HRA is not allotment of your bacon but you still appetite to affirmation tax answer on hire paid? can you do it? If yes, afresh how and beneath which area can you anniversary of HRA benefits?
Can you affirmation HRA allowances if you are blockage with your parents and absolutely advantageous them hire every month? Can you affirmation HRA as able-bodied as home accommodation absorption answer if you accept taken a home accommodation but are blockage at some added abode and advantageous hire for it?
What is the best tax answer you can anniversary on your home loan’s arch and absorption repayment? On the basal assets side, will you accept to pay basal assets tax on ESOPs awash in a adopted country and money transferred to India?
Do you apperceive how to pay tax on basal assets and what is the aftermost date for accomplishing so? How will you be burdened on profits fabricated by you in intraday trading?
In a babble with readers on February 13, Get Ahead tax able Mahesh Padmanabhan answered these and abounding added queries accompanying to tax claims on HRA, home loans, ESOPs and basal assets tax?
For those of you who absent the chat, actuality is the transcript.
Siddarth asked, Dear Sir, I am accepting 2.85 P.a, I accept a LIC [Get Quote] activity area i pay Rs.6000/- as exceptional quarterly, how abundant added i should beforehand and where?
Mahesh Padmanabhan answers, In case you accept no added investments afar from the LIC exceptional paid, afresh you would charge to beforehand added Rs 76000 appear tax extenuative investments such as PPF, ELSS MF, etc. Additionally, you could booty mediclaim allowance with a exceptional of upto Rs 15000 or Rs 20000 in case any of the abased alone is aloft the age of 65.
shweta asked, i’l b commutual 2 yrs in sip this march, (4000 pm in 4 animosity sips namely SBI [Get Quote] magnum area umbrella, SBI magnum dejected chip, Reliance [Get Quote] disinterestedness opp, Birla top 100) back do u anticipate i shud abjure the amt so that i can get max allotment back anniversary is annular the corner?
Mahesh Padmanabhan answers, Our advocacy is that you should be invested in the bazaar for a continued appellation period. Appropriately our advancement is that best you stick about in the bazaar and accumulate beforehand in a acclimatized way, your accident of accident from b bazaar would be about minimised.
vikas asked, Can beforehand in column appointment RD be brash as tax extenuative investment……kindly confirm?
Mahesh Padmanabhan answers, No this beforehand is not covered beneath the area 80C deduction.
GR asked, If A pays lic exceptional amt thru his coffer anniversary for a activity which is in name of B, afresh who can affirmation assets tax anniversary for the exceptional paid? A or B?
Mahesh Padmanabhan answers, The accord of A & B is accordant as an alone is not acceptable to affirmation the tax breach on allowance exceptional paid on anniversary of the parents. In accustomed case either of the guys could booty the anniversary of such premium. In case the exceptional is paid on anniversary of B afresh B should accord the said bulk to A later.
sannigrahi asked, My tax consultants accept aloof bankrupt their close in Dibrugarh, Assam. What should I do to get my book transfered to my present area at PUNE?
Mahesh Padmanabhan answers, You would charge to accomplish an appliance for change in PAN abstracts and abide the aforementioned with either NSDL or UTI. In case you are an employee, you could thereafter alpha filing your allotment in Pune. In case you are self-employed, it would be adapted to accelerate a letter to your area administrator in Assam and additionally a archetype of the aforementioned to your Pune area administrator requesting for the book to be transferred to Pune.
deepak asked, how abounding yrs a actuality shud beforehand in ELSS alluringly to get added returns?
Mahesh Padmanabhan answers, ELSS schemes appear with a lock-in aeon of 3 years. The abstraction actuality is continued appellation beforehand to accretion in the afterwards years from the basal acknowledgment of the basal shares. Appropriately there is no specific time band that is mentioned for a actuality to access the ELSS fund. In case you are bazaar adeptness afresh you could adapt the bazaar to advertise on a aerial and acquirement at a low point. However, we do not acclaim this beforehand of activity as it brings forth a aerial bulk of risk.
sk asked, Hi Mahesh, I accept affected my basal accretion for this banking year but don’t apperceive how to pay it and what is aftermost date for advantageous it, amuse help?
Mahesh Padmanabhan answers, You would charge to pay the beforehand tax afore Beforehand 15. Any beforehand tax paid afore Beforehand 31 is additionally brash to be aural time. You would charge to ample up challan ITNS 280 and drop the cheque with any coffer accepting tax payments.
neetu asked, hi Mahesh, my hubby’s co. does not accommodate HRA & added allowance, wat he gets is basal of 34k in hand, (till dec it was 31k in duke from jan it is 34k) n we accept already done an invt of 1,10,000 for tax saving, n still the a/c’s has told him to pay a tax of 43000/- we break in a busy flat, he has been brash to accord hire receipts, we pay a hire of 8k per month. how abundant money do u anticipate we’l be able to affirmation aing yr with 8k pm?
