Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

INTERESTING ISSUE ON COST OF ACQUISITION

Cost Inflation Index for FY 2011-12 notified at 785 reflects a rise of 10.4% over last year’s 711

             Readers are aware that for purposes of computation of long term capital gains, a taxpayer is entitled to compute Indexed Cost of Acquisition, which is determined with reference to the Cost Inflation Index (CII) notified by the Government for the relevant financial year.

             Vide its Notification No.35 of 2011 dated 23-06-2011, the Central Government has notified the Cost Inflation Index (CII) for FY 2011-12 at ‘785.’ The CII for FY 2010-11 was ‘711.’ The increase of 74 points during the past one year reflects a rise of 10.4% in the Cost Inflation Index, also confirming the fact that the common man has continued to suffer under the double digit inflation impact! (more…)

HOUSE NO.2 CAN BE YOUR CHOICE NO. 1 !

Interest Deduction available for Second Housing Loan?

Several readers have been asking this common question, “Can a taxpayer also avail tax benefits in respect of his investment in a second house, when he is still availing the same in regard to his first one?” Let us deal with this issue today. (more…)

Housing Interest evokes Evergreen Interest!

Deduct Now, Pay Later, But Save Tax For Sure!

Deduction of interest on housing loan has been of evergreen interest for readers since it provide focus on valuable opportunities for income-tax saving. Replies to the following queries provide an interesting insight.

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