Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

sagar patel

Category : Home loa..,

Solved

December 20, 2018 12:46 pm

Dear Sir,
i have purchase house on my wife name and loan sanction on my name so who is take tax benefit ?

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed:

Amlan Dutta

In the present situation , neither you nor your wife can...Both transfer of property act and Income tax act has to be studied in conjunction to answer this ...Though you are paying for the property and are the deemed owner,it doesn't translate to ownership because the property is not registered on your name ....and unless you area owner , you can claim no benefit under section 24(b) or section 80 C ...i am really surprised on how the bank has given you loan ( no bank does ) ......The house registration and the loan document should be in the same persons name who is the registered owner/co owner .........so take steps to add yourself as co owner to the property to get the tax benefits ........

There are two ways to do this.........
1.) If the property is still under construction ,then you can take up with builder to add your name on the sale deed so that the registration and the stamp duty of the sale deed with your name present as well incur no further charges . ( if property ready to move in and sale deed not registered , this can still work).
2.) If sale deed already registered, executing a gift deed duly registered with the sub registrar of the jurisdiction on a stamp paper (note that the stamp duty and registration charges have to be paid in proportion ...stamp duty is typically 2% of the value of the property along with 1 % registration charge )......In this particular case, i will not advise sale deed . Once you are added as a co owner legally i.e through property registration in your name (and not in deemed manner) ,you will only then be able to claim loan benefit.

(Some tax consultants are of the view that joint reading of section section 24(b) for home loan interest deduction benefit , 64(1) for clubbing of income and relevant sections for co-ownership under the IT act shall allow you the benefit ...i don't however agree to the view after understanding the departments position after studying practical cases in a few scrutiny assessment proceedings)

View Less

December 20, 2018

Like Unlike
0 people

Amlan Dutta

View Less

December 20, 2018

LikeLike Unlike

KEDAR MAURYA

Category : Selectio..,

Solved

December 20, 2018 11:38 am

Hello sir
My friend is a pandit ji and he earn income from pooja and dakshina in marriage , he asked me to advice him to file itr so which itr he should filled, and where he show his income. His annual income is approx 3 lakh.

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Either it can be offered as income from other sources or profession ....If other sources, then one can file ITR 1 and if one wants to offer income from profession , then he has to file ITR 3 .....I will advise to file ITR 1 and show it as income from other sources...

December 20, 2018

LikeLike Unlike

Aurottam

Category : Section ..,

Solved

December 20, 2018 1:55 am

I had filed my Income tax return for AY 2018-19 on 27.8.2018.Thereafter I had revised my return on 24.10.2018 under section 139(5).I had e-verified the revised return.CPC Bengaluru has evaluated my revised return treating it as Original return and imposed a fine of Rs. 5000 under section 234F.Is the...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

No, late fee under section 234F is not applicable to revised return. It is only applicable to the original return. The late fee under 234 F should not be applied if the original return is filed within due date...you should immediately meet your assessing officer and discuss....unfortunately for this...

December 20, 2018

LikeLike Unlike

Gabru punjabi

Category : Deductio.., Rectific..,

Solved

December 19, 2018 5:22 pm

Hello sir
I am central govt employee with my Nps cont. 96000rs and Govt cont. Is also 96000rs
I have my PLI which is also 96000rs
Now how can i claim benefit of 192000(my NPS plus pli)
Can i do like that- 1st Use my 80ccd1b window for nps cont i.e 50k
Remaining 46k i will put into 80C/80ccd1 along...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Yes, you can invest part of your NPS contribution in 80 C .........and balance in 80 CCD(1B) ........and yes, postal life insurance benefit can be claimed in 80 C...........

December 20, 2018

LikeLike Unlike

Gabru punjabi

Thank you sir for ur answer! Are you a CA?

December 20, 2018

LikeLike Unlike