Mihir Tanna

Answered on May 08, 2024

Asked by Anonymous - Feb 09, 2024Hindi

If i purchase a flat and take home loan for it. After 1 year i sell my old property and repay the whole home loan. In such a case will long term capital gains tax be applicable or not?

Ans: To save tax on long term capital gain; you can invest gain amount to acquire house property and get exemption u/s 54. As per section 54, if you want to buy a residential house property from long term capital gain from sale of house property then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such property.

If you purchased ready flat (not constructed house property / not booked under construction house property with builder) 1 year before the date of transfer, you will be eligible for tax exemption

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Answered on May 08, 2024

Question by Raja - Jan 11, 2024Hindi

Sir I am Government Servant. My income falls under the IT ceiling and I am paying income tax for last 20 years through my employer as TDS. Recently I received a mail from IT Department regarding outstanding Tax demand for FY 2011-12. On verification of Form26AS downloaded from TRACES, it is observed that my TDS amount is Nil whereas my Form16 clearly show that the TDS amount has been debited from Salary. The consultant who deals with the filing of return advise that I have to pay the demand. Because if he proceed for data correction in 2011-12, the employer will be in problem as there will be several corrections. I cant understand his stand. This is not only my problem. I came to understand that several other employees received similar demands for the periods 2008 to 2012. Please advise

Ans: You can file application with jurisdiction officer along with copy of ITR and Form 16.

If it is not possible for you to file application with officer, you can file grievance at income tax portal stating the fact that TDS is deducted and you have form 16. They will contact employer (TDS deductor) and once deductor file correction statement with correct PAN, amount of your income and TDS (along with applicable taxes); you will get the credit of TDS. However, employer will be liable for pay interest and penalty, if any.

If response is not received, you can send mail to taxdemand at the rate cpc.incometax.gov.in along with supporting documents.

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Answered on May 08, 2024

Question by Chandran - Jan 06, 2024Hindi

A resident individual is having only income in the current FY Rs.3.5 lakhs LTCG from Mutual Funds. Is he/she required to pay tax and if yes, how much. If no, is ITR filing mandatory? (same question asked twice previously, missed your attention somehow. Pl. answer)

Ans: Taxability of MF depends on type on scheme (equity based - debt based scheme).

If an resident individual's total taxable income is up to Rs.7 lakh and chooses the new tax regime, he will be eligible for rebate of lower of the following:

An amount of income tax payable on his total income OR an amount up to Rs 25,000

E.g. if you have earned STCG from MF taxable @15% and tax on same is say Rs.15000. If you have taxable bank interest (after 80TTA deduction) and tax on same is 10000. Total tax will be Rs.25000 and rebate of 25000 is available, accordingly, net tax payable will be NIL.

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Answered on May 08, 2024

Asked by Anonymous - Jan 27, 2024Hindi

tax implications of money sent to close relative abroad

Ans: There is no tax on money remitted outside India. However, subject to fulfillment of certain specified conditions, bank may ask you to provide CA certificate to state that tax, if any, applicable on amount remitted is paid before remittance. Accordingly, check TDS provisions also, if applicable.

In case of recipient of money, amount received from non-relative on non-specified occasion is taxable.

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Answered on May 08, 2024

Question by Chandran - Nov 06, 2023Hindi

Sir, My daughter(Resident Indian, 44Yrs) is about to redeem her accumulated equity MF subscription. She may get 1.5 lakhs LTCG from that redemption. In addition, she has 1.0 lakh as interest income. No other income. Will she have to pay tax and if yes how much and also please tell which ITR form is to be used to file the reurns.

Ans: Under new tax regime, tax rate till 3 lacs of taxable income is NIL and person is not required to file return unless following conditions are fulfilled:

- Deposit > 1 Cr in Current A/c
- Expense > 2 L for Foreign Travel
- Expense > 1 L for Electricity
- TDS/ TCS > 25K (50K senior citizen)
- Deposit > 50 L in Saving A/c

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Answered on May 08, 2024

Question by Manish - Jan 10, 2024Hindi

My tax query is I had income from equity. I invested in shares through margin trading facility provided by icici direct. I have paid interest to icici direct for the amount they funded through MTF to continue those positions. Can I use this amount paid for interest as my Cost to Acquire to Shares?

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

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Answered on Apr 26, 2024

Asked by Anonymous - Apr 09, 2024Hindi

If a father transfers his house to his son through gift deed and then if the son sells that house within a year of receiving and buys another property. Then can the son get tax exemption on LTCG ?

Ans: Yes

In case of gift, period of holding of previous owner will be added

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Answered on Apr 26, 2024

Question by Vilas - Apr 06, 2024Hindi

I AM70 YRS OLD. IN HDFC UNDER 5 portfolios I am having together 14 lac. ?. I WANT TO SELL 4 PORTFOLIS AND INVEST ALL MONEY IN ONE PORTFOLIO OF HDFC, WILL THIS CAUSE INCOME TAX PROBLEMS PLEASE SUGGEST AN ADVICE.

Ans: Yes shifting from one fund to another will be considered as transfer

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Answered on Apr 26, 2024

Question by RAJESH - Mar 01, 2024Hindi

WHAT ARE IT TAX SLAB FOR FINANCIAL YEAR 23-24

Ans: Please refer to tax rate available at following link as scheme opted and age (under category MISC)

https://incometaxindia.gov.in/Pages/charts-and-tables.aspx

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Answered on Apr 26, 2024

Asked by Anonymous - Apr 02, 2024Hindi

I have purchased a flat worth 85 lakhs from 2 joint owners of the flat. How the TDS will be given effect by me for deduction of TDS and deposition of TDS to government. Pls suggest

Ans: You are required to file Form 26QB as challan cum statement, separately for each resident owner, within 30 days of end of the month in which TDS @1%

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Answered on Apr 26, 2024

Question by Sathish - Apr 01, 2024Hindi

I am 56 years old and currently do not have job and searching for one,I would like to withdraw my full amount in Pf which is about 35 lacs and invest in a farm plot so that i can sell after 3 years time as i know it would double considering its location,Pls advice what are the Tax implications on profit made if the plot sells at 60 lacs after 3 years

Ans: Tax on Long term capital gain of property is taxable @20% plus applicable taxes as per current provision of income tax

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 30, 2024Hindi

I have invested around 15 lacs in mutual funds for long term from the past 5 years. I am not doing any job as of now and I habe taken a sabbatical break. Do I need to show in income tax? Please let me know. Thank you

Ans: Investments are required to be disclosed as personal asset in ITR, in case total income is more than 50 lacs

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Answered on Apr 26, 2024

Question by rabinarayan - Mar 27, 2024Hindi

MY WIFE HAS AN INCOME OF RS. 4 LAKHS FROM TUTION. WHICH ITR SHE WILL FILE.

Ans: I understand that your wife is eligible for presumptive taxation u/s 44ADA and ITR 4 can be filed for the same

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Answered on Apr 26, 2024

Question by Damayanti - Mar 27, 2024Hindi

Sir i am housewife. I have no earning. Got 4 lakh long term capital gain from mutual fund. Shall i pay tax and file incometax

Ans: Yes

Person having income above 3 lacs (for new tax regime) is required to file ITR. However, you will be eligible for tax rebate upto 25000 and not likely to pay any tax on gain.

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 26, 2024Hindi

If my cheque for ELSS investment gets debited to my bank account before 31st March but the NAV is allotted as on 1st April, do I qualify for Sec 80C benefit for the the year in which my account was debited?

Ans: You can claim deduction however, it can be subject to litigation

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 21, 2024Hindi

I sold my father's house for Rs 2.30 crores and bought another house for 1 crore 40 lakhs Out of the amount I received for my sold property I transferred 28 lakhs to my sister's account as a gift from my side Pls note i just transferred the money didn't give it like a gift deed How much tax would I need to pay

Ans: I understand that you got flat in inheritance as legal hair as sole owner of property for income tax purpose. In case entire capital gain amount is invested in another property as per specified conditions, no tax on gain amount of property.

Further with reference gift deed, tax will not depend on execution of deed, however, it is advisable to execute gift deed.

