Deductions Under 80G

Donation is a noble task. In order to do favour for the Kind heart persons who donated for noble purpose, Income Tax department is providing Tax benefits to those persons.Contributions made to certain relief funds and charitable institutions can be claimed as deduction from tax u[...]

Section 55 (2) (ac) (Cost of Acquisition)

The section 55(2) (ac) is referred as Grand Fathering provision.Before going into the topic of Section 55(2) (ac), let’s have a sharp look into the provision of new section 112A which is applicable from FY 2018-19 in order to understand the current topic.Here we can notice[...]

Taxability of Dividend Income Received for Domestic and Foreign Company

Investing in share and mutual funds are new way of investing as these instruments provide higher rate of return in less time, however it involves high degree of risk but due to high benefit it is attracting various investors.In these transactions there are two ways of earning pro[...]

Taxability on Redemption of Mutual Funds and Shares

An investor in mutual funds usually makes profit by way of capital appreciation and dividend receipts on the capital invested. A capital gain is the difference between the sale value of investments and the initial purchase price.Holding Period for Mutual Funds:Taxability of Mutua[...]

Exemption under Section 54F of Income Tax Act on Sale of Any Long-Term Capital Asset Except Residential House

Who can Claim:This section is only applicable for Individual assessee Conditions to claim Exemption: a) Assessee should Purchase or construct a Residential house. b) The time limits for purchase or construction of Residential house: i) In case of Purchase:ii) [...]

Analysis of recent amendment in Section 54

Section 54 is applicable when an individual/HUF sells a residential property and buys another residential property, then he will be eligible for claiming Exemption u/s Section 54.ApplicabilityIf the newly purchased or constructed house is sold before 3 years from the date of capi[...]

Double Taxation Avoidance Agreement

A DTAA is a TAX treaty signed between two or more countries.Treaty- A tax treaty is a bilateral agreement made by two countries to resolve issues involving double taxation on income. Agreement generally determine the amount of tax that a country can apply to a taxpayer's income, [...]

Section 80EE – Deduction on Interest on Home Loan

Deduction under section 80EE can be claimed by first-time home buyers for the amount they pay as interest on home loan. Taxpayer can claim a deduction of up to Rs. 50,000 per FY as per Section 80EE.This deduction can be claimed over and above the deduction of Section 24 which is [...]

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