HMT

I have availed Concessional Housing Loan given by my company at 5.25% interest rate.

Now consider this: FY 2007-08

Perquisite Value of entire interest as per 12BA = Rs 31051/-

Amount paid by the employee (me) = Rs 15164/-

Amount of taxable perquisite = Rs 15887/-

This portion of the interest (Rs 15887/-) is paid by the company on my behalf and I have paid 30% tax on Rs 15887/- as it is assumed to be my indirect income.

But “u/s 24(b) i.e. Loss from House Property”, I get benefit on only Rs 15164/- and not on Rs 31051/-

Why?

In my Form 16 the company has shown eligible amount for deduction u/s 24(b) = Rs 15164/- and calculated TDS accordingly.

According to me the eligible amount for deduction u/s 24(b) should have been Rs 31051/- i.e. the perquisite value of interest should have been added 1st in 12BA and then should have been subtracted u/s 24(b).

The same thing applies for accrued interest on NSCs, which is added to income as other sources and then deducted u/s 80C as assumed reinvested in NSCs.

Please advice.

National Commission for Backward Classes (NCBC) on 01.07.08 recommended an income ceiling of Rs 4.5 lakh for creamy layer for reservation benefits in the Other Backward Classes (OBC) category.

Has the govt. taken a decision on this yet?

I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help.

The Gross Salary in my Form 16 is inclusive of proffessional tax. If I reduce the amount of Gross Salary (by the amount of proffessional tax) in ITR2 than the two figures wont match.

I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help.

All India Shri Shivaji Memorial Society's College of Engineering, Pune

Dr. D.Y.Patil Pratishthan's D.Y.Patil College of Engineering Akurdi, Pune

Pune Institute of Computer Technology, Dhankavdi, Pune

Pune Vidyarthi Griha's College of Engineering and Technology, Pune

Sinhgad College of Engineering, Vadgaon (BK), Pune

Vishwakarma Institute of Technology, Bibwewadi, Pune

Padmashri Dr.D.Y. Patil Institute of Engineering and Technology, Pimpri

P.D.E.A.'s Lata Annasaheb Gopalrao Awate College of Engineering , Hadapsar, Pune

All India Shri Shivaji Memorial Society,s Institute of Information Technology, Pune

Progressive Education Society's Modern College of Engineering, Pune

Modern Education Society's College of Engineering, Pune

Genba Sopanrao MozeTrust's Genba Sopanrao Moze College of Engineering, Pune

Pimpri Chinchwad College of Engineering, Nigdi, Pune

Vidya Pratishathan's College of Engineering Baramati Pune

STES Smt. Kashibai Navale College of Engg , Vadgaon,Pune

MAEER's M.I.T. College of Engineering , Kothrud, Pune

Rajarshi Shahu College of Engineering, Tathawade, Pune

Bharati Vidyapeeth's College of Engineering for Women,Katraj,Dhankawadi, Pune

B.R.A.C.T's Vishwakarma Institute of Information Technology, Kondhwa (Bk.), Pune

JSPM's Jayawantrao Sawant college of Engineering, Pune

Sinhagad Institute of Technology, Lonavala

Sinhgad Academy Of Engineering, Kondhwa(Bk.), Kondhwa-Saswad Road, Pune

Imperial College of Engineering & Research, Wagholi, Pune

SSMS's Padmabnooshan Vasantdada Patil Intitute of Technology,Pune

Genba Sopanrao Moze Trust's Parvatibai Genba Moze College of Engineering, Wagholi, Pune

Marathwada Mitra Mandal's College of Engineering,Pune

Raisoni College of Engineering & Management,Wagholi, Nagar Road, Pune.

Indira College of Engineering & Management, Pune

Zeal Education Society's,Dyanganga College of Engineering & Research, Haveli, Pune

G H Raisoni Institute of Engineering and Technology, Wagholi, Pune

I have paid Rs.30000/- by cheque to estate agent as brokerage & also have receipt for the same. Can this amount be deducted from the sale price while computing LTCG? I will save Rs.6000/- in tax.

Purchase price Rs. 5,51,780/- date August 2002.

Selling price Rs. 11,50,000/- date February 2008.

Also how do I make the tax payment to the income tax department if I want to deposit the tax amount in SBI by filling a challan? What will be the challan no.?

Can LT capital gain tax be paid without indexation at 10% rate if it is less than tax computed with indexation at 20%?

Purchase price Rs. 5,51,780/- date August 2002.

Selling price Rs. 11,50,000/- date February 2008.

Also how do I make the tax payment to the income tax department?

Can any one provide the mailing address of CAMS in Mumbai?

Under which section of the law is this not possible?

I am visiting Agra-Delhi-Manali between 30.04.07 and 09.05.07