LTA for journeys during new year
LTA for journeys during new year
I we travel during new year e.g. on 25th december 2021 and come back on 2nd January 2022 by Air travel, how will it be calculated in LTA claim?
2 years ago
A. Dear client,
It does not seem like these dates will be problematic for you since under a Leave Travel Allowance (LTA), one can claim LTA for two times in a block of 4 years. Moreover, the actual calculation depends on your salary as well.
Thank you.
Can I file ITR of a deceased person if the approval is awaited?
I have submitted the request to register as a Representative of Assessee as a Legal Heir on 12 Dec 2021 but its approval is still awaited from the IT department. So, can I file the ITR of my deceased
2 years ago
A. Dear Client,
As per the facts mentioned, after the demise of a person there’s no need to file ITR on his/her behalf.
HRA Exemption
I had opted for the new regime with my employer. However, I received a salary hike during the year. Now, my employer is deducting TDS. Can I claim HRA exemption by transferring rent to my parents in a
2 years ago
A. Dear Client
You are advised to get in touch with a chartered accountant for the same as a CA will be in a better position to help and guide you on this matter with more clarity and certainty. But legally be advised that creating a back dated agreement has its own fallouts
Loan on under-construction property
I am the sole owner of a residential flat in Kolkata. In 2018, I had purchased another under-construction residential flat in Mumbai in 50-50 ownership with my wife. We jointly took loan for the flat
2 years ago
A. Dear client,
All you questions are relevant for a Chartered Accountant and a CA will be the best person to clarify your questions. Hence suggested that you get in touch with a Chartered Accountant for your answers.
Tax exemption for investment in 54EC bonds
I want to invest the amount received from sale of land in 54EC bond jointly with my wife. I was the sole owner of that land. Will I get tax exemption if I invest it as stated above?
2 years ago
A. Hi,
Asper section 54 of the Income Tax Act, taxation over capital gains from sale of property can be avoided by investing the money in other property or bonds. 54EC bond also comes under this category whereat is exempted. Thus, you can invest in the 54EC bonds to get such exemption. For further clarifications, please reach out to us.
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Tax liability on commuted pension
I retired from a CPSU. I was the member of pension fund of LIC under NHPC self contributory and post retirement benefit scheme( I have switched over to HDFC life on my retirement). At the time of swit
2 years ago
A. Yes, commuted pension will be exempt as per Section 89 of Income Tax Act read with rule 21A(4) from taxability. Therefore, you can very well avail this benefit.
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Income tax notice for senior citizen
my mother who is senior citizen 75 years old ,got notice for filing ITR FOR YEAR 2013-2014 , can income tax send notice like this for a case as old as 2013-2014, since now senior citizens are exempte
2 years ago
A. Dear Sir,
Normally, four years is the limitation and you must approach through Income Tax Advocate or Chartered Accountant and get clarify the matter thereafter it will be quashed.
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INCOME TAX ON MEDICAL REIMBURSEMENT
My father was a state govt employee retired in 2017. My mother getting cancer treatment from a govt hospital. Now the problem is tax is levy on reimbursement because for example if income is 5,00000 a
2 years ago
A. Dear Sir,
You have to approach local chartered accountant to solve your problem. In many cases such being happening and it will be solved by the Auditor or chartered accountant very easily.
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How to consider the income from house?
WIFE CONSTRUCTED BUILDING GIFTED BY HER HUSBAND WITH HER SAVING AND LOAN AMOUNT. RENT RECEIVED FROM THE BUILDING WILL BE ADDED TO THE WIFE'S INCOME OR HUSBAND'S INCOME. BOTH ARE INCOME TAX ASSESSES.
2 years ago
A. Hi,
Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Cash withdrawal and IT notice
Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two con
2 years ago
A. Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
Thanks
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Ayantika Mondal @ Prime Legal
