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Old 16th August 2012, 16:08   #256
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^I have received no confirmation regarding the ITR-V that I had sent to Bangalore via regular post. This was sent around 25th July.
Should I be concerned or wait till end of August?
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Old 16th August 2012, 17:15   #257
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Originally Posted by S_U_N View Post
^I have received no confirmation regarding the ITR-V that I had sent to Bangalore via regular post. This was sent around 25th July.
Should I be concerned or wait till end of August?
I suggest you wait a few more days. The IT dept. would be loaded with incoming mails right now and they might take a month or so to get to this stage. If you do not receive any notification from ITD, you can take the next steps.

I filed my return in the last week of June and got the ITR-V notification within 20 days. The workload would be much lesser then.

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Originally Posted by sgiitk View Post
I filed all my family's returns around July 8 and mailed out the ITRVs on the 16th. On the 31st I got five sms'es accepting the ITRVs. However, I am still to get the e-mails to this effect. Is this a new procedure this year, sms and no e-mail?
I got the SMS and the e-mail within 10 days. In your case it is already 15 days now. You can check the status onlin eon incometax.gov.in website for a final confirmation.

Last edited by moralfibre : 16th October 2012 at 07:52. Reason: Back to back posts. Please use the EDIT or MULTI-QUOTE buttons instead of typing one post after another on the SAME THREAD!
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Old 16th August 2012, 22:34   #258
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I filed my return on the 31/July; sent the ITRV by ordinary post on the 1/Aug.
Got a SMS today and after few minutes the acknowledgement is in my gmail inbox.

Assuming the post would have reached Bangalore on 3rd or 4th Aug, i have received the acknowledgement in 12 days flat.
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Old 16th August 2012, 23:10   #259
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Hi everybody
My daughters refund for assessment year 2008-2009 not yet received.Wrote twice to the assessment officer of the concerned ward.As there has been no reply I want to escalate to the next level.Could somebody please help about the next step.The concerned ward is no 18 Piramal chambers Mumbai.
I filed my daughters returns on 24th July and got the acknowledgement of uploading as well as physical receipt by email today.In 2010 there was a difference of approximately 15 days.
Regrds
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Old 17th August 2012, 09:59   #260
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Originally Posted by Warwithwheels View Post
Did you check your spam folder by any chance? Are sure the email ID on your IT profile is the one that you check for the IT mails?
Nothing in spam. Also, I got all ITRVs (a few days after filing and downloading the ITRVs) on the same id.
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Old 20th August 2012, 21:57   #261
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Originally Posted by mjothi

I think the value of the portfolio becomes the value of the asset here irrespective of what was the price you acquired for.

And you should show the portfolio value in INR, I believe.

Right?
Yes. Portfolio value would be converted to INR.
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Old 22nd August 2012, 14:47   #262
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have received the Confirmation email from IT department a few days ago.
However, there is no SMS of any sort that I have received.
I am also expecting the email which states :Intimation u/s 1431.
That email will conclude the process for this year.
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Old 23rd August 2012, 00:46   #263
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Folks, need some help on the below subject:

From this year, I have two houses against my name with two home loans. One of it will be self occupied and other used by my parents. I have chosen this based on the interest paid p.a.
I have read through many articles on the net on showing one as property as self occupied and other as let out notionally. However my question is:

(1) Are there any guidelines on how much I should show as notional rent for the property used by my parents?
(2) How should this notional rent be calculated and loss determined shown while filing returns?
(3) Considering that the notionally let-out house will be used by my parents, should I show some transactions in my bank account on the rent amount being paid to me by my parents?
(3) Any other tax implications that I need to be aware of?
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Old 23rd August 2012, 06:15   #264
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Quote:
Originally Posted by A.R View Post
Folks, need some help on the below subject:

From this year, I have two houses against my name with two home loans. One of it will be self occupied and other used by my parents. I have chosen this based on the interest paid p.a.
I have read through many articles on the net on showing one as property as self occupied and other as let out notionally. However my question is:

(1) Are there any guidelines on how much I should show as notional rent for the property used by my parents?
(2) How should this notional rent be calculated and loss determined shown while filing returns?
(3) Considering that the notionally let-out house will be used by my parents, should I show some transactions in my bank account on the rent amount being paid to me by my parents?
(3) Any other tax implications that I need to be aware of?
Normally the notional rent can be taken from the Rental Value shown in the Property tax papers (For bangalore probably its in khata paper. For chennai, we have a book that mentions this...).

