catchwords: deductions
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Whether Lease Rent Received In Approval Industrial Park Is Untitled For Deduction U/s. 80IA?
Generally the income falling under sections 80-IA or 80-IB should be of business income. Where the assessee merely derives rental income. Such income may not be eligible. But an exception is possible where income is derived from lease, while supplying all infrastructure services of SEZ.
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Can Donation U/s. 80G Be Made By Cash?
(i) The Explanation 5 to section 80G which is on statute book since assessment year 1976-77 which provides that “no deduction shall be allowed under this section in respect of any donation unless such donation is of a sum of money”.
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Whether Surrender Of ULIP Is Taxable?
As per the query the assessee has not claimed the amount paid as a one time premium for ULIP policy. However, on surrender of the said policy the assessee has received amount in excess of the policy which would include
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Whether Benefit Would Be Available U/s. 54F On Stamp Duty Valuation?
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Whether Benefit Of Section 54EC Is Qua Asset Or Qua Financial Year?
(a) No, section applies to assets sold during the year and not the qua asset. (b) The exemption should be claimed in the year in which long-term gain arises and invested in long-term specified assets within six months from the date of transfer.
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Whether Amount Deposited With LIC Group Gratuity Fund Is Allowable U/s. 37?
S. 29 of the Act reads as under: “The income referred to in section 28 shall computed in accordance with the provisions contained in sections 30 to 43D”. S. 43B reads as under:
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Whether Employee’s Contribution, If Paid Before Due Date Of Filing ROI Is Disallowable?
Section 43B reads as under: “Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under the Act in respect of – (b) Any sum payable by the assessee as an employer by way of contribution
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Whether A Firm Is Entitle To Claim Deduction U/s. 35AD @ 150% Of Investment In Assets?
a) Yes, the partnership firm can claim deduction under section 35AD @ 150% on capital expenditure incurred for setting up and operating hospital anywhere in India with more than 100 beds for patients. From the fact, it is clear that no old machinery would be transferred to new building/unit, hence, it would not be set up by splitting up or the reconstruction of a business already in existence.
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Whether Brokerage And Other Maintenance Charges Deductible From Rental Income Assessed Under The Head “Income From House Property”?
In Tube Rose Estates (P) Ltd., v. ACIT [123 ITD 498] the Delhi Tribunal has held that the brokerage payable by an assessee for renting out the premises could neither be deducted from the rent under section. 23 nor it was allowable as a deduction under section 24 of the Income-tax Act, 1961.