Personal relief Income tax, legally, reduce income tax
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 May 5 2012, 10:32 PM
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#1
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Senior Member
1,685 posts Joined: Jan 2003 
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I'm filing in my income tax now, but there's this part I don't understand.
How do I compute the value for column F (Qualifying Expenditure) in the Form HK 1.2.4? Is there any formula I can use? |
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May 14 2012, 06:37 PM
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#2
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Senior Member
1,685 posts Joined: Jan 2003
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QUOTE(CKJMark @ May 14 2012, 02:54 PM) Qualifying expenditure is the lower of cost vs market value of the asset. This is assuming the asset is purchased on a cash basis. Yes, it's for motor vehicles. May I know what are the other rules as mentioned?If it is a hire-purchase asset, then the qualifying cost is equal to the principal amount of intalments paid during the year. There are additional rules to be observed for motor vehicles.  I did a bit of research and found out that the figure can be calculated with rule 78. In fact, I also tried to call bank & they said they don't have the system to find out how much I paid for my principle last year & they also suggest rule 78. |
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