Respected Sir,

I have to know I have paid house Rent 3200 P.M. Basic Salary is Rs.6000 P.M.
Can I claim house rent for Rs. 3200 p.m
I am stay at Chinchwad, pune

As per rules INCOME TAX HOUSE RENT ALLOWANCE 40 % ON BASIC SALARY FOR NON METRO CITIES & 50 % ON BASIC ON METRO CITIES allowed

Is it pune is metro city as per IT RULES ?

With best regards,


Vilas choudhari

Problem: What is the procedure for a resident grandmother give a gift to her grandson, who is a non resident?
Facts: the grandmother and the grandson both have a joint NRO A/c in India. Without prejudice to your opinions the amount to be gifted is in Rupees say Rs. 20,000.

Can anybody tel me as to what do FM meant by Small car ? Is it decided by price of car of length of car or facilities of car ?

if an employee invest in share market in regular basis & make daily trading & delivery basis transaction. How the person disclose his income, as it is business income or capital gain nature ? & how the share will be valued? what is basic condition to make a non speculation business in share market?

One of our client is earning rent of Rs.120000/- p.a. from a shop.
He is also paying interest on loal borrowed for the purchase of that shop Rs. 60000/-.
How this be charged to tax & under which head.
Is Standered deduction of 30% allowed?
&
whether Interest paid can be taken as deduction u/s 24?
Please Reply.
Thanks in advance.

Q1) kindly explain the consent of Employer- Employee Insurance and also highlight the relevant sections of Income Tax Act 1961 applicable for:-


a) Tax Exemptions in Employer- Employee Policy.
b) Fringe benefit Tax is applied?
c) Assignment
d) Maturity/ Death proceeds after assignment

Q2). If assignment of Employer Employee Policy is done to the employee just before the end of 3 years how will that be possible as the surrender value for the first three years is nil as per the policy term but employee purchase the policy on Guaranteed Surrender value.

The employer –employee policy shall have surrender value of the first three years premium have been duly paid. So can one assign the policy just before the premium payment of 4th quarter of third year? How will the whole arrangement work out, especially in the terms of surrender value, please explain?

Q3. If the assignment is made for a surrender value, would the Surrender Value is taxable? And in whose hand, the Empolyer or the individual.

Q4. After the Employer- Employee policy has been duly assigned, what shall be the scenario now:-

A) Who would receive the death claims, if accurse and would be same tax free?
B) Would the maturity proceeds do the Employee who has been assigned this policy and would the same be tax free in his hand?

Please reply as soon as possible

Dear All,

If an assessee has only stcg income on shares rs. 100000/- in a financial year, then it is taxable or not.
Whether it is under exemption limit or not ?

Please suggest me asap.

Thanks & REgards

CA. B.K.BANSAL

WHETHER RUNNING OF AN EDUCATIONAL INSTITUTION BY A CHARITABLE TRUST/SOCIETY WHO IS REGD U/S 12A WILL BE CONSIDERED AS INVOLVED IN THE CARRYING ON OF ANY ACTIVITY IN THE NATURE OF TRADE,COMMERCE OR BUSINESS AS ALMOST ALL INSTITUTIONS RECEIVES FEES ETC AND THERE FOR NOW WILL LOOSE THEIR EXEMPTION U/S 10(23C) OR U/S 11. pLEASE EXPLAIN THE LATEST POSITION AFTER AMENDMENT.

I have seen one bifurcation of gross salary in which Basic Salary+DA+HRA+Cont to PF.Is Cont to PF is taxable Salary

Is it essential to detailed mention in Gross salalry to claim the benefit of Transport Allowance,Education Allowance Medical Benefit Rs 15000,LTA(Ticket Cost)