i am 63 yrs sr.cit. i have question on income tax return 15-16. i have spent nearly 40k on medical expenses. 2nd in equity i got loss 29k in 14-15 and 60k in 15-16. how much tax rebate i can claim. and under which section of income tax.

i am 63 yrs sr.cit. i have question on income tax return 15-16. i have spent nearly 40k on medical expenses.
2nd in equity i got loss 29k in 14-15 and 60k in 15-16.
how much tax rebate i can claim. and under which section of income tax. more

Helpful Tax, Investments and Retirement Mar 20

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Milind Korday

respected sir, thanks for your comments. more

Mar 22

ASHOK GOLAS

Mr Milind Korday: Your explanation in a subsequent post regarding equity loss is not clear. If the broker has done transactions without explicit instructions from you, then it a case of crminla fraud. You need to provide further details in order to understand the issue. 2nd ly i want to say that the equities were purchase thru adity birla account abmoney , giving authority to purchase against my name for the march'15 and for the year april-2015 to march'2016. i mean that is short term. although the commission gets to abmoney by handling wrongly from my account. its a misfurtunate for me to get a huge loss against my name. but it is not clear to me where should I show this losses .. i.e. in a captial gain/loss form in itr 2 ?? pl clerify....?? more

Mar 21

ASHOK GOLAS

Mr. Milind Korday: The nature of medical expenses indicated by you are not covered under Section 80DDB of the Income Tax Act that reads as "Where an assessee who is resident in India has, during the previous year, actually paid any amount for the medical treatment of such disease or ailment as may be specified in the rules. Rule 3A(2) specifies the nature of medical treatment for which deduction is allowed and your case is not covered. See Rule 3(a)(2) in the link http://www.taxpundit.org/phocadownload/RULES/Income_Tax_Rules/RULE%203A.pdf more

Mar 21

Rajeev Arora

- Short term capital gains from equity are taxed at flat 15% under section 111A. There is no tax on long term capital gains from equity. - Capital Losses must be declared in a timely filed return. - Capital Losses can only be offset against capital gains and not against other heads such as salary, etc. - If a capital loss can not be offset against capital gains in the same year, it can be carried forward for 8 years by declaring it and submitting the return in time. - If you have not declared the 14-15 loss in last year's return then nothing can be done about it now. However, make sure you declare / offset your 15-16 loss this year in the return. more

Mar 21

SHARAD RAJORIA (CA)

Expenses i.e.brokerage,commission incurred to purchase stock/equity is the part of cost of the equity. It will be show only on when u sale the equity under the capital gain head in ITR-2. more

Mar 21

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