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Preetam

Category : Income f..,

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July 29, 2018 3:38 pm

What amount is required to be filled in Letable value?

I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year?...

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Amlan Dutta

This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy ....
For you the rent is to be considered 60,000 rs only (Scenario 2 applies to your case ) .........................
Scenario 1 - When the actual rent received or receivable is more than the expected rent despite the vacancy , in that case the gross annual value is taken as actual rent received as it is higher than the expected rent ...expected rent is higher of the of the municipal value or fair rent .....

Scenario 2 - When the actual rent received or receivable is less than the expected rent due to the vacancy of the property for some time during the year ......The gross annual value shall be actual rent received or receivable (For period let out) for calculating Income under the head House Property even if same is less than Deemed Annual Value. This provision is brought to ensure that an assessee is not harassed in cases where he has already lost rent for few months.
Act " Section 23(1)(‘c) is “where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable”.

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November 26, 2018

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Amlan Dutta

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November 26, 2018

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Vishal D

Category : Tax Comp..,

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July 29, 2018 1:31 pm

Sir

Bank has already deducted TDS of 10 percent on FD interest. So if I show the whole amount under income from other sources, since I fall in 20 percent bracket it shows 20 percent as TDS to be paid but I only want to pay 10 percent remaining. Then how do I put the amount under income from other s...

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Amlan Dutta

The taxes will get computed at 20 % but since you have already paid 10 % , so despite computing tax as per slabs ( say it works out to be 20% ), you will get credit of TDS paid of 10% which you will be claiming in TDS schedule ( schedule2) and in effect required to pay only balance ( tax liability -...

July 29, 2018

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Vishal D

Category : Tax Comp..,

Solved

July 29, 2018 12:06 pm

Sir,

1.Under 26AS form, an income is showing from Regional office i.e. 194A but I do't know what income is that, as I have not got that income. So do I still need to pay TDS on that amount.And how can I rectify or remove that amount which is showing against Regional office.

2.Under form 26AS the amoun...

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Amlan Dutta

1.) Take up with the regional office ...it is some kind of interest income since TDS u/s 194 A denotes interest income...perhaps they have deducted for some other employee with identical PAN and put your PAN in their place ....unfortunately since it appears in your 26 as , assessing office may call ...

July 29, 2018

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PARTHA SARATHI MAJEE

Category : Arrear R..,

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July 29, 2018 9:04 am

Amlan sir, Is there any specific rule of calculating arrear ...

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I don't have time to go through all these but i get your point... in short , whether you got relief in those years for arrears credited in those years from earlier years is irrelevant and doesn't prevent /alter the computation method for arrears received in the income year ...........................

August 31, 2018

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PARTHA SARATHI MAJEE

One of the CA told me you should add two arrear ie first and then second in your total income of 2014 -15 and 2015-16 in calculation of including part when u getting 2nd time arrear for the same year as u got relief earlier say if relief got in fy 2016-17 for the arrear of 2014-15 and 2015-16 and no...

August 31, 2018

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Amlan Dutta

August 31, 2018

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