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Sanjaya Kumar Ghadai

Category : Income t..,
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June 8, 2016 4:59 pm
  • Income tax
Dear Amlan,I have a query regarding mutual fund Investment.

I have invested in mutual fund through Systematic Investment Plan (SIP) in SBI Mutual fund starting from October 2015 every month.I have invested Rs.2000/- every month

I have not redeem or close it. It is continuing. I have invested till ...
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Amlan Dutta
Mutual funds will depend on composition i.e debt based or equity based ...can you please check into your SIP holding and see whether it is equity /debt/ hybrid( mix of equity and debt ) ..Typically SIP funds are equity based

If such is the case , then long term gains on your SIP holding will be exem...
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  • June 9, 2016
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Nikhil Modi

Category : Income t..,
Solved
June 8, 2016 3:38 pm
  • Income tax
I have a query. I was an NRI in the financial year 2016-16(since June 15-Jan 16, stayed outside India for more than 182 days) and now currently in India. I wasn't aware of the NRE account, so I have transferred money to India to my savings account and opened FD's. I was paying TDS to the bank for ea...
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Amlan Dutta
An NRI can open a NRE account ...actually as a NRI , you should no longer hold ordinary savings account ...all those accounts will get re designated as NRO (Non resident ordinary Rupees account ) once you let the bank know of your residential status .....but tax on ordinary rupee accounts is taxable...
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  • June 8, 2016
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Gurpreet Singh

Category : Income t..,
Solved
June 7, 2016 11:08 pm
  • Income tax
1. I had submitted IT for FY 2-15-16 declaration to my employer in December 2014.

2. At that time EMI of my Housing Bank Loan was Rs. 23,000. So the Calculated LOSS from property was about Rs. 1,59,999.

3. In November 2015, I increased EMI of my Housing Bank Loan to Rs. 40,000. So, both Interest ...
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Amlan Dutta
Don't worry about mismatch with form 16 ...fill IT return depicting income from house property considering loan interest and principal repayment figures as per actuals i.e while computing income from house property take into account the interest figures which were actually finally paid during the ...
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  • June 8, 2016
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Gurpreet Singh
Thanks a lot. Doubt cleared.
  • June 8, 2016
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PRABIR PAUL

Category : Income t..,
Solved
June 7, 2016 2:06 pm
  • Income tax
Partner withdraw money from partnership firm Rs. 2,00,000/- for his personal use. I just want to know what is the logical treatment about drawing. Is it taxable or not? If taxable, then who is liable to pay tax on such drawing - partner or firm?
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Amlan Dutta
For the firm , the 20,000 drawing by any of it's partners is nothing but a part of it's income which it is liable to pay taxes on

This outgo cannot be considered as deduction since it doesn't qualify for eligible deductions like partner salary or interest on partner capital

This example will m...
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  • June 8, 2016
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