Questions How to fill nature of income in ITR1 (exempt)

Normal Grid Pagination Scroll

Select Category
Close
Save

SUDHIRA PRUSTI

Category : Income t.., Exempt G.., Taxabili..,

Unsolved

December 14, 2020 6:38 pm

Select Category
Close

Income tax

My father got retirement benefits this year . The retired benefits are
1. Leave encashment from government full exempt tax
2. Gratuity
3. Commuted Pension

his annual pension for that financial year was Rs 293079

When I want to claim these exempts retirement benefits under section 10 (10A) , 10...

Recommended

User

Hide Placeholder
Hide Discussion

lucky

Category : ITR 1.., How to f.., Common I..,

ITR 1

How to fill nature of income in ITR1 (exempt)

Common Issues

Salary (ITR 1)

RETURN FILING

Employer category

Solved

August 24, 2019 8:59 pm

Select Category
Close

ITR 1

HI DEAR AMLAN
MY UNCLE RECIEVE PENSION FROM DEFENCE AND ALSO GOT ELLECTED IN DSC (EX-ARMY SERVICES)
ANUAL PENSION 350000
SALARY 710000
1. IS PENSION EXEMPTED
2. ADD BOTH IN SALARY AND THE FILE ITR 1
3. HOW TO DESCRIBE PENSION AND SALARY IN ITR 1

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Pension is not exempt , pension shall be added to salary and offered under salary head in the ITR ...Note that standard deduction under section 16 for lesser of salary or 40,000 rs ( For AY 2019 20 and 50,000 Rs for AY 2020 21 ) shall be available ....... ...

December 11, 2019

LikeLike Unlike

DIVYANSH TRIPATHY

Category : How to s..,

Solved

August 9, 2019 3:27 am

Select Category
Close

How to show Gift from relative in return(U/s 56(2)

Hello sir. I received rs.30500 from my father as a CASH but I deposited in my bank account. FIRST ALTERNATIVE -- If I show in exempt incomes for reporting purposes by/s 56(2)X then any evidence required.( means I don't have evidence regarding these .) .. SECOND ALTERNATIVE--- is it ok to not to sh...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Not needed but better to execute a gift deed for evidence and better to show it in ITR ...there is no such thing called threshold limit etc ...any amount from relative is exempt ...if it was not deposited in bank , then it could have been avoided ...now that it has been accounted better to show it ...

August 9, 2019

LikeLike Unlike

Ajay Kumar Verma

Category : HRA Allo..,

Solved

August 8, 2019 10:05 am

Select Category
Close

HRA Allowance U/s 10 (13A)

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...

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed:

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.]

View Less

August 8, 2019

Like Unlike
0 people

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

LikeLike Unlike

0 people

View all replies

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

LikeLike Unlike

0 people

View all replies

Ajay Kumar Verma

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

August 8, 2019

LikeLike Unlike

0 people

Amlan Dutta

View Less

August 8, 2019

LikeLike Unlike

View all replies

All Questions -> How to fill nature of income in ITR1 (exempt) -> All Types