Income Tax on Sale of Agriculture Land

By Accommodation Times News Service By CA VIMAL PUNMIYA Amendment in definition of Agriculture land By Finance Bill-2013-14 By the provision of “Sec.2(14) Capital Asset”, Rural agriculture land was exempt from capital gain. For being rural agriculture land, land must be satisfied certain condition laid down in section 2(14).The Finance Minister amended this conditions through

No Commercial Space Ceiling for 80IB before 1.4.2005

By Accommodation Times Bureau S. 80-IB(10)(d) ceiling on commercial area inserted w.e.f. 1.4.05 does not apply to projects approved before that date The assessee’s housing project was commenced pre 1.4.2005 when s. 80-IB(10) did not impose any ceiling on the commercial area that could be embedded in the project. S. 80-IB(10)(d)

Save Capital Gain Tax this way

Accommodation Times Bureau Excerpts from Direct Tax Laws with tax planning aspects by T.N. Manoharan. 1. Capital gains is chargeable to tax in the year in which transfer takes place except in certain exceptional cases such as compulsory acquisition by government; conversion of capital asset into stock-in-trade ; destruction of asset resulting

How to calculate HRA

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows