I have purchased two houses. One in Hyderabad and one in Chennai(my work location). But both houses I have rented out. Hyderabad house I have purchased in 2008 and now paying home loan interest around 150000 annul after rent. For house in Chennai I have taken loan in 2016 and paying 350000 as interest annual. I know there is a change in income tax rules for 2nd property in FY 2017-18. my taxable income prior to loss on house property is 15 lakhs annual. Now I need to declare my investments to my organisation. Could you let me know what is the amount that I can declare under LOSS in house property to get tax exemption. Personal Income Tax
I am a foreigner working in India for Indian company. As per our agreement, the company has to pay all applicable taxes and comply with tax regulations. As the company had produced PAN No. on my behalf and my record is with Income Tax Department, the Department keeps on warning me many times. But the company seem reluctant to pay the taxes despite of my many times requesting and forwarding the warning letter of Income Tax Department. Please give me short guidance to solve this issue as this may considers me involving in illegal activity.
Thank you for your time. Personal Income Tax
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh Shah CA Subodh Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
Vaibhav Sankla Vaibhav is a member of the board of directors of H&R Block India and is responsible for strategy and business development.
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on financial and tax related issues
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