Sriram1 asked, Hello sir, Can we get tax absolution on Car Loans, atleast the absorption allotment as we get in case of Home Loans?
Mahesh Padmanbhan answers, In case you are a able or a business man declaring assets beneath the arch profits or assets from business or profession again the absorption on car accommodation and abrasion could be utilised. However, in case you are a salaried alone again you would not get any answer on this account.
Sarvesh asked, Hi Mahesh, I had taken a home accommodation in June 2006 and the coffer had disbursed the absolute amount. About as I’ll be accepting the possesion alone about in May, I could not get any tax account on the Absorption paid. I was told that i could get the tax account on the aforementioned in the aing 5 years(1/5th anniversary year). Can you amuse analyze my agnosticism as how will i be able to get the tax benefit?
Mahesh Padmanbhan answers, The accordant actuality that is pertinent actuality is that the architecture should accept completed. You may or may not accept taken control of the collapsed but if the acceding has been accomplished and the architecture has been completed again the absorption and arch answer would be available.
In case the altitude are not annoyed again the absorption as able-bodied as the pre-emi absorption paid till such date is accumulated and the account for such bulk is taken in 5 according installments about aural the all-embracing beam of Rs. 150000 for the absorption answer
natesan asked, I am a salaried employee. Pl let me apperceive the tax allowances of sec 80(D) is it 100% or is it aural Rs 1 Lakh exemption. Additionally there is a accouterment to affirmation mediclaim which is to the tune of Rs 10,000 for salaried. Is there a change in the account in this account i.e. medical exceptional is it covered beneath this category?
Mahesh Padmanbhan answers, Section 80D stipulates the answer for payments fabricated appear ability medical allowance and is alfresco the ambit of area 80C which has a beam of Rs 1 Lakh. The beam for sec 80D is Rs 10,000 (in case premiums are paid for individuals beneath 65 years) and Rs 15,000 (in case it includes exceptional paid for bodies aloft 64 years). The aforementioned has been proposed to be adapted to Rs 15,000 and Rs 20,000 respectively.
harish asked, Hi Mahesh, I accept afflicted my job in aftermost July 2006. To book tax acknowledgment : 1. do i accept anatomy 16 alone from my beforehand & present employer ? 2. My accomplished employer says that the anatomy no. 16 will be provided to me for the aeon of April-July 2006 , by this Jule 2007, admitting my present employer requires it by March 2007 end. How i accept to accord adequately with both these ? Regards.
Mahesh Padmanbhan answers, Though technically your antecedent employer would charge to accord you the accordant anatomy 16 afore April 30, 2007, in the accepted instance, you could ask for a active tax admiration from your antecedent employer and abide the aforementioned to your accepted employer. This would accredit the accepted employer to booty actual deductions provided by the antecedent employer as additionally the actual TDS that has been accomplished by them.
Ashu asked, Dear Sir, Can you analyze this ESOP FBT proposed in new budget? Is it ESOP that are allocated previously, say above-mentioned to 1 April 2007, but not acclimatized yet, will there be FBT answerable for these ESOPs. OR. The FBT will be answerable for ESOP’s allotted afterwards 1st April 2007?
Mahesh Padmanbhan answers, The appraisal rules for the taxation of ESOP has not yet been antiseptic and appropriately we charge to delay and watch the exact alignment of demanding the same. The accounts abbot is in the action of apperception with industry assembly to close up a reasonable taxation action
prasad asked, just i appetite to how abundant absorption & arch bulk is exempted?
Mahesh Padmanbhan answers, hope you are apropos to the deductions accessible for apartment loan. The bulk accessible as answer for absorption payout for cocky active acreage charcoal at Rs 1.5 lakhs and that of arch claim is aural the beam of area 80C i.e. Rs 1 lakh. In case if you accept let out property, there is no beam for the absorption payout.
Suman Shaw asked, Is PAN card necessary for every person? What is the advantages of the PAN card? Amuse let me apperceive the aloft questions. Additionally acquaint me that upto which bulk of bacon I don’t accept to pay any Inmcome Tax.
Mahesh Padmanbhan answers, PAN Agenda is binding for all individuals in case they accept assets in balance of the minimum beginning limits. However, PAN is now broadly acclimated for all banking affairs including acquirement of house, aperture of coffer accounts, trading in shares/mutual funds etc. The beginning absolute of absolution from tax for ladies is Rs 1.35 lakhs, for macho individuals it is Rs 1 lakh and for chief aborigine (above 64 years) is Rs 1.85 lakh
latif baron asked, is academy bus fare exempted beneath area 80C?
Mahesh Padmanbhan answers, no, alone academy tution and appellation fees are covered beneath sec 80C
subodh asked, if my ancestor earns money via MIS column arrangement . is he paid tax. his absolute bulk of MIS absorption is Rs 72,000.
Mahesh Padmanbhan answers, MIS from column appointment is taxable income.
However, you charge to consider whether this income, in affiliation with all added assets becoming by your ancestor afterwards all deductions, does beat the beginning absolution absolute or not. In case your ancestor is a chief aborigine again the beginning absolute is Rs 1.85 lakh and if not again it is Rs 1 lakh. If the absolute taxable assets is beneath these banned again he is not accountable to pay any assets tax.
om asked, Sir, I accept been alive in a aggregation from Apr ’06 – March ’07 . Since i am not confined the abounding apprehension aeon of 3 months & confined alone 1 ages . 1 months bacon is withheld & I am advantageous 1 months bacon . But i am asked to pay taxes for 12 monts bacon .Is it for 12 m,12-2m(paid by me).what is the area that deals with it?
Mahesh Padmanbhan answers, notice aeon answer is technically not deductible from your salary.
Accordingly, you will be accountable to pay tax on all bacon assets accustomed by you. An archetype would be in case you accept formed for 10 months and accept got paid for this period, you will charge to pay tax on this salary. Additionally you would be bare to pay your employer the apprehension aeon bacon as chastening accouterment for not acknowledging with the aggregation rules. Pls agenda that you would not get any deductions for such apprehension aeon bulk paid by you.
Tomorrow: Allotment II
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