D ROY
16 July 2023 at 23:38
My mother aged more than 80 years is receiving monthly state allowance from Govt. of West Bengal , as a widow of Freedom Fighter (under SSS pension scheme). She has no other income except interest and central freedom fighter pension (SSS pension scheme). Whether monthly state allowance from WEST BENGAL GOVT. is taxable or not. If tax rebate is applicable , then mention please "Under Section".
Daveli Venkannababu
13 July 2023 at 17:59
Nature of exempt allowances Dear sir /madam Allowance to meet expenditure incurred ??Any salaried assessee can claim below mentioned allowance please can one clarify sections its importance . if employer not given salary break -up or salary structure (employer pay consolidated pay to employee then employeee split his /her salary break up while filling income tax returns 1.)Sec 10(14)(i)- Prescribed Allowances or benefits (not in a nature of perquisite)specifically granted to meet expenses wholly, necessarily and exclusively and tothe extent actually incurred, in performance of duties of office or employment 2)Sec 10(14)(ii) -Prescribed Allowances or benefits granted to meet personal expenses in performance of duties of office or employment or to compensate him for increased cost of living. 3)Sec 10(13A)-Allowance to meet expenditure incurred on house rent If an assesse can claim exemption above mentioned sections
Daveli Venkannababu
13 July 2023 at 01:18
Dear sir /madam
Allowance to meet expenditure incurred ??Any salaried assessee can claim below mentioned allowance
please can one clarify sections its importance . if employer not given salary break -up or salary structure (employer pay consolidated pay to employee then employeee split his /her salary break up while filling income tax returns
1.)Sec 10(14)(i)- Prescribed Allowances or benefits (not in a nature of perquisite)specifically granted to meet expenses wholly, necessarily and exclusively and tothe extent actually incurred, in performance of duties of office or employment
2)Sec 10(14)(ii) -Prescribed Allowances or benefits granted to meet personal expenses in performance of duties of office or employment or to compensate him for increased cost of living.
3)Sec 10(13A)-Allowance to meet expenditure incurred on house rent
If an assesse can claim exemption above mentioned sections
Anonymous
10 July 2023 at 21:22
While paying self assessment tax challan for AY 23-24, I selected advance tax for AY 24-25 by mistake,
I submitted letter to AO for correction of mistake,15 days ago, but corrections have not yet been made
Now if I receive demand notice, how to reply it and close the matter?
Upendra Sharma
08 July 2023 at 22:28
shifted last year to Singapore in Dec 22 for Job .
Pls note when filing IT return in India for the FY 2022-23, I will be paying tax for income earned in India from April -Nov 22
My question is for the income earned after my shifting to Singapore i.e from Dec 22 to March 23 is taxable in India?
Please note from Dec 22-March 23 I will be paying tax in Singapore also.
Appreciate your kind advise
Upendra Sharma
08 July 2023 at 11:44
I shifted last year to Singapore in Dec 22 for
Job
Pls advise when filing IT return in India for the FY 2022-23 I will be paying tax for income earned in India from April -Nov 22
My question is for the income earned after my shifting to Singapore airlines i.e from Dec 22 to Merch 23 is taxable in India?
Please note from Dec 22-March 23 I will be paying tax in Singapore also.
Appreciate your kind advise
Anonymous
03 July 2023 at 14:36
Supplier uploaded March invoice on 14th April 23 in his GSTR1. Invoice reflected in GSTR2A but not in 2B. If we take its ITC in our GSTR3B and file our returns. What is penalty for it and under which section
Anonymous
30 June 2023 at 15:18
QRMP dealer has not filed GSTR3B for March 23 returns. When will department cancel GST suomoto . After 1st July or due date of filing reurns, 22th July. please clarify
Anonymous
26 June 2023 at 17:27
Can an unregistered Trust apply for its First PAN after resignation of some of the members mentioned in the Trust deed?
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Home loan deduction without being co-owner but co-borrower
Hi Team,
In 2017 - My Father paid the amount and got the property(2400 sq ft plot) registered in my Mother’s name alone. My mother is the sole owner as per sale deed. We wanted to build a house on that plot. Since my mother had no source of income, bank made me co-applicant and I along with my mother took home loan. Later on I being co-applicant paid EMIs and claimed home loan interest and even deduction in 80c for home loan principal while filing tax returns. In 2021 - My father expired. In 2022 We took top-up loan jointly in the name of me, my mother and my brother(for taking tax deduction for home loan interest and principal) and constructed 1st floor and it is self occupied. Construction is complete and we have occupied the building same year.
Bank manager told if my mother is not claiming home loan interest and 80c deduction then I being co-applicant can claim. So I claimed and never got any notice/enquiry from Income tax department. I think Income tax will check via cibil if a person is having any home loan or not. That’s why they might have not asked for further clarification.
This year I got to know that only if we are the co-owner then we can take deduction for home loan interest and under 80c for home loan principal.
I want to know how can I add my name and my brother’s name to the co-owners list along with my mother which can be accepted by Income tax of India in case of query.
If we execute via gift deed - we end up paying 3-4% of property value via registration and stamp duty charges. Also in future if we rent out this property. We need to show rental income as well.
If we can make non-registered legal agreement with the help of notary involving my mother, brother and me stating “my mom is not claiming any deduction and we are the legal heirs. So my brother and I wish to claim equal home loan related deductions”. Provide a copy of this agreement to bank and take deduction while filing IT return. If we get any notice - will it stand as a proof. Can income tax officials accept this?
Since the property is mortgaged with the bank. In the Encumbrance Certificate (EC) - if I apply and get for EC till today - we see my name, my mother’s name and my brother’s name under owner and it is pledged with bank. Can it be shown as proof of ownership to income tax officials?