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Poonam

How to show Gift from relative in return(U/s 56(2)...
Sir, My mother given me Rs 12 lakhs from her FD through online mode transaction sometime ago.
my questions is
1. Do I need to pay tax for that money?
2. Do I need to take money either as LOAN or as GIFT ? If I want to earn money through further FDs ( without clubbing).
(What should I do to ma...
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Amlan Dutta
The tax treatment in this case( to be considered as gift) is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......If your mother gift's money to you, , then you are exempted from paying any tax on gift amount as ...
  • November 24, 2018
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mushtaq rangraj

TAXABILITY OF SALARY ALLOWANCES...
Hello sir i am desperate need to help my friends father who got retired from state govt service earlier this year during AY 2018-19. unko retirement pe PF-Rs 12,39,142 gratuity-Rs 7,03,002 aur leave encasement ke Rs 4,39,120 total Rs 23,81,264 rs mile but koi form 16 nhi mila plus last year ki salar...
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Amlan Dutta
You will not COMBINE exempt income under chargeable income ...

Say salary 100 rs , exempt PF is say 10 Rs , exempt gratuity is say 10 Rs and exempt EL encashment is say 10 Rs ...

Then in return , under chargeable income , you are required to show taxable income only i.e 100 Rs and 30 RS IN EXEMPT I...
  • October 17, 2018
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Ramarao

How to show Gift from relative in return(U/s 56(2)...
Hi Sir,
I received an amount of Rs 1,32,000 from my brother who is an NRI , under which category head of ITR1 should it be shown by me or can i take exemption under Gift.
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Amlan Dutta
The tax treatment in this case is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......

Here, since brother falls under relative purview, any sum of money received from assessee by his brother is exempt in assess...
  • August 31, 2018
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cherry

Transport allowance u/s 10(14)(ii)...
Form 16 given by my employer has special allowance. Can i deduct transport allowance while filing my return if not separately mentioned in Form 16
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Amlan Dutta
No , you cannot ...however if special allowance means transport( get it confirmed from employer , then you can ....one cannot mix up allowances much like how one cannot mix up income heads or anything for that matter
  • August 28, 2018
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Rahul verma

Transport allowance u/s 10(14)(ii)...
Sir in form 16 my employer has not shown transport allowance exemption under u/s 10 still Can i claim transport allowance exemption in Itr .
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Amlan Dutta
If transport allowance was part of your salary and the exemption has not been considered by the employer, then you can claim eligible exemption at the time of filing return ...however , if transport allowance itself was not given to you, then there is no question of being eligible for exemption und...
  • July 24, 2018
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PIYUSH

TAXABILITY OF SALARY ALLOWANCES...
Hi Amlan,
I got following exemption from my FORM 16, i hope i have declared correctly . please advise. meanwhile we get 2200 meals coupons every month ( 26400 yearly ) . however there is no mention of this amount in form 16 or in our tax sheet . here is snap from pay roll. thanks
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Amlan Dutta
Yes, this is correct ...well done ...hardly anything for me to answer here .... the first is transport allowances exempt under 10(14(ii) i.e 1600 per month translating to 19200 Rs and the second is actually tax free medical reimbursement until 15000 Rs under section 17(2) ....i am not sure of what h...
  • July 22, 2018
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PIYUSH
ty for quick reply. you are savior. in my next visit to Mumbai , i would surely hope/wish to meet you
  • July 22, 2018
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kevin

TAXABILITY OF SALARY ALLOWANCES...
I got extent exempt under section 10 for
(a) UNIFORM ALLOWANCE
(b) PETROL & VEHICALE ALLOWANCE
(c) MEAL VOUCHER ALLOWANCE
(d) MEDICAL ALLOWANCE

I want to know in ITR1 i need to show it or not and if yes, which section i have to select for same?
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Amlan Dutta
First two under 10(14)(i) and next two under 17(2) ...all; 4 has to be filled in separate rows

Check answer options - video for this answer to check relevant video for your query...Check the recommended videos for specific solutions
  • July 20, 2018
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Aruna

HRA Allowance U/s 10 (13A)...
Hi Amlan,
Thanks for the super helpful videos! Wanted some clarifications.

a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct?

