Gayathri Devi's Expert Profile

Queries Replied : 235

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nagpapu says : Salary Arrears
Salary Arrears for the year 1996-97, 1997-98, to 2008-09 received in this year 2009-10. I had separated the Salary income to particular years as per the limits, here my question is whether i have to once again revise the Income Tax returns for those years & have to pay income tax for particular years, or to this year i have to adjust. bcoz bank won't accept the I.T.Challans for earlier years. how maximum benefit i can get? Thanks in Advance

CA Vijay V Kodmur says : Deduction u/s 80G
Dear Maidem, My Question is Wheather deduction of sec 80G is availabe to income from lottery & Cross word puzzlesSec 1155BB

pavit says : capital gains tax
In 2005 i inherited residential property from my father. Sold the particular property for 36 lacs in 2005 itself. Bought a plot of land worth 17 lacs(including registration charges)out of the sale proceeds of the inherited property. both these transactions were reflected in the Income Tax returns. Constructed a house on the said plot and completed the construction by December 2007. I intend to sell the newly constructed house by july 08. It is likely to be sold for approximately 60 lacs. After which i propose to purchase a plot of land from the sale proceed for about 32-35 lacs. and later construct a house on that plot. Please advise me on the following issues: a)if the money earned from sale will qualify for capital gain tax? b)what will be the tax liabilities like and under what provisions of income tax clause do they fall? c)are there any provisions for exemption / relief for this?

sreenivasula reddy Mandati says : tax planning -salary income
hai, thanx for ur concern. i don't have any further details about the same(as the client has not provided me). please plan in such a way that tax will be minimum. bye

Dongre Arun says : Marginal Relief
Thanku friend. But.... i was asked abt the marginal relief, not u/s 89. This is calculation at the time of total tax & sur cahrge & cess. It is little bit tricky not difficult. so i asked an Eg. Thats all. thanku for ur kind reply.