Suresh Surana

Articles By Suresh Surana

53 Articles

Explained: The impact of US tax reforms on Indian businesses

Reduction in federal corporate tax rate from 35% to 21% will increase investment by Indian businesses in the US

Tax Cuts and Jobs Act, US, US tax reforms, federal corporate tax rate, EBITDA, Dividend Distribution Tax in India

Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how

Section 54 states that exemption from capital gains arising on sale of house property will be available to individuals and HUF if new property is purchased within one year prior to date of sale or within two years after sale.

residential house property, residential property, property, new property, Income tax returns, Income tax, capital gains, tax exemption

How short term capital loss can be set off against capital gain irrespective of paid STT; queries answered here

This section does not make any distinction between set-off of loss on which STT was paid or not paid. STCL can be set off against STCG where both figures are arrived at by similar computation.

short term capital loss, short term capital gain, how to set off short term capital loss, STT, paid STT, Income Tax Act, HUF, property

Income tax returns filing: Is gift from cousin taxable? Find out here

The expression 'relative' includes any lineal ascendant of the individual and includes grandparents. Thus, gift received from your grandmother will not be taxable.

Income tax, Income tax return, Income tax returns filing

Capital gains tax exemption available to HUF

Under Section 54, taxpayer has to either purchase or construct one residential house for the purpose of his own residence, within the prescribed period.

Capital gains, tax exemption

Income tax returns filing: How is TDS on deceased’s capital gains account to be reported

The CBDT has instructed the banks through a notification dated September 13, 2017 regarding deduction of tax at source (TDS) on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has d

Income tax returns filing, TDS on deceased's capital gains, capital gains, Capital Gains Deposit, Section 54, TDS, Capital Gains Accounts Scheme, TDS on interest income, cooperative housing society, ITAT

Income tax returns filing: What you should know about this benefit of home loan repayment

In case the house acquired with a home loan is sold within five years from the end of the year in which possession of the house has been taken, all the deductions allowed on principal amount under Section 80C in the earlier y

Income tax returns filing, benefit of home loan repayment, home loan repayment,  rental income, Income Tax Act

Income tax query: Can you get tax exemption by buying commercial property with sale deeds of unlisted shares?

As such, you need to determine the cost based on the new methodology, i.e., the actual cost of previous owner or the fair value of the property as on April 1, 2001, whichever is higher.

Income tax, Income tax query, commercial property

ITR utility sets off short-term capital loss against short-term capital gain first and then against long-term capital gain

Under the income-tax law, short term capital losses can be adjusted against both long-term as well as short-term capital gains. There is no order prescribed for setting off of such losses.

ITR utility sets off short-term capital loss against short-term capital gain first and then against long-term capital gain

How non-residents can avoid income tax in India: Here is how to claim benefits

Non-resident can claim benefit of DTAA to avoid income tax here. A non-resident is taxed only on income that is received in India, or that accrues or arises, or is deemed to accrue or arise, in India. Since salary income is r

DTAA, Non-resident, India, Tax in India, Income tax

Income tax returns filing: Do you have to pay tax on gifts from cousin? In brief, here is what you should know

Section 56(2) (x) of the Income-Tax Act seeks to impose tax in the hands of recipient subject to certain conditions.

Income-Tax Act, Income tax returns filing, income tax exemption, tips on income tax filing

Income from delivery-based share trading is business profit

The profit from sale of shares where deliveries have been effected shall be in the nature of non-speculative business income if shares are held as stock-in-trade.

Income from share trading, business profit, share trading, speculative business, CBDT, intra-day trading, Capital Gain

You do not have to pay fine for delay in filing I-T returns for AY 2017-18

Income tax returns can be filed online with or without digital signature and thus, you could have filed the returns sitting in the USA provided you had all the necessary details.

Very senior citizen can get tax benefit of up to Rs 30,000 under Section 80D on health insurance

Section 80D of the Income-tax Act, 1961 covers provisions relating to tax benefits available on account of payment of medical insurance premium and medical expenses for self and family members.

Very senior citizen can get tax benefit of up to Rs 30,000 under Section 80D on health insurance

Income Tax returns TDS claim: Know how you can claim return of income in Form 26 AS case

Gifts received only on the occasion of marriage are not chargeable to tax.

Late filing of income tax returns: Mandatory fee applicable for AY 2018-19

It is advisable that you file your return of income before the due date even though you do not have any income chargeable to tax.

Late filing of income tax returns, Income Tax, I-T Act

Income Tax HRA claim: Even if you do not have landlord’s PAN, here is how you can do it

The newly introduced Rule 26C of the Income-tax Rules, 1962 requires employee to mandatorily furnish Form 12BB mentioning name, address and details of PAN of landlord where rent paid during the year exceeds Rs 1 lakh as evide

Income Tax HRA claim: Even if you do not have landlord's PAN, here is how you can do it

How to set off loss of income from house property; Find out in brief

As per Finance Act, 2017, the set-off of loss under the head income from house property against any other head of income is restricted to Rs 2 lakh.

Inherited property tax: Long term asset eligible for reinvestment scheme under Section 54

Where land appurtenant (adjoining) to a residential house is sold, it may be termed as sale of house property and not land.

Inherited property tax, property tax, Section 54, taxability, CBDT circular no. 743, CBDT circular, tax, capital gain deposit, capital gain

Income tax: How to claim credit of taxes paid abroad against liability in India

or taxation in India, you shall be required to include the UK rental income while computing your total income and you can claim credit of the taxes paid in UK against the Indian income tax liability subject to the maximum of

income tax

Your Queries: Gift of computer by company for personal use is taxable as perk

I have paid rent to two landlords of amounts below `1 lakh. Do I still need to submit the PAN details of both my landlords? —Sanjay Kumar

taxable, information technology, taxation, Income Tax Act, CS Naren

Till when can belated income-tax returns can be filed? Find out here

For assessment year (AY) 2016-17 (i.e. FY 2015-16), if the income tax returns are not filed within the prescribed due date under section 139(1), then the same can be filed as belated return within one year from the end of the

Income Tax: Investments of up to Rs 50 lakh in specified bonds tax exempted

I had entered into an agreement to sell a part of my land (purchased for more than 10 years ago) in January 2013. The sale deed was signed only in May 2016. What shall be the value of the sale consideration?

Income tax returns: No tax benefits available in Kisan Vikas Patra

The interest earned on KVP is also taxable.

Budget 2017: Will FM Arun Jaitley fix anomalies in real estate taxation

The real estate sector as well as home buyers have high expectations from this year’s Budget. It is expected that the Budget will fix many long-standing tax related issues. Deduction of home loan interest Section 80EE of th

Income tax returns: Brokerage fees can’t be deducted from rental income

Section 24 provides two kinds of deductions, firstly, 30 % of the actual value and secondly, the interest payable on the capital borrowed for acquiring, construction, repair, etc., subject to the fulfillment of specified cond

Get lower rate of deemed profit on digital turnover

To promote digital payment, the ministry of finance vide press release December 19, 2016 announced reduction in existing rate of deemed profit to 6% of turnover, for payment received through banking channels / digital means.

Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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