Mihir Tanna

Answered on Dec 07, 2023

Asked by Anonymous - Nov 28, 2023Translate

Hi My daughter is perusing MS in US . I have taken education loan. How i can claim while filling tax return ? What is the overall limit for higher education

Ans: You can take deduction u/s 80E for the interest paid during the year for 8 years (starting from the year in which loan repayment is started). There is no limit for interest deduction.

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Answered on Dec 07, 2023

Question by Dilipkumar - Jun 02, 2023Translate

Sir, I am Karta of HUF. My two daughters and wife are other members. I have following questions. 1) Can HUF give any amount of tax free gift to any of above members or gift should be distributed equally? 2) Is wife possess equal rights as other members of HUF ? 3) Can HUF deposit amount to PPF account of wife and HUF can claim for 80 CC deduction for above amount? I will be highly thankful to you by receiving guidence.

Ans: No, any amount received by member from HUF will not be considered as gift for income tax purposes.

Further, wife can become member of HUF but can't be coparcener of HUF to get share on partition of HUF.

Amount contributed in PPF is eligible for deduction u/s 80C. However, HUF can not claim 80C for amount contributed for the account held in the name of member.

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Answered on Dec 07, 2023

Question by Janaki - Jul 02, 2023Translate

Tax on joint TD holding at post office

Ans: For jointly held TD, interest certificate is also in join name and accordingly, it should be offered to tax in the proportion of amount contributed in investment

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Answered on Dec 06, 2023

Question by Janaki - Jul 02, 2023Translate

Can we divide our income of interest income of TD to file IT return

Ans: Can you please elaborate your query

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Answered on Dec 06, 2023

Question by CHAITANYA - Jul 05, 2023Translate

I am 33 years old. I am working in co-op Bank since last 12 years. Should I Opt for new tax regime or not?

Ans: Selection of tax regime depends on the amount for which you are eligible for deduction under old scheme. You can calculate tax liability with the help of Income tax calculator and compare tax liability under both regime.

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-act-2023.aspx

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Answered on Dec 06, 2023

Question by Yogendra - Jul 06, 2023Translate

How much tax my daughter will have to pay on ICICI children growth fund amount received on maturity? 5000/- was purchase price in 2001 and received 33000/- as maturity received in 2022

Ans: Kindly check scheme Usually amount received on maturity is taxable.

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Answered on Dec 06, 2023

Question by Vishal - Jul 07, 2023Translate

I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad and now I am staying in Navi Mumbai on rent will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans

Ans: Yes HRA can be claimed if own house property is in different city and due to employment, you have to stay on rent.

Further, with reference to deduction of Interest and Principle repayment on housing loan, subject to prescribed limit (Rs.2 lacs for self occupied home interest and Rs.1.5 lacs for principal repayment u/s 80C ), benefit can be taken for both houses.

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Answered on Dec 06, 2023

Asked by Anonymous - Jul 07, 2023Translate

Sir I am senior citizen retired from bankservice 8 year ago.My second daughter is now Canadian citizen after her marriage. My question is I want to gift her huge sum of money to buy a property in pune OfCourse out of my retirement corpus. can you guide me how to go about it and tax implications

Ans: Amount received from father as gift is not an Income in the hands of recipient daughter. Kindly execute gift deed for the same.

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Answered on Dec 06, 2023

Asked by Anonymous - Jul 23, 2023Translate

I have income (INR 180000) that is reported under section 10 (17A). Still, I see that despite being exempt, I am not getting any benefit in Tax return

Ans: If income is shown under exempt schedule, income should not be taxable. Kindly take help of tax consultant.

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Answered on Dec 06, 2023

Question by Prasanna - Jul 25, 2023Translate

Mahesh Sir, i am Prasanna, paying PLI premium for last 14 years and it is maturing in Apr 2024, monthly premium is Rs 2939 and sum assured is Rs 5,00,000. I will be receiving a sum Rs 9.5 lakhs , please advice me tax implication on the sum received. thank you sir,

Ans: The sum received under a life insurance policy is exempt from tax if premium paid is less than 10% of Sum assured.

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Answered on Dec 06, 2023

Asked by Anonymous - Aug 04, 2023Translate

Hello Mahesh! After working in London for 17 years & retired, I have now moved to India permanently. I receive pension in my bank account after tax deduction at source in London. Then I transfer the amount in my bank account in India for my personal use. I also have bank interest & dividend income in India. Please guide me how do I show my London pension income in my income tax return in India? Do I have to pay income tax on London pension income in India again?

