N
Naveen
I have House with 2 floors. ground floor self occupied and 1st floor given for rent.
How can get tax benefit on house loan interest? am salaried employee
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You can consider both as separate unit and claim benefit as self occupied and let out with their respective limits.
If you need further consultation you can mail me at canamanmaloo@gmail.com
You will get 80C deduction wrt payment of principal amount of loan. And for interest portion you will get deduction u/s24. For rental income you will get deduction of 30% as well as deduction for muncipal tax paid.
CA Vaibhav Mago 22 May 2019Naveen ji, in your case you willl have to make two computations of income from house property.
One for self occupied (Ground floor) and for 1st floor (rented one).
Coming to interest portion , divide it into two parts, one for ground floor and one for first floor.
Maximum deduction of interest for ground floor would be 200000 and no limit on first floor.
However, overall loss would be capped at 200000 per FY.
For more information contact 9877542172
vmassociates2017@yahoo.com
B
Bhaskar Thorat
If i get commition from hotel reservation servises in flaour of my company bank account. what kind of taxes will be applicable on it.
if i pay 90 % amount of my commition to my employee what will be my profit by considering tax for both trasaction
Income tax would be applicable and if you commission amount is above 20 lakh then GST would also be applicable.
Such amount can be deducted from commission income and rest will be considered as your income.
If you need any further consultation you can mail me at canamanmaloo@gmail.com
J
Jitendra Dalwani
I am in Mumbai and giving a paper manufacturer from Punjab a buyer from Italy. I am asking for a commission of 3%. Is that commission taxable.? What is tds? The buyer is also asking about tds.
Yes it would be taxable if your total income during the year exceeds 250000. Yes TDS would be applied at 5% if the commission amount is above 15000.
If you need other help you can mail at canamanmaloo@gmail.com
M
Mohan Gupta
I'm returning from the US in mid of September this year to India. However, I'm the U.S since January 2015. Please advise if my salary from the US will be taxed by Indian IT department when I return to India. Thanks!
Hi Mohan,
It would be better if you postpone your return to India till mid October. Otherwise, you will be treated as Resident for income tax purposes as your stay in India in this FY 19-20 would exceed 182 days and as a result all your income earned whether in India or outside India would be taxable here.
For more clarity 9877542172
vmassociates2017@yahoo.com
Since you are coming back in September therefore you would be a resident in India. However to check if you would become ordinary resident or not and whether your US salary would be taxed in India or not we need to know whether before Jan 2015 you were in India for all the period?
If yes you would be a resident and your US salary would be taxed in India.
If you need any further consultation you can mail me at canamanmaloo@gmail.com
R
Rakesh
i'm planning to start online lucky draw scheme and wanted to know about the legal procedure, rules and regulations. Brief: The lucky draw will be for first 1000 entries at rs.49 each and once we reach 1000 customers it will be closed and we will declare the winner. THE WINNER STANDS A CHANGE TO GET MOBILE OR LAPTOP OR BIKE ETC. Request you guidance on this idea.
This 49 would be their fees and then they will get their price.
In this type of system GST would be charged once your receipts exceed 20 lakh and you need to also deduct TDS @30% on such price disbursement if the value is above 10000 and since the gift is in kind you need to get first money from winner for TDS or pay it from out of your pocket.
If you need any other professional advice or consultation you can mail at canamanmaloo@gmail.com