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Answered on Apr 26, 2024

Question by VA - Mar 20, 2024Hindi

I have only income from interest from saving bank a/c and from LTCG by selling of equity mutual funds, as a housewife. Can I get the zero tax advantage by totaling the above 2 sources amounting upto Rs 7 lacs pa under new Tax regime or Rs 5 Lacs pa in FY 2023-24 . Need your clarification urgently. If possible kindly explain with example.....Thanks

Ans: If an resident individual's total taxable income is up to Rs.7 lakh and chooses the new tax regime, he will be eligible for rebate of lower of the following:

an amount of income tax payable on his total income or
an amount up to Rs 25,000

E.g. if you have earned STCG from MF taxable @15% and tax on same is say Rs.15000. If you have taxable bank interest (after 80TTA deduction) and tax on same is 10000. Total tax will be Rs.25000 and rebate of 25000 is available, accordingly, net tax payable will be NIL

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 16, 2024Hindi

Assessee Company filed IT Return on due date for the AY 23-24(FY 22-23). It claimed all the Tax credit as per 26AS. However one of the client deposited tax very lately in Jan 24 for the FY 22-23 and the 26AS was updated and now the TDS as per 26AS is more than the TDS claimed in Return. The possibility of belated returns ended on 31.12.23. Newly introduced Form 71 is for claiming a credit of tax which was deducted in the subsequent financial year but the income thereof was offered in the preceding financial year. Rectification opportunity u/s 154 may not be available as it is not an mistakes apparent on record. What is the option available to Assessee Company to claim the TDS as refund. Thanks in Advance.

Ans: Company can file condonation application with PCIT/CBDT (depending on amount of refund and as per guidelines for condonation u/s 119)

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 16, 2024Hindi

Husband (H) and Wife (W) sold Co-ownership Flat for Rs. 100 Lakh. Buyer mistakenly Transferred entire Rs. 99 Lakh to H’s Bank Account. Buyer mistakenly Deposited entire TDS (1 %) of Rs. 1 Lakh in the Name of W u/s 194IA. 26AS of W reflects Transaction Value of Rs. 100 Lakh and TDS of Rs. 1 Lakh. 26AS of H does not reflect anything u/s 194IA. ITR of H and W for AY 2024-25 will offer for Tax 50 % each of Long Term Capital Gains (LTCG). W will claim entire TDS against 50 % LTCG and H will not claim any TDS against his 50 % share of LTCG. This will result in mis-match in both the cases. What is the possible resolution for the said mis-match?

Ans: If W file feedback in AIS for the fact that she is beneficial owner of 50% of property, issue may get resolved

I understand that W paid consideration at the time of acquisition of property, from own source of money

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 14, 2024Hindi

Hi i am trustee of a minority trust which owns a oldage home. We want to sell a small portion of our land for generating corpus fund. Would this income be taxable

Ans: Yes it will be taxable subject to utilisation of amount for object of trust (provided trust eligible for benefit of Sec 11)

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 11, 2024Hindi

Hello Mihir, Hope this mail finds you welI ! I purchased a flat jointly with my father in 2008 for 14 lacs. I am the first owner. My father passed away in 2014. Now I want to sell this flat for approx. 40 lacs. I have below queries : 1) I have 1 brother & my mother, will I have to do some legal documentation to transfer their rights to my name ? What is this process & how much time & money it takes ? 2) Will it be advisable to sell the flat by transferring full share in my mother’s name ( Sr. Citizen) to save tax ? 3) How much will be tax in my mother’s case and also if I sell the flat in my name ? 4) How can we save the taxes ? Thank you in advance

Ans: In case of death, legal hair becomes owner of property, unless they surrender their rights in the said property. Please contact consultant for more information.

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Answered on Apr 26, 2024

Asked by Anonymous - Mar 08, 2024Hindi

Hello Mihir, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceed 12 lacs & plan to file ITR in coming June, so can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

Ans: Current year return can be filed without filing ITR of earlier year.

However, considering your facts, it is advisable that you check your eligibility to file updated return for earlier year and file it to avoid any penal consequences.

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Answered on Apr 26, 2024

Question by K - Mar 08, 2024Hindi

I have sold my housefor Rs.45 lacs in November 2023 which was originally bought in 2001 for 2.7 lacs. 1. Should I show this income in the IT return of 2023-24 FY ?.(2). Can I invest this amount in FD for two years and pay no tax for two years, as I am not planning to invest in other properties or LTCG Account ?

Ans: 1. Income from capital gain is required to be offered to tax in ITR. Subject to certain conditions, it should be offered to tax in which possession is given to buyer.

