CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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A says : stamp duty on transfer of property as gift
In my view, stamp duty paid in connection with purchase or construction of a house is eligible for deduction under clause xviii(d) of subsection 2 u/s 80C of Income Tax Act, 1961. Further, payment of stamp duty should be for the purpose of transfer of such house property in your name. On the basis of Section 47(iii) any transfer under a gift or will is not regarded as a transfer. The duty paid by you is neither for purchase nor for transfer of the property, Hence it is not deductible U/s 80C. Sir thanks for the reply. Just wanted to add. The duty paid by me is for the transfer of residential property in my name from my mother's name as gift deed. Since it is a transfer,can't it be exempted under 80C

lalit says : salary from world bank
sir,salary from world bank is tax free in u.s.a and it is said that as per u.n. agreement/treaty it is fully exempt in india too. i am trying to find out the fact or atleast some supporting document.please see if you can get to the depth

Nitesh says : Form 16
Thank you for Replying my Query. But u have not considered one thing as , I hav to give my Form 16 (of Previous Employer) to new Employer , so that he can Calculate proper Tax , and i can be on safer side for Sec 234A,234B and 234C

Shweta Bansal says : Advice needed
Hello Sir, Kindly help me sort out the taxability problem..1. http://www.caclubindia.com/experts/expert-help-required-tax-liability-602820.asp