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Mihir Tanna |1054 Answers |Ask -Follow

Tax Expert - Answered on Apr 01, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Shakir on Mar 25, 2023Hindi

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Can deductions of 30% be taken under section 24A of the IT act on rent received while filing IT return under new tax regime if the person has no other source of income. If yes will she hav to show any documentary proof for deductions

Ans: Yes, interest deduction against rent income is allowed even in new tax regime. It is standard deduction so doesn't require any proof.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, I am an Engineer working in a MNC in Bangalore. As per my CTC I am getting HRA but I am staying in rented house paying rent Rs. 23,000/- monthly. Sir, Am I eligible to get incometax exemption/ rebate on rent being paid by me. Kindly advise.

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Hi sir . Hope alls well with you. Sir i am 75 years old woman. I hav a flat in south mumbai. I hav given it on rent to my sons 2 children . A boy and a girl both are salaried indiviuals in corporate sector. Boy is giving me rent of 49,500 permonth and claming HRA. Girl is giving me rent of 20,000 permont and claming HRA. Annual rent received by me is 8,34,000. Can i claim 30% standard deduction of 2,50,200 on rent received.

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Question by Shakir - Apr 10, 2023Hindi

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Hi sir hope alls well with you. Sir i am a 75 year old lady having 2 bhk flat in south mumbai. I hav given it on rent to my sons 2 kids. A boy and girl . Both are salaried indiviuals in corporate sector. Boy is giving me rent of 49,500 per month annually 5,94,000. And claming HRA. Girl is giving me rent of 20,000 per month annually 2,40,000. And claming HRA. So my annual rent received is 8,34,000. Can i claim 30 percent standard deduction on rent of upto 2,50,200.

Ans: Yes, you can offer rent income of Rs.8,34,000 on property owned by you and claim standard deduction of 30%.

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I am a retired employee. I am staying in a rented house with rent of 19000 per month. Can I claim deducted in income tax for this amount

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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