2. Exemption will be available only if you invest in specified bonds and not by investing in FD

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Answered on Apr 26, 2024

Question by SAKARLAL - Mar 04, 2024Hindi

Sir, I am a Senior Citizen of 70 years having income from Pension,Capital Gains and other sources. What is the basic exemption limit if I am to opt for old tax regime for filing my Return of Income for the F.Y.2023-24. Assessment Year 2024-25.

Ans: It will be 2,50,000

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Answered on Apr 16, 2024

Asked by Anonymous - Jul 21, 2023Hindi

Is it mandatory to file it rtn for everyone even if their income is in the exemption levels. Pls clarify

Ans: It is Mandatory to file ITR - GTI > minimum exemption limit (Before 54 series exemption) - Deposit > 1 Cr in Current A/c - Expense > 2 L for Foreign Travel - Expense > 1 L for Electricity - Sales > 60 L - Gross receipt profession > 10 L - TDS/ TCS > 25K ( 50K senior citizen) - Deposit > 50 L in Saving A/c

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Answered on Apr 16, 2024

Asked by Anonymous - Apr 12, 2024Hindi

Purchased flat in joint name. i.e myself and my wife. Value above 50 lacs. 100% consideration for the purchase was paid by me. Planning to deduct entire tds under my pan. Is it ok from income tax angle?

Ans: As per income tax provisions, a person who contributes money for the acquisition of money; will be considered as owner of property and required to deduct TDS at the time of payment of consideration to the seller.

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Answered on Apr 13, 2024

Asked by Anonymous - Jan 29, 2024Hindi

My mother is a Sr. citizen and receives family pension from the central govt after my father’s death. There is a small business in her name and the profits are in the range of 1-2 lakhs per annum. She has income from bank interest and does not have any salaried income. Is she eligible for standard deduction of 50K or is she only eligible for deduction of 15K (due to family pension) while filing her ITR? Also due to the small business which she is showing, which ITR form does she have to file (last year she filed ITR4).

Ans: Pension received by family member is taxable as income from other sources, hence, standard deduction available foe salaried person will not be available. However, 1/3rd of pension or 15000 (whichever is lower) is exempt.

ITR 3 and 4 are applicable for person having business income. In case presumptive taxation is applicable, ITR 4 can be filed

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Answered on Feb 25, 2024

Asked by Anonymous - Jan 29, 2024Hindi

I have 2 flats at my home jointly & rented out and one flat on spouse name at our work place.Both flats at home town are rented out.we both are getting HRA but not claiming for IT deduction.What is my tax liability on our rented flats

Ans: Rent income is taxable at slab rate. You can claim 30% as deduction from rent income and additional deduction for interest, if any, paid on housing loan taken for acquiring property given on rent (subject to fulfillment of conditions).

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Answered on Feb 25, 2024

Question by K - Jan 29, 2024Hindi

I have sold my car purchased in 2012 for Rs3.15lacs during August 2023. 1)Does this amount is taxable for current Assessment year and 2) Should I need to show this as income for this year in tax return?

Ans: Car is personal asset. Gain/loss on transfer of car being personal asset is not subject to Income Tax.

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Answered on Feb 25, 2024

Question by Prasanna - Jan 27, 2024Hindi

dear sir, my mother is 79 and she has yearly pension of about 2.1 lakhs and yearly interest from FD is about 47 lakhs , is she eligible for submission of 15H , please

Ans: Senior citizen can submit form 15H if tax calculated on income is NIL. Further, a resident individual with taxable income up to Rs 7,00,000 will receive a rebate from tax upto Rs 25,000 in FY 2023-24.

Thus, in your case tax on bank interest and pension is not likely to be zero, you can not submit form 15H.

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Answered on Feb 25, 2024

Asked by Anonymous - Jan 28, 2024Hindi

My son periodically gives money to my wife, which she invests in FD or equity. What is tax liability to herp

Ans: Interest income on FD is taxable in her hand. A resident individual with taxable income up to Rs 7,00,000 will receive a rebate from tax upto Rs 25,000 in FY 2023-24.

