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Sukanta Ghosh

Category : Exempt H..,
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July 24, 2018 7:24 pm
  • Exempt HRA when not shown in Form 16
Sir, Its my wife's Form 16 B. under the head of gross salary, an amount of 114197/- is shown as HRA. No other exemption is given under HRA. We are living in a rented apartment with a rent of 18000/- pm. We also do have rent receipts. Is there any provision of getting any exemption?
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Amlan Dutta
If HRA exemption has not been provided, you can claim exempt HRA as per section 10(13) and reduce it from non exempt allowances
  • July 24, 2018
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Vinod

Category : Sale of ..,
Solved
July 24, 2018 5:51 pm
  • Sale of House property
Sir,
Please advice on the Cost of acquisition with indexation (ITR2 - LTCG)
Buy: Sale Agreement - Date: 10Nov2006 Amount: Rs.25,86,000/-
Sale Deed - Date: 7Jun2008 Amount: Rs. 14,17,000/-
Sell: Sale Agreement & Deed in Nov2017 for Amount Rs.38,00,000/-
What value(Amount and CII) to be considered...
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Amlan Dutta
For sale, deed price or stamp valuation price whichever is higher shall be considered as per provision of section 50C..For purchase, cost of acquisition has to be considered......Check attached cost inflation index chart ...assume for a moment cost price is 14.17 lakhs in FY 2008 (when CII was 13...
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For sale, deed price or stamp valuation price whichever is higher shall be considered as per provision of section 50C..For purchase, cost of acquisition has to be considered......Check attached cost inflation index chart ...assume for a moment cost price is 14.17 lakhs in FY 2008 (when CII was 137)...now check CII in the year of sale to figure out CII factor for figuring out indexed cost for the year of sale ....since, you have sold it now in FY 2017 18 ,, we check CII for FY 2017 18 which is 272 ...so , indexed cost price is 14.17 x ( 272/137) i.e 14.17 x 1.98 = 28.36 lakhs...since property held for more than 2 years you are eligible for capital gains..... For sale, deed price or stamp valuation price whichever is higher shall be considered as per provision of section 50C..For purchase, cost of acquisition has to be considered......Check attached cost inflation index chart ...assume for a moment cost price is 14.17 lakhs in FY 2008 (when CII was 137)...now check CII in the year of sale to figure out CII factor for figuring out indexed cost for the year of sale ....since, you have sold it now in FY 2017 18 ,, we check CII for FY 2017 18 which is 272 ...so , indexed cost price is 14.17 x ( 272/137) i.e 14.17 x 1.98 = 28.36 lakhs...since property held for more than 2 years you are eligible for capital gains.....
  • July 25, 2018
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Sanjay sen

Category : Salary m..,
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July 24, 2018 5:26 pm
  • Salary mismatch in form 16 and 26 as
Sir,

Amount paid/credited as per 26AS and Form 16 Part A =649659/-
Also as per incometaxindiaefiling website,income chargeable under salaries is 649659/- given under tax details tab.
But income chargeable under head salaries as given in Form 16 PartB is 636305/- not 649659/-
Moreover,non taxable a...
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Amlan Dutta
Your 26 as should reflect 652084 Rs ..i.e gross receipts ...and you will show in chargeable income both in salary and TDS schedule = 6,36,305 ...chargeable income (636305) + exempt allowances( 13879) + tax on employment deduction ( 1900) = gross receipts i.e 652084 ..so, you can take up with empl...
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  • July 24, 2018
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Atul Kumar Pandey

Category : Income t..,
Solved
July 24, 2018 5:09 pm
  • Income tax
Plz explain "Income chargeable under salary".
I am confused.
What figure in tax efiling portal "Income chargeable under salary"?

Plz explain
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Amlan Dutta
Chargeable income refers to the portion of salary that is actually charged to tax .....say gross salary is 100 Rs of which 10 rs is HRA exempt allowance , 10 Rs is exempt transport allowance and deduction on account of tax on employment is 5 Rs ...so now though one receives 100 Rs , the chargeable i...
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  • July 24, 2018
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