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We have a plot on which we wanted to build 1 BHK. Hence now we have taken a loan against that plot around 15 Lac and started for the construction. I wanted to know can I get any tax benefit on such ty...

A. hey,
Yes, a loan against property enables you to save on the tax amount payable. ... You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred.
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 35 Year(s) Bangalore
ANISH  PALKAR
ANISH PALKAR Experience: 14 Year(s) Mumbai suburban
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Shama Parveen parveen

Posted 3 weeks ago

I have bought my first house with my husband (50:50) in Nov 2020 with home loan. We are paying approx 3 lakh as interest and 40000 as principal annually. I want to know how can we get maximum deductio...

A. Dear sir,
You cannot do so.
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Vinay Deshpande

Posted 1 month ago

I submitted my compliance against the SMS received from CPC department. Do I need to file the return again? if so, under which section? Because I have not received any notification from IT Department....

A. Hi,
You should wait till any further notice from the said department once the compliance has already been done.
Thank You
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I have received interest on PF accumulation. PF trust has deducted TDS on the interest portion pertains to the period after leaving the job. Do I need to include this interest in ITR under the head In...
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Anonymous

Posted 1 month ago

I am 70 yrs old female. My total income is from FD interests totalling 3.5 lakhs. Can I sign 15H form and is it mandatory for me to file ITR. I am a house wife and not filed ITR till now.

A. It is advisable that you file Form 15H with your each bank where you have account if your income from your account and/or FDs and such other investments with banks is over a particular cap provided by the public authority to avail exemption from deducting tax otherwise tax might be deducted irrespective of the fact that you are housewife or not income tax payer. I think the cap is at around Rs 40,000/- in respect of interest at annual basis, however the exact figure you can check with your bank. ...ReadMore
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal Experience: 12 Year(s) Bangalore
My joining date is 1st March 2021 and my salary now increased to 7L package, previous company package 4.8L. Should I need to pay income tax for full of 2020-2021 or only for March month?

A. As per the provisions of the income tax . The person who crossed the basic exemption limit of 2.5lacs of gross income in the financial year is mandate to file the income tax return.

in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.

you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.

if you want file the return without paying tax the ...ReadMore
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal Experience: 12 Year(s) Bangalore
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Anonymous

Posted 1 month ago

i have constructed a godown and give it on rent to third party, i am claiming standard deduction on rent income generated under head income from house property can i also claim a deprication on godown...

A. Hi,
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.

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Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal Experience: 12 Year(s) Bangalore
J S  Pawar
J S Pawar Experience: 5 Year(s) Mumbai
1). I have a property Jointly owned (registered) along with my Mother (Sr. Citizen). 2). I have taken a home loan along with my Mother to purchase the said property. 3). However it's only me who is co...

A. Hi,
Yes, you should be eligible for such a benefit. However, we will need more details about your income to determine to what extent you will qualify for the same.
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EXCHANGE OF EQUAL LANDS IN IMMEDIATE VICINITY BETWEEN TWO REAL ESTATE FIRMS WITHOUT ANY MONETARY CONSIDERATION BY REGISTERED DEED. IS IT TAXABLE IN INCOME TAX. SINCE NO MONEY TRANSACTION IS INVOLVED A...

A. Hi,
Yes, it is taxable. Income Tax will have to be paid for the same. Thank you
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Mohan Mohan

Posted 2 months ago

Can I claim LTA for traveling in a year different from the current financial year? For example, I have travelled in October 2019, can I claim LTA for that same travel in the financial year 2020-2021?

A. Hi,
Yes, you may go ahead and claim the allowance for this year.
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