Also, you get 30% deduction in the rental income towards upkeeping of the house, and you can also claim the property tax paid for the rental house. These can be done in the House_Property sheet itself.

No need to provide any receipts while filing. But, may be needed, if requested.
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Old 12th October 2012, 15:06   #265
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Originally Posted by S_U_N View Post
A different question this time.

For those working in private sector, is your employer offering you an option to participate in National Pension Scheme (NPS).

Key points:

Amount invested is completed tax free, restricted to 10% of basic.

So, basically if you fall under 30% bracket, you could save 30K if you invest Rs. 1 lac from salary income.

There are six fund manager options and three asset allocation options as well.

If you change employer, you need to either find another who offers this benefit, or continue with deposits on your own or withdraw (paying tax) at 80% annuity.

Fund charges are much less compared to Mutual Funds (though I don't know for sure how much is the MF charge).


Any comments?
I am about to subscribe to NPS (through my employer).
However, the following is not clear to me:
Source: http://www.pfrda.org.in/writereaddat...T396945283.pdf

Q. What will happen to my savings after I retire at age 60?
A. After you retire at age 60, you shall have to compulsorily invest a minimum of 40% of your pension wealth to purchase a life annuity from an IRDA regulated life insurance company. You may choose to purchase an annuity for an amount greater than 40 percent or else withdraw the remaining pension wealth in lump sum or in a phased manner.

I am not able to understand how will I get paid the balance 40% of the wealth and if the insurance company is merely making money out of my wealth and paying me back installments (aka. free loan).

Anyone who has a better understanding, please guide.
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Old 15th October 2012, 22:31   #266
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Query: When selling a car that was in company lease and then transferred to my name.
How do we handle the amount that the buyer gives us
In case of cheque payment ?

The RV of the car was 1 Lakh , but the resale value is approx 4 lakhs.
Any insight would greatly help.
thanks,
Alex
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Old 16th October 2012, 07:35   #267
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by alexgv View Post
...How do we handle the amount that the buyer gives
Are you looking for an answer from the taxation POV?

If the car is registered in your name for your personal use, IMO you will not have to bother about anything at all. Just deposit the cheque in your Account and be happy. The car will be treated as *Personal Effects* and hence exempt from Capital Gains Tax.
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Old 16th October 2012, 09:31   #268
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Originally Posted by Warwithwheels View Post
Are you looking for an answer from the taxation POV?

If the car is registered in your name for your personal use, IMO you will not have to bother about anything at all. Just deposit the cheque in your Account and be happy. The car will be treated as *Personal Effects* and hence exempt from Capital Gains Tax.
Thanks much for the response. Yes , I was worried from taxation point of view.
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Old 6th November 2012, 09:31   #269
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Originally Posted by bnzjon View Post
I filed my return on the 31/July; sent the ITRV by ordinary post on the 1/Aug.
Got a SMS today and after few minutes the acknowledgement is in my gmail inbox.

Assuming the post would have reached Bangalore on 3rd or 4th Aug, i have received the acknowledgement in 12 days flat.
Received the refund of Rs. 4000 this week. Turn around time of 3 months is very very good.
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Old 20th December 2012, 11:43   #270
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hey guys,

Need small help. We want to sell one of our flats and then use a part of it to buy another flat after few months. Some of this amount will be used for other expenditure.

My question is, for how long we can keep this amount with us without paying income tax over it? I went to section 54 but did not understand much. http://www.vakilno1.com/bareacts/incometaxact/s54.htm

Thanks in advance.
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