Ans: Income earned by resident and ordinary resident anywhere in the world is taxable in India. However, benefit DTAA can be taken.

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Answered on Dec 06, 2023

Asked by Anonymous - Jul 27, 2023Translate

Mr.Mahesh...Pl.adv.if I as a Maternal Uncle (Mother's Brother) I can GIFT any amount more than Rs.Fifty Thousand to my Niece i.e; (my Sister's Daughter) & also to my Sister simultaneously thru Bank Channel in this FY itself,out of my I.Tax Declared Savings, since I am now 73Yrs.in age and as of now have NO other liability.

Ans: Amount received from Mother's brother (Mama) and Brother as gift is not an income in the hands of recipient.

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Answered on Dec 06, 2023

Question by Aslam - Aug 11, 2023Translate

I have filled ITR manually for A.Y 2013-14 claiming Refund of Rs 500000 ,the return was not processed within the due date by ITO, in mean time several times i am demanding for refund but no valuable answer was given, what further remedies i can opt for?

Ans: Please contact CPC and try to identify reason for the not processing return and confirm if Jurisdictional officer have power to process the return or CPC.

1800 103 0025 (or)

1800 419 0025

+91-80-46122000

+91-80-61464700

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Answered on Dec 06, 2023

Asked by Anonymous - Aug 22, 2023Translate

I am 80 years old getting annual pension of 12.7lakhs.i invest 1.5 lakhs in mutual fund.which option of old scheme or new scheme of taxation

Ans: New scheme is likely to be beneficial for you.

You can calculate tax under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-act-2023.aspx

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Answered on Dec 06, 2023

Question by George - Aug 23, 2023Translate

Am salaried earning around 50k per month, apart from this am getting a remuneration of Rs. 6000/- per month under section 194J, the company says its mandatory to deduct tax of 10%. Is there any form which can be submitted, so that 10% is not deducted on monthly remuneration. Am not attracting any tax as have home loan, tution fees , investments, medical insurance and NPS.

Ans: You can file application online at Traces portal in Form 13 for obtaining NIL TDS certificate from TDS officer.

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Answered on Dec 06, 2023

Asked by Anonymous - Nov 15, 2023Translate

LTA amount is given by my company each year. Is that amount exempted over and above of taxed amount in the new tax regime? How to show it, can I show it accumulating 4 years amount in one year?My yearly salary is 14 Lakh approx. I fall in ITR 1.

Ans: Leave Travel Allowance deduction is not allowed under new tax regime.

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Answered on Dec 06, 2023

Question by ANAND - Nov 27, 2023Translate

Hello Mihir Sir, to add on below, please guide us whether we can consider Interest paid for MTF while calculating Capital Gains or under any other clause while filing IT Return.

Ans: No, interest is not considered as cost for calculating capital gain.

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Answered on Dec 06, 2023

Question by DINESH - Nov 26, 2023Translate

Sub: HDFC Merger with HDFC Bank : Tax implications for shareholders I often read your excellent and concise replies to the tax queries of readers which are a source of guidance for the common man. I had purchased shares of HDFC as well as shares of HDFC Bank in several tranches over a long period of 17 years from 2006 onwards. Please guide me as to how to report these transactions in Schedule 112A of ITR which does not accept fractional quantities of shares and how to calculate long term capital gains. I file my IT Returns online myself.

Ans: In case of fractional quantities, you can round off the quantities and adjust Sale consideration/Cost to the extent capital gain amount remain the same.

Further, tax on LTCG was introduced from 1.02.2018. Thus, Fair Market Value as of 31st Jan 2018 is considered as cost of acquisition calculation (provided sell value is higher and actual cost is lower).

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Answered on Nov 30, 2023

Question by Mahesh - Nov 23, 2023Translate

i have sold my flat for white amount of 25 lakhs in Hyderabad the flat before 7 trs purchased for 13 lakhs i am not into tax zone and bout submitted ITR since 10 yrs can i avoid tax on capital gains

Ans: To claim tax exemption from capital gain earned during the year from transfer of residential property, you have to invest gain amount in new house property within 3 years (if you are planning to construct new property) OR within a period of one year before or two years after the date of transfer of old house, you should acquire another residential house.

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Answered on Nov 30, 2023

Question by RK - Nov 23, 2023Translate

Can I claim deduction u/s 80DD and 80DDB for medical expenses on my 84 year father-in-law who is dependent on me, these are also supported by Medical Certificate in Form 10-IA with Hospitalisation Bills. My employer has verified the Medical Certificate and Hospital Bills but are refusing the duduction that these are not available for a dependent “father in law”. Can you please provide a case law or precise section in the IT Act specifically providing the expenses under these sections for 84 year old dependent “father in law”.

