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Can I use my retirement savings to build a house? (Kumaraswamy, Central Govt pensioner)

Vivek Lala |317 Answers |Ask -Follow

Tax, MF Expert - Answered on Aug 25, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by PK on Aug 22, 2024Hindi

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sir, I,am ,Kumaraswamy a central Govt pensioner.I am filing my ITR regularly.Now I want to construct a house by withdrawing 30 lakhs from my retirement savings. How to justify and show this amount in my nest income tax return.

Ans: You can withdraw any amount as its tax paid money , so nothing to be worried of
You can do as you please with your savings or investments

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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Where to show the Pension Income (Annuity) while filing one's ITR in the Income Tax Website - incometaxindiaefiling.gov.in. Shall be grateful for an early reply on the above matter.

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I am a Resident Indian pensioner, Sr citizen, 78 yrs old owning 2 flats (1 in Goa for self-use and the 2nd one in Mumbai given on rental) Income for FY 2019-20 as follows: - Gross sal (pension) 474042 Income from rental 204000 Interest on FD 7904 Interest on savings a/c 2075 Dividend on listed shares 90 Total 688111 (A) Deductions/exemption Standard deduction 50000 PPF contribution 150000 Health insurance premium 36582 30 % Annual rental 61200 Total 297782 (B) Taxable income A-B 390329 LESS 300000 = 90329 TAX PAYABLE 4488 Rebate u/s 87A 4488 NET TAX Payable NIL PLS ADVISE ITR FORM APPLICABLE.

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Question by A - Jul 24, 2023Hindi

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Dear Sir Greetings!! I am an NRI. I have taken a housing loan from my NRE account. I have income from Indian sources for which I need to file my IT returns which I am doing every year. However during the previous year 2022-23 I purchased a property where my family is staying. I have taken housing loan for the said property through NRE account. Is it necessary to show the interest and principal paid in my tax return under Income from House Property? Your guidance will be highly helpful to file my return. Thanks in advance. A V Rajan

Ans: Dear Mr. Rajan,

Greetings! I hope you're doing well.

To answer your question, as an NRI who has taken a housing loan from your NRE account, you can indeed claim tax deductions on the interest and principal paid for the property.

Under the Indian Income Tax Act, you can claim deductions under Section 80C for the principal repayment of your home loan, up to a maximum limit of Rs 1.5 lakhs. Additionally, you can also claim deductions under Section 24(b) for the interest paid on your home loan, up to a limit of Rs 2 lakhs.

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Dear Sir,I am a Retired Govt servant and having income from pension and bank fds.I have one house property.Recently I shall be going to purchase another house property and both the houses will be used by my family members.In that case what ITR form will be used while filing IT return.

Ans: Hello, you can file ITR 1 for the above mentioned scenario wherein the rental income is nil as per you

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