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Query corner: Tax - (01.06)
June, 01st 2010

My father and I have jointly applied for a home loan and the house has been bought on my fathers name. But the loan is being financed by me as I am the first applicant of the loan. So will I be eligible for tax deduction on my interest and principal part of the EMI as house is not in my name?

If the property is not owned by you, you cannot claim tax benefits on interest and principal payments relating to the loan taken for the same.

I bought a few shares of a company in October 2008 and then in January 2009. I sold a part of them in June and August 2009. Does the gain on sale attract tax? If so, how much? Also, what is the provision for tax on dividends?
MA Venkateswaran

Dividends received are exempt from tax. The gains made on sale of shares would be considered as short term capital gains and would attract tax @ 15.45%. I have assumed that the shares were sold through a stock exchange in India.

I have given my flat on rent. I have declared my rent income in my I-T declaration provided by my company. I had paid my one-time maintenance when I purchased my flat in December 2009. Will I get I-T relief for the maintenance that I paid for the current financial year? If yes, then where should I declare this amount in the I-T declaration form?
RN Dwivedi

No, you wont be able to claim tax deduction on the amount of one-time maintenance paid at the time of purchase. However, note that you can claim an ad hoc deduction of an amount equal to 30% of (annual rent minus property tax paid during the relevant year) towards repairs and maintenance.

I received 24 free shares on May 16, 2006 having a market value of Rs 1,20,000 considering effective share price and value of euro @ Rs 70 on issue date. Now on May 17, 2010 the same share will be in my possession after lock-in period and the present market value of the same will be appx Rs 66,500. Am I exposed to FBT for above ownership? If so, how will it be calculated?
Partha Ray Choudhuri

Your company would deduct tax on the perquisite value of Rs 66,500 as per the slab rate applicable to you. You cannot book a loss on the above transaction.

I have received a few payments under Sebi IPO reallocation. Kindly advise tax treatment.
SB Khandelwal

In my view, this can be considered as a capital receipt and hence could be claimed as non-taxable.

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