U.S. State Abbreviations

U.S. State Abbreviations

US State:	Abbreviation:
Alabama	AL
Alaska	AK
Arizona	AZ
Arkansas	AR
California	CA
Colorado	CO
Connecticut	CT
Delaware	DE
Florida	FL
Georgia	GA
Hawaii

Calculated Cost Of Acquisition

                                            Capital Assets

           A capital asset is a type of asset that is not easily sold in the regular course of a business's operations for cash and is generally owned for its role in contributing to the business's ability to generate profit. Furthermore, it is expected that the benefits gained from the asset will extend beyond a time span of one year. On a business's balance sheet, capital assets are represented by the property, plant and equipment figure.

Personal effect two type:

(1) Long Term Capital Gain

    (2) Short Term Capital Gain

Definition of long term capital gain :- if assets is hold by assesse for more than 36 month immediately preceding the date of transfer.

Definition of Short term capital gain :- if assets is hold by assesse for not more than 36 month immediately preceding the date of transfer.

Period of holding

Period   from date of acquisition to capital assets to date immediately preceding the date of transfer.

Compute Total Income

Compute total income

NAME   XYZ FATHER'S NAME WXY DATE OF BIRTH 01-05-1986 ADDRESS asdfg STATUS INDIVIDUAL PAN AWXYR1274J WARD 22(3) PREVIOUS YEAR 2014-2015 ASSESSMENT YEAR 2015-2016

How To Calculate Self Occupied Rent & Let Out Rent Income Tax

Assess is having more than one self-occupied property-(Assess property occupied एक से अधिक स्वयं चल रहा है) one property is self-occupied and all property is let out

Step1.  Assume both house are let out (ye man le ke dono ghar let out h to income inke hisab se nikalo)

Step2. Assume both house are self-occupied (ye man le ke done ghar self occupied h to income in ke hisab se nikalo)

Assume that  House is self occupied

EXAMPLE=Y has a house, which has 2 equal units on the ground and the 1^st Floor. Unit 1 on the ground floor is self-occupied by Y and used fully for residential purposes. Unit 2 on the 1^st floor has been let out. Rs 6,000 is the rent received per month. Reasonable rent of the property is Rs 5,000 per month. Taxes paid to municipality are Rs 10,000. Rs 5,000 are the repairs incurred by Y. And Rs 20,000 is the interest on money borrowed to construct the house.