Greetings from MVC

MVCCA Manoj Vatsal & Co. Chartered Accountants Haldwani Nainital Uttarakhand

Stamp Duty and Registration Charges can claim under deduction: The amount you pay as stamp duty when you buy a new residential house, and the amount you paid for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.This deduction can claim for the financial year 2014-15 only. Expense for earlier year cannot be claimed.For claiming deduction, you must possess the house also i.e. Payment for under-construction house is not allowed.

Deduction for NABARD Rural Bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, NABARD Rural Bonds are only qualify under deduction and claim deduction u/s 80C.

Sukanya Samriddhi Account under deduction u/s 80C: Sukanya Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. The scheme of Sukanya Samriddhi Account came into effect via notification of Ministry of Finance. The notification details are Notification No. G.S.R.863 (E) Dated 02.12.2014. Scheme will be governed by “Sukanya Samriddhi Account” Rules, 2014’.

  • Under This scheme a Saving account can be opened by the parents or legal guardian of a girl child of less than 10 years of age (born on or after :02 dec 2013) for FY 2014-15
  • Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In case of twins this facility will be extended to third child.
  • Minimum deposit amount for this account is ₹ 1,000/- and maximum is ₹ 1,50,000/- per year
  • Money to be deposited for 14 years in this account.
  • Interest rate for this account is 9.1% per annum, calculated on yearly basis, yearly compounded.
  • Passbook facility is available with Sukanya Samriddhi account.
  • From FY 2015-16 the interest earned on account will be tax exempted. As per Finance Bill 2015-16.

Time period for sale of Mutual Fund as long term capital gain has been increased:

As per earlier taxation rules, Assets in the nature of shares, listed securities, units of mutual funds and zero coupon bonds, units of mutual funds under the fixed maturity plans were qualified as long term capital assets if they were held for a period of more than twelve months.

Amendment: now unlisted shares and units of mutual fund are long term capital asset if held for a period of more than thirty six months (as per circular no.06 of 2015.)

Any gain arising out of any investment in the units of FMP (Fixed Maturity Plan) made earlier and sold/redeemed after 10.07.2014 would be taxed as short term capital gains if the unit was held for a period of thirty six months or less.