Ans: Income tax allow deduction for amount paid to "parents" and "father in law" does not fall in the category of parents so deduction will not be allowed.

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Answered on Nov 30, 2023

Question by RK - Nov 16, 2023Translate

Can I claim deduction u/s 80DD and 80DDB for medical expenses on my 84 year father-in-law who is dependent on me, these are also supported by Medical Certificate in Form 10-IA with Hospitalisation Bills. My employer has verified the Medical Certificate and Hospital Bills but are refusing the duduction that these are not available for a dependent “father in law”. Can you please provide a case law or precise section in the IT Act specifically providing the expenses under these sections for “father in law”.

Ans: Income tax allow deduction for amount paid to "parents" and "father in law" does not fall in the category of parents so deduction will not be allowed.

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Answered on Nov 30, 2023

Question by Krishnamurthy - Nov 29, 2023Translate

i filed my itr-4 for AY 2023-24 on 26-Jun-2023. Since 26-Aug-2023 (more than three months now), status is showing as "under processing". what may be the reason for the delay??

Ans: ITRs are processed after verification under all the risk parameters through system. Sometime it take times to process the ITR.

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Answered on Nov 30, 2023

Question by Kuchel - Nov 29, 2023Translate

can we claim tax benefit of college fees studying aboard

Ans: No, tuition fee paid to university, college, school or other education institution situated in India is not allowable as deduction u/s 80C

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Answered on Nov 28, 2023

Question by Podugu - Nov 18, 2023Translate

My children’s fee/ year is around 7 to 8 lakh s Is it claimable , while filling tax returns

Ans: Tuition fee is deductible u/s 80C within overall limit of Rs.1,50,000

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Answered on Nov 28, 2023

Question by MOHAN - Nov 18, 2023Translate

I am retired and have some investments in mutual fund. If I redeem funds for Rs 3 lacs, how much tax i have to pay and what is the basis of calculation. Thanks

Ans: Tax on redemption of mutual fund depends on holding period and type of scheme. Equity and debt scheme have different tax rate.

Short term gain from equity based schemes will be taxed @15%
Long term gain from equity based schemes will be taxed @10% above 1 lakh
Short term gain from debt based schemes will be taxed slab rate
Long term gain from debt based schemes will be taxed @20%

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Answered on Nov 27, 2023

Question by d - Nov 23, 2023Translate

due to covid time my company removed from my job from january 2021 due to this reason my epfo contribution stoped my epfo contribution may approx 38 lac if i withdrawal the such amount is it taxbale ?

Ans: Withdrawal from EPF account is not taxable if it is withdrawn after 5 years of service.

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Answered on Nov 27, 2023

Asked by Anonymous - Nov 14, 2023Translate

Dear sir I am 69 years old and now working on contract. I have income of 30 lacs per annum and 10 percent TDS is deducted. What can be my final tax as I am now working on contract. Thank you

Ans: Contract income being income from full time/main activity, chargeable under the head "Income from business and profession". You are required to pay tax on net income i.e. after deducting expenses incurred for earning income from contract subject to specified conditions.

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Answered on Nov 27, 2023

Question by Rajeev - Aug 25, 2023Translate

I had submitted income tax return for Ay 23-24 on 21 July 2023 and verified. I got email of refund on 21.07.23.But the amount has not been credited to my account. What should I do.

Ans: Please check whether refund is issued or refund is just determined. In case of refund is already issued, it might be possible that it was not credited due to some other issues (like bank account is not validated or refund is adjusted outstanding demand of earlier year).

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Answered on Nov 27, 2023

Question by Anuj - Aug 11, 2023Translate

Hi Mr Neeraj.. I am partner of a firm whose balance sheet is audited because its annual turnover is above 2.5 cr. Can I file my income tax return for AY 23-24 without Audit Report and Authorised Ledger account..

Ans: Partner of firm is required to consider share of profit from a firm in which he/she is partner and amount of remuneration allowed as deduction in the hands of firm; in its personal income tax return. Once audit report is issued, amount considered for income tax return are from verified books of account and it should match with amount shown in firm's ITR. However, it can be taken without audit report.

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Answered on Nov 27, 2023

Asked by Anonymous - Aug 18, 2023Translate

Mahesh sir good morning, My father expired in the month of march 2023, he had around 24 Lac rs as FD now the same amount is transferred to my ac, is that amount tax liable or is there any other way of investment to save tax on 24 lac.