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Answered on Feb 25, 2024

Question by Sridaran - Jan 23, 2024Hindi

I am looking for expert guidance on claiming exemption under Sec 80DD (for disabled dependent - my son, in this case) of the IT Act. I understand that I need to submit a Certificate of Disability issued by a competent medical authority / professional, along with the duly filled in Form 10-1 A. There is a flat deductible of INR75,000 if the degree of disability is greater than 40% but less than 80% (I can furnish the disability IDs issued by the state (TN Disability Passbook) and central governments (UDID card) as additional proof). I read in many sites that there is no proof of expenditure required to claim this amount. Can you please confirm if that is correct? Thanks for your time.

Ans: As long as the conditions mentioned in 80DD are fulfilled, and you had incurred expenditure on medical treatment of disabled person, the deduction will be allowable in full. Person is required to submit form 10IA.

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Answered on Feb 17, 2024

Asked by Anonymous - Feb 14, 2024Hindi

Hello Sir, We have a Ancestral property which we are planning to sell it. Since its in my dads name can my dad transfer the part amount in my account after sale. and will it attract any tax to me or my dad or can he send me as a gift. How can i invest the same money without paying much tax..?

Ans: Amount given by father to son as gift is not an Income. Thus, no tax is applicable.

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1

Answered on Feb 17, 2024

Asked by Anonymous - Feb 09, 2024Hindi

Dear Sir, Can a private company employee get Gratuity amount more than Rs 20 Lakh , How's the tax treatment above 20 L.

Ans: Income above exemption limit will be taxable at slab rate.

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Answered on Feb 17, 2024

Asked by Anonymous - Jan 28, 2024Hindi

My daughter, a divorcee, works for a tech company in California. A lot of her earnings go towards fighting a court battle for the custody of her two minor children. What is the tax I have to pay on money I send to her for their upkeep?

Ans: Amount given to daughter as gift is not considered as Income and hence, no tax is payable.

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Answered on Feb 17, 2024

Question by Soumyajit - Feb 12, 2024Hindi

Sir, i will be selling a land for 80 Lakhs,(buying price was 50 lakhs) what i can do to avoid capital gain tax. Please suggest.

Ans: Assuming it is Income from long term capital gain; to save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential property.

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Answered on Feb 17, 2024

Asked by Anonymous - Feb 10, 2024Hindi

i pucrchase NSC IX (10 year tenure) in name of my mother amout of 4 lakh that is sum of past many year saving and my mother is housewife and no income to file itr ...so my question is at maturity of NSC IX (10 year tenure). whole interst is show in ais like 5.44lakh (only interest) so what action i take ?? can i need to pay tax on 5.44lakh or what to do ???

Ans: Income from other sources (like interest income) can be offered to tax on accrual or cash system. Once the method of accounting is decided, it is advisable to follow the same every year.

In case you had offered interest income on accrual system in past and you have to offer the same in current year on accrual system. Accordingly, no tax on same income again on receipt basis.

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Answered on Feb 17, 2024

Asked by Anonymous - Feb 06, 2024Hindi

Dear sir , How get 2 crore Rupees money by Credits Or Donations Or helping any Persons ? And How much Tax pay me ?

Ans: Donation to notified trust can be claimed as deduction u/s 80G and donation/helping any person (not notified by income tax u/s 80G) will not give any tax benefit

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Answered on Feb 17, 2024

Question by Shekhar - Feb 08, 2024Hindi

2002 boght apatment for 4.6 lakh and sold for 22 lakh in july 23. How much to be invested in 54ec to avoid capital gain tax Iam sr citizen

Ans: Assuming flat was acquired between 1.4.2002 t 31.12.2002, indexed cost will be Rs.15,24,571 and accordingly gain amount of Rs.6,75,429 is required to be invested in 54EC bonds

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Answered on Feb 17, 2024

Asked by Anonymous - Feb 07, 2024Hindi

Sir I given land for developement I got this from my grandfather. I got 70 lakhs capital gain how to save tax in investment

Ans: To save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential property.

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Answered on Feb 17, 2024

Question by Vishal - Feb 06, 2024Hindi

Hi I took a home loan in 2013 and paid back the same before getting possession. During the period I paid around 270,000 inr as interest and zero principle. The loan was settled in 2015 and I travelled abroad for job. Now I returned to India in June 2023. Can I claim benefit in income tax for interest paid on loan during Pre EMI period after 8 years? As I was NRI I didn't claim any benefit in income tax.

