J
Jay Milak
I have one query, i have a small startup . in that if after deducting and making the balance sheet pnl and all. suppose i have pnl of 5,00,000 . so to not pay any tax can i invest 2,50,000 or buy something worth this amoount . and now i have pnl of 2,50,000 only so do we have to pay tax on them ?
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Dear Jay,
If your income is less then Rs. 5,00,000/- your tax liability will be NIL. You can invest amount in 80C / 80D to save the tax.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
Dear Jay , Tax liability arise on Total Income during the year even if you have invested and consumed income it is taxable. For more professional consultancy , you can reach us @ www.tarunguptaca.com or call at 9216216819
T&C applyR
Rajasekhar
I have a query for the tax exemptions .
I have an private Ltd employee. Not married.l am living with my depended parents. We already have company health insurance policy ( group policy ).
Now question is my father age is 60( Physically disabled) and mother age is 58.
I have already got the exemptions for my father under 80DD about 75k.
Now i have recently spent (online mode) for my mother medical expenses ( Lab tests , Medicines ) for my mother Diabetics problem.
So how can avail the tax exemptions for the medical expenses like medicines , lab tests etc ( Outpatient services)?
Please provide suggestions.advance thanks
Thanks and Regards
Rajasekhar
Dear Rajasekhar,
No deduction allowed for routine medicine/medical expenses. only you can claim preventive health check-up benefit of rs.5K.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
A
Ashutosh Sarangi
I am planning to buy a flat in the name of my spouse (not working as of now) can i still avail tax benifit ? or I have to be owner of the flat against which i am taking home loan.
To claim this deduction, You should also be co-owner of the property taken on loan. If the loan is taken jointly, each loan holder can claim a deduction for home loan interest up to Rs 2 lakh each. For more professional consultancy , you can reach us @ www.tarunguptaca.com or call at 9216216819
K
Kartic Grover
I have a long term capital loss of Rs.40 lacs on sale of of my house property, can I set it off against long term capital gain of Rs. 5 lacs on Mutual funds and carry forward remaining loss to next year to set off against long term capital gain on Mutual Funds ?
Yes, LTCL can be C/f .
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
G
Gobind Jindal
I have a petrol pump in my name from 2008. In 2010, I took a unsecured loan of amount Rs 3,50,000, which I paid into cash at that time. But afterwards he is not listening me to make it clear in balance sheet records. In 2012, I sold the petrol pump to another party but not the license/firm. Now I am going to transfer the license in his name. So my question is after transferring the license, will that unsecured loan will be on my name or will I be responsible for that unsecured loan. If money lender do a court case against the firm, will I be dragged into court for paying the loan as another party can say that the unsecured loan was taken before I bought the license from the party?