Ans: Amount received under will/as legal hair is not an income, which is taxable under the Income tax. However, interest on said FD will be taxable.

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Answered on Nov 27, 2023

Question by Nihsant - Jul 20, 2023Translate

Hi, The tax on EPF which is initiated by FM...is it to be paid by Employee or the company will debuted itself

Ans: As per finance act 2021, interest on an employee’s contribution to an EPF account above Rs 2.5 lakh during the financial year is taxable in the hands of the employee and it will be subject to TDS.

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Answered on Nov 27, 2023

Question by Prasanna - Jul 19, 2023Translate

Sir, i am Prasanna ,please advise, i am retiring very shortly from Govt Services and plan to transfer all my pension benefits to my wife's account, what is the tax implication, id i do this any additional tax burden on me

Ans: Whenever any asset is transferred to spouse without consideration and spouse earn income from it, income is clubbed in the hands of transferrer. Thus, in given case income will be clubbed in the hands of husband.

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Answered on Nov 27, 2023

Question by RANGANATH - Jul 10, 2023Translate

Should every item mentioned in Form 26AS be mentioned in ITR? like for example purchase and sale of mutual fund securities. Actually it is a conversion from direct to regular.

Ans: From FY 2022-23, 26AS will show details of transactions on which TDS is deducted. AIS statement will show details of purchase and sale of mutual fund units. Taxpayer are not required to show purchase of mutual fund unless amount invested in mutual fund is eligible for deduction u/s 80C.

Further, conversion from direct to regular is considered as transfer of capital asset which is chargeable to tax.

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Answered on Nov 24, 2023

Question by DN - Nov 16, 2023Translate

My father has sold his two properties and wants to distribute its proceeds amongst hus three adult children that includes one married daughter. Ofcourse he can do that after paying his capital gains tax. My question is how this will be treated in the hands of children. Will they have to pay tax again?

Ans: Amount received from parents is not an Income for tax purpose.

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Answered on Nov 24, 2023

Question by Nandkumar - Nov 20, 2023Translate

I filled my returned for FY 22-23 AY 23-24 on on 7 th July23 & it was e-verified . Since 7th August it shows status as Processed . But neither I amm getting Intimation order nor my refund . I lodged grievance twice but the standard answer " Under processing . Not of claims done by you are under checking . Wait ..." NR Bundelkhandi

Ans: ITRs are processed after verification under all the risk parameters through system. Sometime it take times to process the ITR.

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Answered on Nov 24, 2023

Asked by Anonymous - Sep 26, 2023Translate

I am 62 years retired person in India and my daughter is study+working in Europe. How my daughter can send Euro to my account in INR with a smooth,hasslefree from the point of Tax implication in both side.

Ans: Sending money to parents will not have any tax implications.

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Answered on Nov 23, 2023

Asked by Anonymous - Nov 22, 2023Translate

My father had put his brother as a nominee in all his Bank FD. Unfortunately, he died last month. But naturally, all the FD proceeds will go to his brother. However, he wants to give that money to me and my brother. Should we wait for the proceeds to be given to his brother (our uncle) and then he will transfer it to us or should we get it done now? what will be tax implications

Ans: Amount received under will/on inheritance is not an Income and it is advisable to take proceeds once it is received.

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Answered on Nov 23, 2023

Question by Santhosh - Nov 22, 2023Translate

Sir, I sold my flat @ 90 lakhs which was purchased in 2010 for 28 lakhs. Whether I can add stamp duty and registration fee paid in 2010 to the cost of flat for calculating capital gain? Also I have carried out home improvement works including painting and these are eligible for tax calculation? Please advise

Ans: Yes, Stamp duty and registration fee will form part of cost of acquition. However it is not advisable to consider it as cost, if deduction u/s 80C is taken in the year of purchase.

Further, cost of improvement will allowed for deduction separately while calculating capital gain.

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Answered on Nov 22, 2023

Asked by Anonymous - Nov 06, 2023Translate

Interest accumulated on PF after retirement kept for 36 months with them can be divided in each of 3 financial year for Tax computation purposes.

Ans: Interest income is taxable as Income from other sources. It can be offered to tax on receipt basis or on accrual basis. Once either of the method is adopted, it should not be changed in subsequent year.

