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

Ans: If your pension is from a fund that your employer has contributed, it is to be filed under the head 'Income from Salaries'.

If on the other hand, you invested into an independent policy from your funds alone (without any contribution from your employer), then it is to be filed under 'Any other income' of the schedule 'Income from other sources'.

Ans: ITR 2 would be applicable.

Ans: Person giving teaching service is considered as professional and taxable under the head Income from Business and Profession. For Income from Business and Profession, 2 ITRs forms available. ITR 3 and ITR 4 (for presumptive scheme). As income is below exemption limit, it is advisable to file ITR 3.

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.

However, please remember that these deductions can only be claimed if you have taxable income in India. Since you mentioned that you have income from Indian sources and you file your IT returns every year, you should be able to avail these benefits.

I hope this information helps you in filing your tax return.

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