mr sankla is executive director adroit computing owners earnings from two cos i am one of the promoters of a private company and hold the post of the managing director i draw my remuneration from the company my investments includie fds shares and mutual funds i regularly file my returns in form tr2 i have now started a proprietary firm i understand my income from both the firms will be clubbed for tax if i make a loss in the proprietary firm can i set it off against my income from salary and investments interest from fds samir roylosses from propriety firm business cannot be setoff against salary income however you can setoff such losses against interest capital gains etc capital gains tax on house sale i purchased a flat in 2007 for personal use i sold it in april 2010 and invested in another underconstruction flat what will be my tax liability on the excess amount which is around 5 lakh how does one compute shortterm capital gains tax this is the second house on my name s chaudhuri the date of purchase will be same as the date of registration however if you had obtained the possession upon the final payment the date of possession would be considered as the date of purchase of the house the date of sale should also be arrived at using the same principles if the difference between the sale date and purchase date is more than 36 months the capital gains would be considered as longterm if not the same would be considered as shortterm tax on shortterm capital gains would be calculated as per your applicable slab rates hra rebate for paying rent for wifes acco i am posted away from my family my wife is a homemaker she has rented a house by executing a lease agreement i send money to her account to pay the rent and other expenses every month the rent receipt is issued in the name of my wife can i claim exemption in hra in my tax liability navin kumarno in such case you will not be able to claim hra exemption tax implications on mf sale i had invested rs 50000 three years ago in birla sunlife frontline equity fund and sold the same after three years and got rs 1 lakh do i have to show the gain as my income in the year whether i sell the fund or not aban iranilongterm capital gains arising on sale of units of equity mutual funds are exempt from tax you should therefore show such gains as taxexempt however if you had invested with a dividend reinvestment option then the gains if any on sale of the units received as dividend reinvestment within a year before the date of sale would be taxable as shortterm capital gainsour expert guides you in matters relating to taxation email to etquerytaxindiatimes com