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Answered on Nov 22, 2023

Asked by Anonymous - Nov 20, 2023Translate

Hi sir, One of my known person aged around 60 years working as govt employee.He is getting an arrears amount nearly 20L.the arrears is of nearly 15 years. How to go for taxation on this part.nearly some 3 lakhs has been going to deduct as tds.how claim refund ?

Ans: If your total income includes any arrears salary paid in the current year, Income tax provisions allow you to claim a relief under section 89(1).

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Answered on Nov 22, 2023

Question by Subramanya - Nov 17, 2023Translate

CAN Sr. Citizens claim 80TTB EXEMPTION of Rs. 50000/- under new regime

Ans: No, deduction u/s 80TTB not available under new tax regime.

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Answered on Nov 22, 2023

Asked by Anonymous - Nov 17, 2023Translate

Hi Mihir, Hope this mail finds you well ! I filed my 2023 IT returns thru a CA firm using the CA firm login (but I was asked for OTP) and had a refund of approx. Rs. 53000/-. Recently I received a part payment of the refund around Rs. 26000/- directly credited in my bank account. What I need to do get the full payment of my refund ? I am worried the CA firm may charge me additional fees to claim this full payment. How can I directly raise this complaint with IT department ? Please advise. Thanks in advance.

Ans: There is no option to file ITR through CA firm login. Kindly check acknowledgement of ITR filed (i.e. Form V). You will get the refund for the amount mentioned in ITR V.

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Answered on Nov 22, 2023

Asked by Anonymous - Nov 17, 2023Translate

Sir, I deposited part of my income tax of AY 2019-20 erroneously mentioning AY 2018-19. So, there is a demand for the amount from IT department. How to recover the amount now ?

Ans: Kindly file written application with your jurisdiction officer for change of year in challan so that credit can be given in correct year.

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Answered on Nov 22, 2023

Asked by Anonymous - Nov 17, 2023Translate

I have bought a house in Delhi by raising loan which I have let out but for my parents and self I have been continuing residing in rented accommodation am I eligible to claim both HRA exemption and claim interest on loan by setting it off against rent of property let out

Ans: No, you can not claim HRA as you own a property in same city

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Answered on Nov 22, 2023

Question by AKSHAY - Nov 17, 2023Translate

sir, I am a senior citizen. In a financial year, suppose my total income is Rs.7.30 lakhs with following break-up, do I have to pay any income tax under the new regimen? Income break-up: 1. Interest income - 1.30 lakhs 2. Short term capital gain from equity- 4 lakhs 3. Income from salary- 60000 4. Long term capital gain from equity- 1.40 lakhs

Ans: Yes, as total income crosses 7 lacs, rebate will not be available and you have to pay tax. You can calculate tax from income tax calculator https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

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Answered on Nov 22, 2023

Question by Tarun - Nov 17, 2023Translate

Is super annuation amount deducted by company comes under 80C, or there is advantage with superannuation apart from 80C.

Ans: Yes, employee’s contribution to the approved superannuation fund is allowed as deduction u/s 80C (with limit of Rs 1,50,000). Interest on superannuation is not taxable.

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Answered on Nov 22, 2023

Question by Suryaprakasham - Sep 28, 2023Translate

Hi Good morning. I have already paid up the dues raised by Out standind demand notice through challan .But still in my IT web portal it is showing as due.Two days back through an email i was informed that My Refund amount is adjusted against the same outstanding due. Any way out to solve this ? .....Suryaprakash

Ans: For addressing such issues, Demand Management - Tax Payer Demand Facilitation Center may help you.

You can send mail to taxdemand at cpc.incometax.gov.in along with details of issue and challan.

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Answered on Nov 22, 2023

Asked by Anonymous - Sep 16, 2023Translate

i recently sold my ancestorial land on a sum of Rs. 687000.00. whether I have to pay income tax?

Ans: Yes, transfer of capital asset (land) is subject to tax. Cost of previous owner will be considered cost of acquisition for calculation of capital gain.

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Answered on Nov 22, 2023

Question by anuj - Sep 22, 2023Translate

If a person sales his agricultural land of rural area, will this income be taxable?

Ans: Gain from transfer of agriculture land situated in rural area is not subject to tax.

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Answered on Nov 22, 2023

Asked by Anonymous - Aug 01, 2023Translate

i own 2 flats in 1 society on same floor , both are 2 bhk and financed through separate home loans. now i want to let out both flats separately and receive rent from those , while i myself rent a bigger house a 4 bhk in same society as i need bigger place for myself and my family. Can i claim home loan interest exemption for both flats as well as HRA exemption ?

Ans: No, as you own a house property in same city, you can not claim HRA.

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