Ans: No,

Pre construction interest deduction can be claimed in 5 equal installment immediately after construction is completed.

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Answered on Feb 17, 2024

Question by Chandran - Feb 04, 2024Hindi

My daughter (RI) is having a LTCG from MF in this FY for a sum of 4.0 lakhs and NO OTHER income. Please provide the tax implication for the same.

Ans: Tax rate on LTCG from MF depends on scheme (i.e. debt or equity MF). Further, for AY 2024-25, person is eligible for rebate in tax upto Rs.25000 under new tax regime and in give case, tax under both type of scheme is not likely to exceed Rs.25000.

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Answered on Feb 17, 2024

Question by Narayanan - Oct 19, 2023Hindi

Is section 54 f benefit disallowed if I claim section 54 benefit within one,/two years

Ans: There is no restriction to claim Sec 54 and 54F within 1-2 years. However, other conditions needs to be kept in mind. Like you can not transfer property (on which 54F is claimed) for 3 years.

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Answered on Feb 17, 2024

Question by RK - Nov 23, 2023Hindi

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 a 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 Feb 17, 2024

Question by praveen - Nov 26, 2023Hindi

Sir, my father is having a pension of 19 plus lakhs annually, he is super senior citizen. What are the ways to save tax

Ans: Your father can invest in Senior Citizen scheme, Pradhan Mantri Vaya Vandana Yojana, Post Office Monthly Income Scheme and take benefit of deduction u/s 80C

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Answered on Feb 17, 2024

Asked by Anonymous - Nov 26, 2023Hindi

Dear Sir / Madam, My father (84 year old) wants to transfer some money to my account. I am 52 year old. I am in 30% tax slab. How much tax this money will attract? Also please guide whether it is correct to make FD in his name and get more interest? He has declared me as nominee for his bank account. How much tax I will need to pay on the money that I will receive when he will not be there? What does law says?

Ans: As per Income tax provisions, if father transfer funds to son as gift; it will not be treated as Income and it is advisable to execute gift deed for the same. Further, for creation of FD in the name of father, payment is required to be done from bank account of father.

With reference to amount received as legal hair, son is required to pay tax on Interest income accrued after the date of death.

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Answered on Feb 17, 2024

Asked by Anonymous - Dec 18, 2023Hindi

Can I pay my wife allowance or salary for services like cooking, rent etc., and claim IT exemption? I have heard cases where son pays rent to his father and claims exemption. Does the same works for husband and wife? Can you suggest some ways tax can be saved, other than hom lo

Ans: If a spouse is owner of property and 100% contribution is given by spouse; she can charge REASONABLE rent to spouse and she is required to offer the same in ITR. Further, exemption for rent paid can be claimed if HRA is part of Salary and PAN of spouse is given to employer (in case of rent is more than 1 lac).

If you are not receiving HRA but paying rent, person can still get a tax deduction u/s 80GG of the Income Tax Act. The maximum deduction is Rs 60,000 p.a.

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Answered on Feb 17, 2024

Question by VIVEK - Dec 26, 2023Hindi

For a 60+ person,advance income tax is not required to be paid.When such person need to pay the income tax ie before 31st March or in July at the time of filing the income tax return.

Ans: A resident senior citizen (i.e. an individual of the age 60 years or above) not having any income from business or profession is not liable to pay advance tax. However, before filing Income tax return, person is required to discharge tax liability, if any.

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Answered on Feb 16, 2024

Asked by Anonymous - Dec 30, 2023Hindi

I retired prematurely from a PSU after 23 years of service in March 2020. I received my epf fund in Sept 2023. with 186000 as interest since leaving job, out of which 10% deducted as TDS. can I now show this interest on accrual basis for the last three financial years, and how will revise the it returns already filed?

Ans: Last date of filing revised return for last 3 years ended.

After the due date of filing/revising ITR, Person can claim refund after getting order for condonation of delay in filing/revising ITR from income tax department. Condonation application is usually accepted if claim is correct, genuine, and the case should demonstrate genuine hardship.

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Answered on Feb 16, 2024

Question by Vivek - Jan 01, 2024Hindi

Hello Sir, What are the tax implications on NPS Tier-II withdrawal? Is the whole withdrawal amount is taxable or only appreciated amount?

Ans: Only gain amount is taxable

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