HRA rent receipt
HRA rent receipt
Hi, my tenant paid only 10000Rs rent in FY year but submitted self generated rent receipts for 3lakh to employer with my PAN. Income tax highlighted discrepancy. If I demand tenant to get it corrected
2 years ago
A. Dear Client,
As per the facts mentioned, you should consult your chartered accountant and seek his advice regarding the matter.
Tax Query related to Senior Citizen
My wife who is individual tax payer wants to give 15 Lac from her saving account to my senior citizen mother and purchase pension scheme Pradhan Mantri Vaya Vandana Yojana . My question is related to
2 years ago
A. Dear Client,
As per the facts mentioned, the amount is not taxable but you should anyways declare it in your tax returns. I would suggest you to take further issue related to this to your CA.
Income tax regime
My salary is 1683000 and my basic 49088 per month and 80c deduction 150000 and nps 1500 per month and HRA allocated is 132000 and using 99896. Can you please tell me which regime is good and what I ca
2 years ago
A. Dear Client,
You may take advice from a chartered accountant who would have a better knowledge regarding the matter.
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.
Taxation in NRE fund
My son in UK(NRI) having NRE account in India.I was in middle east,retired recently and back to India.Can I park my NRE fund at son's NRE account and then close my nre a/c and then open resident a/c?H
2 years ago
A. Dear Sir,
Please approach any chartered accountant or advocate specialised in the above matter.
I could have explained more if background is known to me.
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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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Is tax audit applicable in case of F&O transaction
I am resident individual having the following source of income for the AY 21-22 Business income Non speculative loss- 1,00,000 Speculative profit- 20,000 Income from other sources- Interest from FD-
2 years ago
A. Hi,
As an F&O trader if your turnover does not exceed 2 crores you can choose to declare income at the presumptive rate. Under the new clause, an audit is required only if a taxpayer has declared income at the presumptive rate in any of the previous five years but wants to declare losses or income at less than the presumptive rate in the current year, provided his total income in the current year exceeds the basic exemption limit.
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Ayantika Mondal @ Prime Legal
Income tax filing with epf withdrawal
Hi Everyone, i have a taxation query. I joined company1 in 2013 November and the EPF for this company was opened under UAN ,lets call it UAN-A. In september 2016, i left this company and joined compan
2 years ago
A. Hi,
Please visit the UAN portal for knowing the tax details. EPF contributions are tax-deductible under Section 80C of the Income Tax Act, 1961. On meeting certain conditions, you are allowed to make premature withdrawals, and you need to produce documentary evidence for the same.
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Ayantika Mondal @ Prime Legal
