February 2nd, 2010
Where assessee had declared agricultural income of Rs.7,50,000 from cultivation of 42 acres of agricultural land and in support of said declaration, he had produced revenue record, J-Forms and certificate of average income per acre of land issued by village Patwari, and claimed that agricultural income was net of expenses at rate of 25 percent, Tribunal was justified in holding that assessee had produced evidence on record in support of his claim and that income declared by him on an estimated basis was bona fide and as such no substantial question of law arose from Tribunal’s order.
CIT v. JARNAIL SINGH KARTA [2008] 174 TAXMAN 57 (Punjab & Haryana)
Posted in HC Judgements | No Comments »
July 10th, 2008
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Tax-exempt gifts from relatives and others
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It is very common for people to receive gifts from friends and relatives. In some cases, gifts are also received from NRls. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can achieve complete exemption from income tax in respect of the gifts during the current financial year. (The sections mentioned below refer to the Income Tax Act, 1961.)
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Tags: Gift exempt from tax
Posted in Direct taxation | 1 Comment »
July 7th, 2008
Issue 1:
Is eligibility for getting deduction under Sec.24 for self-occupied property affected by delayed possession of property beyond the mandatory period of 3 years from date of loan?
Answer:
In case of self occupied property, there are two provisos under Sec.24 that restrict interest claim from house property income which will otherwise be taken at Nil value. These proviso states as - Read the rest of this entry »
Tags: Add new tag, House property income
Posted in Direct taxation | 3 Comments »
