CA.Sonia (professional) (517 Points)
21 March 2010Hello everbody,
Want to confirm if an employee has changed two companies and if his salary exceeds the exemption limit for the second does it need to consider what was the salary or can it take exemption limit and compute tax?
2 It is the duty of the employee to pay the balance tax while filing the return?
CA Anurag Garg
(Chartered Accountant)
(339 Points)
Replied 21 March 2010
r u really a CA or CA is prefixed anyway??
CA.Sonia
(professional)
(517 Points)
Replied 21 March 2010
hi uday thanks for the answer
2.Hello anurag garg if u know the answer reply or dont question whether its a prefix or suffix and hope you will not repeat this thing again
sunil mahajan
(service)
(21 Points)
Replied 21 March 2010
FATHER & SON BOTH HAVE SEPERATE HOUSE IN THEIR NAME. BOTH HAVE SOLD THE HOUSE. THE LONG TERM CAPITAL GAIN IN BOTH CASE IS NEAR ABOUT 15 LACS. NOW WANT TO PURCHASE A FLAT AT MUMBAI JOINTLY.CAN BOTH HAVE CAPITAL GAIN ADJUSTED
SUNIL MAHAJAN
ASHISH ANAND
(ARTICLE)
(32 Points)
Replied 21 March 2010
SUNIL..
Yes..Under section 54..the amount of capital gain invested by both father and son ...can be claimed as examption...
If they purchased the residential property jointly then we wl have to consider the share of father and son seperately in that investment....and seperate calculations wll be made in this respect..
Further ,i also want 2 clarify that on the date of transfer of assets the assessee should not own any other residential property apart from the new one...otherwise exemption of capital gain invested can not be made...
hope..u r satisfied with the answer...!!
Rajat Singhal CA,CS,CFA
(Senior Manager (F&A))
(254 Points)
Replied 22 March 2010
Dear Anurag,
This forum is for raising querries & providing solutions for the querries raised.
If you know the answer of a querry just give the reply, you are no one to comment on anyone.
Hope you will not repeat this again.
Regards
Rajat
BPAst
(others)
(209 Points)
Replied 22 March 2010
| Originally posted by : CA.Sonia | ||
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Reply by Mr. Uday Kiran is correct. Further I also agree with other replies that we are not judging anybody over here. It is just knowledge sharing & to confirm with the experts about our knowlege. Thanks each & everyone.
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Anshika
( CA -Industry- Sr.Accounts Officier)
(141 Points)
Replied 22 March 2010
Ya Sonia
You have to club the salary of both employers and and them apply the exemption limit to arrive at GTI
Please add income from other sources like inttrest received in saving account
In case there is shortfall of tax , it is the duty of every individual to pay it
Anshika
( CA -Industry- Sr.Accounts Officier)
(141 Points)
Replied 22 March 2010
Ya sonia
You have to club the salary of both employers and then apply the exemption limit to get Gross total income ie GTI
Pls addd interest on saving bank accont under Income from other sources
In case , taxability arise then it is the duty of every individual to deposit it
On the hands of company for deducting TDS:
Second company can calculate tax and deduct TDS by applying exemption limit without considering salary earned from other employers. But if the employee informs about the salary from other employer the the second employer is bound to club the salary and deduct TDS.
If the salary from previous employer was considered by new employer then employee is bound to tax while filing return.
Dhruvesh Shah
(partner)
(443 Points)
Replied 22 March 2010
| Originally posted by : AnuraG GarG | ||
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r u really a CA or CA is prefixed anyway?? |
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