b. While declaring exempt income (under Taxes ...
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Amlan Dutta
Point-wise answer below,
a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in...
Point-wise answer below,    <br />                                                                                                                                                         a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct? <br /><br />Answer - Correct. Section 80GG is for those who do not get HRA benefit and want to seek relief for rent paid<br /><br />b. While declaring exempt income (under Taxes Paid & Verified section), if I've filled Section 10(14)i with the exempt income as mentioned in Form 16. <br />- If I'm getting HRA+Travel allowance + Medical reimbursement, the exempt income would automatically contain the total of all of this, correct? So I should only put the total exempt as mentioned in Form 16, and not do a break up of HRA exempt, Medical reimbursement claimed etc. because it would be doubling it? <br /><br /><br />Answer - Check attached picture ...Say Exempt HRA = 10 Rs , medical reimbursement = 10 rs <br />You will show exempt HRA using 10(13A) and medical reimbursement using any other and description as tax free medical reimbursement under section 17(2) ...you won't club and show 20 Rs . There is no question of doubling when we mention separately .  Rather it gives more clarity ( maybe i am missing what you meant )<br /><br /><br />c. Under Tax Details, when having a single employer, 'Income chargeable under salaries' would be the same as what turns up in Section B1(iv) Income chargeable under the 'head' salaries (i+ii+iii+iv), correct? <br />- Even if my employer has missed out filing for March and I only have 11 months worth showing up in my 26AS (that means auto-fill value is wrong), I fill what is there in Form 16, under Gross total income (which is the same as B1(iv)). <br /><br />Answer - Yes, your concept is right regarding chargeable income, but the field ( Chargeable income from salary) is B1(vi) in the return and point 6 of form 16 <br />In TDS schedule, also you are required to fill the same chargeable income and not the gross salary which prefills the ITR <br />(i have attached a picture to make clear)<br /><br /><br />d. B3 Income from other sources, I've filled out the interest I receive from my fixed deposits. and under 80TTA, I've filled out the total income from interest on savings. <br />- Under Tax Details TDS2 for the bank, for amount which is subject to tax deduction, I would then remove the prefill and put the calculated FD interest+non exempt savings interest, correct?<br /><br />Answer - Your income treatment is correct <br />You will fill it for figures reflecting in 26 as ...whatever interest has been deducted on FD interest and savings interest shall be well reflected in 26 as ...you are required to fill it accordingly ..
Point-wise answer below,    <br />                                                                                                                                                         a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct? <br /><br />Answer - Correct. Section 80GG is for those who do not get HRA benefit and want to seek relief for rent paid<br /><br />b. While declaring exempt income (under Taxes Paid & Verified section), if I've filled Section 10(14)i with the exempt income as mentioned in Form 16. <br />- If I'm getting HRA+Travel allowance + Medical reimbursement, the exempt income would automatically contain the total of all of this, correct? So I should only put the total exempt as mentioned in Form 16, and not do a break up of HRA exempt, Medical reimbursement claimed etc. because it would be doubling it? <br /><br /><br />Answer - Check attached picture ...Say Exempt HRA = 10 Rs , medical reimbursement = 10 rs <br />You will show exempt HRA using 10(13A) and medical reimbursement using any other and description as tax free medical reimbursement under section 17(2) ...you won't club and show 20 Rs . There is no question of doubling when we mention separately .  Rather it gives more clarity ( maybe i am missing what you meant )<br /><br /><br />c. Under Tax Details, when having a single employer, 'Income chargeable under salaries' would be the same as what turns up in Section B1(iv) Income chargeable under the 'head' salaries (i+ii+iii+iv), correct? <br />- Even if my employer has missed out filing for March and I only have 11 months worth showing up in my 26AS (that means auto-fill value is wrong), I fill what is there in Form 16, under Gross total income (which is the same as B1(iv)). <br /><br />Answer - Yes, your concept is right regarding chargeable income, but the field ( Chargeable income from salary) is B1(vi) in the return and point 6 of form 16 <br />In TDS schedule, also you are required to fill the same chargeable income and not the gross salary which prefills the ITR <br />(i have attached a picture to make clear)<br /><br /><br />d. B3 Income from other sources, I've filled out the interest I receive from my fixed deposits. and under 80TTA, I've filled out the total income from interest on savings. <br />- Under Tax Details TDS2 for the bank, for amount which is subject to tax deduction, I would then remove the prefill and put the calculated FD interest+non exempt savings interest, correct?<br /><br />Answer - Your income treatment is correct <br />You will fill it for figures reflecting in 26 as ...whatever interest has been deducted on FD interest and savings interest shall be well reflected in 26 as ...you are required to fill it accordingly .. +2
  • July 20, 2018
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Srinivas Thotakuri

HRA Allowance U/s 10 (13A)...
Sir, how to show HRA.whether it is to be deducted from salary head in ITR1. What about IR and special pay
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Amlan Dutta
If HRA is taxable , it is already included in your gross ...no need to show it separately ...if it is exempt and considered by your employer , then shall reflect under section 10 exempt allowances in Form 16 ...in this case , you will show it separately in exempt income reporting section under 1...
  • July 17, 2018
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Ravi

TAXABILITY OF SALARY ALLOWANCES...
Hi Amlan,
My form 16 section 2 has sum of all exemptions (HRA, Transport and payment towards medical). So can I consider all 3 and mention as exemption or I just have to include only Transport allowance which is 19200. Please clarify. I've watched your video https://www.youtube.com/watch?v=S6OSkplYm...
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Amlan Dutta
You will mention all of these separately in exempt income reporting part ...
1.) For transport use section 10(14)(ii) ...
  • November 27, 2018
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BIBEK

How to show Gift from relative in return(U/s 56(2)...
Gifted money to my mother. Will she show it in exempt income? And where should i mention it in my itr?
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BIBEK
My mother will show it in exempt income. True.
But do I also have to show it in my itr that i gifted a sum to my mother? If yes, where?
  • July 15, 2018
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BIBEK
Thank You for clearing my doubt.
  • July 15, 2018
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PATEL BHAVESHKUMAR SUDHIR

TAXABILITY OF SALARY ALLOWANCES...
HI AMLAN,

में एक गवर्नमेंट (शिक्षक) एम्पाय हू . ये मेरी सेलेरी स्लिप है. आई.टी.आर.१ में इसमे से कोनसे एलाउंस कहा बताऊ .हेल्प....
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Amlan Dutta
(Next time be very careful to select question category to avoid question entry getting deleted )

Take your form 16 and do the required ....if you are expecting that i study your salary slip and explain to you the taxability of allowances, i am sorry i don't do spoon feeding ...however, there is a muc...
  • July 15, 2018
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PATEL BHAVESHKUMAR SUDHIR
Add my form no 16.
  • July 15, 2018
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