etc but all these are limited to Rs. 1,00,000 per annum per assessee

 

[arnav_rulz]

LTCG loss can be carried forward and sett off against Long Term Gain Only. So if you are having a long term capital TAXABLE gain then only this format given by you would be of any benefit.

What about income from House Property ?? Cant we set off the loss against that?

 

[diosys]

What about income from House Property ?? Cant we set off the loss against that?

No....Long term capital loss which is carried forwarded from previous year can only be set off with long term capital gains.

 

[arnav_rulz]

No....Long term capital loss which is carried forwarded from previous year can only be set off with long term capital gains.

But if the current year we have LTCG loss and income in house property.. then can we set it off ?

 

[diosys]

But if the current year we have LTCG loss and income in house property.. then can we set it off ?

even within the year.... Capital Gains can only be set off against income under the head of capital gains.

 

[arnav_rulz]

even within the year.... Capital Gains can only be set off against income under the head of capital gains.

oh yeah.. im sorry.. Loss in House property can be set off against capital income in the same year right ?
I mixed it up by mistake


Ohk one more doubt..

Case I

1)I have LTCG loss from sale of stock on which STT not paid.(not exempt from tax) and LTCG income from stock on which stt is paid(exempt from tax).

Now can i carry forward such kind of LTCG loss ?? Or does it automatically gets sett off in the current year ?


Case 2

1) I have LTCG gain from sale of stock on which STT not paid.(not exempt from tax) and LTCG loss from stock on which stt is paid(exempt from tax)

In this case my LTCG gain cannot be set off against the LTCG loss right ??


Thanks a lot for the replies i really appreciate it.

 

[diosys]

oh yeah.. im sorry.. Loss in House property can be set off against capital income in the same year right ?
I mixed it up by mistake


Ohk one more doubt..

Case I

1)I have LTCG loss from sale of stock on which STT not paid.(not exempt from tax) and LTCG income from stock on which stt is paid(exempt from tax).

Now can i carry forward such kind of LTCG loss ?? Or does it automatically gets sett off in the current year ?


Case 2

1) I have LTCG gain from sale of stock on which STT not paid.(not exempt from tax) and LTCG loss from stock on which stt is paid(exempt from tax)

In this case my LTCG gain cannot be set off against the LTCG loss right ??


Thanks a lot for the replies i really appreciate it.

Case 1

It cannot be carried forwarded and has to be set off with in the year first then if balance left that to be carried forwarded.

Case 2

Not allowed to set off loss from non taxable source to income of taxable source.

 

[raja1344]

pls. reply me soon

hi diosys
pls. help me. my brother in law has got a difficult problem.he is a govt. service holder and has no other source of income.he has paid income tax on his salary. but the problem he has created that he has done a lot of investment from his salary in FD ,NSC and KVP but has not shown in his return and also not mentioned the PAN number.All of his investments are in his single name. now he wants to make it joint with his wife.
my question to u is - what are the problems may be created in future.And what is the best way out to overcome this situation.his wife has no PAN card.
Finally if his wife wants to encash the certificates what problems may arise.
pls. reply me soooon.
thanks
Raja

 

[SCF]

Dear sir,
I am employee of PSU Bank.
I have a trading a/c.
I made intially losses upto 2,500 rs.
Now I made profit of Rs.4500/-ie a net profit of Rs.2000/-
My trades are intraday.
What is my Tax Liability on this?
Thank you sir.

 

[diosys]

Re: pls. reply me soon

hi diosys
pls. help me. my brother in law has got a difficult problem.he is a govt. service holder and has no other source of income.he has paid income tax on his salary. but the problem he has created that he has done a lot of investment from his salary in FD ,NSC and KVP but has not shown in his return and also not mentioned the PAN number.All of his investments are in his single name. now he wants to make it joint with his wife.
my question to u is - what are the problems may be created in future.And what is the best way out to overcome this situation.his wife has no PAN card.
Finally if his wife wants to encash the certificates what problems may arise.
pls. reply me soooon.
thanks
Raja

Dear,

Not showing the investment in ITR is not a problem. The only problem is whether the income earned on such has been declared or not. Please clarify it...

If yet there has been no income earned on this then would suggest to withdraw all these and do a fresh investment in joint name with wife.