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Ajay Kumar Verma

Category : HRA Allo..,

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August 8, 2019 10:05 am

Dear sir kindly solve my query and make a video..........In the last financial year I was renting and I bought home in the same financial year, I took home loans and its EMI started from July 2018 and I got possession in February 2019. Therefore my query, can I get the benefit of both HRA and home l...

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Amlan Dutta

If you stay in your own house, you won't be getting HRA tax exemption benefit but you will be still getting HRA but whole of it shall be taxable since you are not staying on rent anymore to claim HRA exemption...
Say you are getting 10,000 Rs per month HRA i.e 1.2 lakhs yearly , so you will continue getting it but now whole 1.2 lakhs gets added to chargeable income when you stay in your own house ..

Now, when you stay on rent based on rent values , a part of HRA gets exempt ...say for example 20,000 Rs...Then only 1 lakh from HRA allowance gets added to your chargeable income
Why this happens is because the HRA exemption is calculated based on the rent paid( if you study the formula for computation for HRA ) ...in absence of it, whole HRA paid becomes taxable

Note that HRA allowance falls under income from salary head ...

next whether you are eligible home loan deduction benefit surely you are and for a self occupied house the loan outgo ( interest) until upper cap for 2 lakh rs is the present limit u/s 24 B..note that this falls under income from house property head ...neither has any bearing on each other ......Section 80 EEA is saving section for home loan interest however subject to certain condition . It is not for FY 2018 19 and has been introduced in Budget 2019 i.e FY 2019 20 ...
If yours is a affordable house (self occupied/rental), then further to the upper cap of 2 lakhs home loan interest, you can now avail a additional home loan interest benefit until 1.5 lakhs under section 80 EEA ................ so say your home loan interest repayment is 3 lakhs , then in income from house property you can claim benefit until 2 lakh rs U/s 24 b and you can further avail benefit till 1.5 lakhs under section 80 EEA.
Definitions for affordable housing based on the valuation and the carpet area of the house
1.) Stamp Duty Value is up to Rs 45 Lakh.
2.) In metropolitan cities the carpet area of up to 60 sq m (645 sq ft)
3.) In non-metropolitan cities the carpet area of up to 90 sq m (928 sq ft)
Note: Metropolitan cities are Chennai, Bengaluru, Hyderabad, Mumbai, Kolkata and Delhi NCR.]

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August 8, 2019

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Ajay Kumar Verma

Actually, the concern is that I was living on rent till March 2019 and I had shifted to my own home in end of March 2019 and at same time I was paying home loan EMI from July 2018. । so my query is can I got both benefit of full limit i.e HRA and home loan

August 8, 2019

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Amlan Dutta

In short the answer is yes.

You will get HRA exemption based on the rent that you paid during the relevant period i.e 1 April 2018 - 31st March 2019 ...Whatever rent you paid during this period(assuming that rent exceeds 10% of your salary) can be used for claiming HRA exemption ...For the purpose of...

August 8, 2019

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Ajay Kumar Verma

Thanks a lot sir for your response, you cleared my doubt.

August 8, 2019

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Amlan Dutta

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August 8, 2019

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aruns25

Category : 80 C Ded..,

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August 7, 2019 3:09 pm

Sir...can we claim deduction U/s 80C for 5-Year Post Office Recurring Deposit Account?

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Amlan Dutta

I don't think so. Only 5 year postal time deposits( I.e fixed deposits ) enjoy 80 C deduction benefit and not recurring deposits. Even under normal circumstances, tax saving FD's alone enjoy 80 C deduction and deposits of recurring type.

August 7, 2019

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ANIL JARIWALA

Category : ITR 3..,

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August 6, 2019 10:25 am

Hi Amlan,
I have downloaded Excell utility for filling return itr 3 for the A.Y.2018-19 which is updated just two days ago on 01/08/2019...
On validating of "schedule part A-General "
I am getting error relating for following issue....
1.please select condition for residential status in schedule par...

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Subhasish mishra

Category : Taxabili.., Taxabili..,

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August 4, 2019 11:50 pm

Tds of approximately 16000 is dedicated on my lottery winning of 50k. It is showing in my tds deducted section also. I have certificate for this deduction also. Please explain how I can get this 16000 back as my net income is below 3l.

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Amlan Dutta

In short you wont be able to claim back refund of deducted tds in this case because lottery winnings don't enjoy any slab or basic exemption limits and is taxed at flat rate of 30% which after adding cess will amount to 31.2% u/s 194 B i.e in this case 0.312 x 50,000 = 15,600 Rs

TDS will be ap...

August 5, 2019

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Jitendra B

Even if lottery win amount was the only income during the financial year, the 31.20% tax is payable no matter what?

August 7, 2019

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Jitendra B

That means Govt does not want a person to make a living just on lottery income. If one decides to make a living just on lottery income, govt says to pay full tax.

August 10, 2019

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