Tax benefit on a Jointly owned Home Loan Tax benefit on a Jointly owned Home Loan

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

2 Response(s)

Posted 10 months ago


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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Latest Response 10 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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EXCHANGE OF LAND BETWEEN TWO REAL ESTATE FIRMS IN IMMEDIATE VICINITY WITHOUT ANY MONETARY TRANSACTION. IS IT TAXABLE EXCHANGE OF LAND BETWEEN TWO REAL ESTATE FIRMS IN IMMEDIATE VICINITY WITHOUT ANY MONETARY TRANSACTION. IS IT TAXABLE

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

2 Response(s)

Posted 10 months ago


A. Hi,
Yes, it is taxable. Income Tax will have to be paid for the same. Thank you
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

LTA on goods purchased LTA on goods purchased

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?

2 Response(s)

Posted 10 months ago


A. Hi,
Yes, you may go ahead and claim the allowance for this year.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

LTA cash voucher on goods LTA cash voucher on goods

I got entitled for LTA in FY2019-20 of Rs 70k (Unclaimed in ITR). I haven't got any LTA entitlement for FY 2020-21. I have purchased goods in November 2020 for 2L. Can I claim LTA for FY2020-21 eFilin

2 Response(s)

Posted 10 months ago


A. Hi,
Yes, you can claim this amount for the financial year 2021-22.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

LTA carry forward LTA carry forward

I have made a purchase of goods in November 2020 with GST of 12% or more, but forgot to claim LTA in FY 2020-21. Can I claim LTA using same receipts in FY 2021-22?

2 Response(s)

Posted 10 months ago


A. Hi,
Leave travel allowance relates to transport costs and would not cover the purchase of goods.
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Latest Response 10 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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PARTITION OF HUF PARTITION OF HUF

Dear Sir / Madam, This is to inform that we have recently partitioned our Family HUF by mutual agreement by all members. There was only Bank account held by HUF, the amount of which we have distri

3 Response(s)

Posted 10 months ago


A. Hi,
1. Yes, but will need to provide proof of the same.
2. Either option is viable, but the deduction cannot be claimed before the income has been assessed.
3. We will be able to guide you through this.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

LTC cash coupons LTC cash coupons

Can I claim tax exemption using LTC cash coupons as I bought a car in November 2020 even if I didn't declare LTA during salary structure declaration.(My company allows us LTA only if employee declare

3 Response(s)

Posted 10 months ago


A. Dear Sir,
You may approach any tax practitioner.

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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

TAXATION ON RIGHT TO PASSAGE TAXATION ON RIGHT TO PASSAGE

Suppose a person has a piece of land, and he lets others who have houses behind that land to use it as a common road. He only gives that person right to passage, and no ownership of property is transf

3 Response(s)

Posted 10 months ago


A. Hi,
This will fall under income from other sources, according to the Income Tax Act.
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Latest Response 10 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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MANOJ KUMAR  MISHRA

MANOJ KUMAR MISHRA

SECTION 54F SECTION 54F

I have one residential house where i am staying since last 11 years. I have also purchased 2nd house for which registration is pending with builder. I want to sale my plot (purchased during 2011) and

3 Response(s)

Posted 11 months ago


A. Hi,
Yes, you can claim the exemption under Section 54F so long as you invest the proceeds from the sale into your second house.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

What does error code 202 mean for defective ITR return marked under 139(9)? What does error code 202 mean for defective ITR return marked under 139(9)?

The reason says "The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the cre

2 Response(s)

Posted 11 months ago


A. Hi,
This means you will have to resubmit your income receipts under the correct heads of income.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal