How can I claim deduction on capital expenses incurred during business?

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  Expenses incurred on tuition fees, stamp duty charges  is eligible to claim deduction U/S 80C. Deduction U/S 80 EE for the educational loan can be claimed for the 8 years from the date of loan taken. Deduction U/S 80 GG can be claimed for the house ...

• What expenses are deductible for tax against income under Business & Profession?

  All the expenses relating to business and profession are allowed deduction against income. Following are few examples of expenditures which are allowed: Expenditure incurred during the previous year wholly and exclusively for the purpose of the ...

• I have paid property tax for the past years in this year. Can I claim deduction for entire amount of property tax paid?

  Yes. You can claim deduction for entire amount of property tax paid. The deduction on account of property tax is on a payment basis and not on the basis of charging year of such property tax.

• If I don’t opt for presumptive taxation scheme, how do I compute my taxable business income?

  For the purpose of computing taxable business income in the above manner, the you have to maintain books of account of the business, and income will be computed by deducting expenses from receipts as follows: Particulars Amount Turnover or gross ...

• Can I claim exemption under any other section if the I invest the capital gains from sale of property in any other asset?

  Yes. If within six months the assessee invests, the capital gains in long term specified bonds (REC & NHAI bonds) issued by the government for a minimum of five years, then these capital gains will be exempt from tax u/s 54EC. However, the capital ...