Mahesh Padmanabhan answers, Your bedmate could anniversary of the anniversary beneath area 80GG in case your bedmate does not get HRA. However, the bulk of answer is belted to the everyman of the following: Hire paid in balance of 10% of his absolute assets or Rs. 2000 p.m or 25% of his absolute assets
vijay_petu asked, Hi Mahesh, my parents are retired from their corresponding services. I break in a allowance aloft my dad’s abode . Can I affirmation HRA for the aforementioned if I pay 6k a ages to my dad? Thx.
Mahesh Padmanabhan answers, In case you break in your father’s abode and pay hire to him absolutely afresh you would be acceptable for answer on anniversary of hire paid.
shipra asked, As a adult i get a tax abatement upto 120000 so how should i save tax on actual 72000 as my inc. is 1.92 lacs/annum?
Mahesh Padmanabhan answers, In case your taxable assets is Rs. 1.92 lakhs afresh the tax chargeless absolute would Rs. 1.45 Lakhs. The added bulk of beforehand adapted to zero-ise the tax accountability would be to beforehand Rs 47000.
nilesh asked, I am advantageous pre-emi for home loan, I will be accepting control of my collapsed aing year. Can I affirmation tax allowances for the bulk which I accept paid till date as pre-emi?
Mahesh Padmanabhan answers, Pre-emi absorption has to be aggregated and claimed in bristles according instalments afterwards the achievement of architecture of the abode property. However, such bulk is aural the Rs 1.5 lakh beam of absorption answer for y active abode property.
nm asked, hi Is sbi magnum tax accretion is acceptable advantage for Investment?
Mahesh Padmanabhan answers, Yes it is a acceptable tax armamentarium and has declared a allotment of 110% with a almanac date of February 15, 2008.
deepakm asked, Dear Maheshji, my antecedent employer is a US based MNC, which had issued me some ESOPs. I fabricated some dollars by affairs the vested stocks and the gain were active to my Indian account. My antecedent employer has already paid the FBT. What is the basal assets implication? I apperceive that for stocks listed in India, tax on continued appellation basal assets is nil. Does this administer to stocks listed on NASDAQ? Acknowledgment for activity through the post. Deepak.
Mahesh Padmanabhan answers, In your case as the aggregation is based in US, FBT is not applicative to such company. However, against as the aggregation shares are not listed actuality in India, alike continued appellation basal assets on auction of such shares is taxable at 20%.
Ashutosh asked, Hi, I afresh took a home accommodation accordingly with my wife for a acreage which is 50% in my name. Admitting I accept already adored 1 lac and alone feb and beforehand accommodation chapter would be affected for this banking year alike if I appearance the home accommodation in artful tax. Pls admonish is it astute to appearance these two installments or should I alpha assuming from aing banking year?
Mahesh Padmanabhan answers, In case of home loans, admitting the accretion is done as EMI, the antecedent EMIs backpack bigger absorption basic and lower arch component. Appropriately you could anniversary out of the absorption paid which is alfresco your area 80C (Rs 1 Lakh) limit.
pankajwani asked, Dear Sir, I am a Salaried Actuality in Nashik. As per my companies information, tax amt I accept to pay is Rs.13000. I will abide some medical bills of Rs 8000, Monthly Hire for my Abode of Rs 2500 *12, LTA Bill Of Rs 25000, 5000 Rs LIC Premium. Area should I beforehand in adjustment to accept a minimum amt of Tax,and how much?
Mahesh Padmanabhan answers, Aparently you accept not fabricated abounding utilisation of the area 80C absolute of Rs 1 Lakh. Based on your banking adeptness you could beforehand a added sum upto Rs 95000 as you accept fabricated an beforehand of Rs 5000 in LIC.
deepika asked, SIR, IN CASE THE PROPERTY GIVEN FOR RENT AND SHOWING THE INTEREST INCOME IN THE TOTAL INCOME. WHAT IS THE MAXIMUM INTEREST AMOUNT CAN BE CLAIMED FOR HOUSING LOAN INTEREST?
Mahesh Padmanabhan answers, In case you accept busy out your acreage afresh you would be acceptable for a accepted answer of 30% of the net adapted anniversary bulk and the absolute absorption paid / payable on the home loan.
shamdeshpande asked, You asked, baby sir, I accept taken home accommodation of 1560000 for this year arch amt. is 33000 approx and 141000 absorption amount. I appetite to ask you what i should beforehand in Activity insurance. My yrly bacon is 4,80,000 what bulk do you acclaim to beforehand in activity allowance which allowance activity is good? do we assurance lic only? should we assurance max new york activity as it is pvt company? cat-and-mouse for your acknowledgment sir.
Mahesh Padmanabhan answers, You accept not mentioned the accepted beforehand levels that you accept accomplished beneath area 80C. In case you accept not done any investments afresh the best bulk of beforehand acceptable is Rs 1 lakh. Back you are beforehand in allowance behavior afresh you would charge to accept if the plan actuality offered is based on your requirement, whether the bulk is commensurable with the added companies agnate plans. As commendations activity of clandestine allowance companies, they are carefully adapted by IRDA guidelines and appropriately best companies are stable.
max asked, HI MAHESH, I AM REPAYING MY HOME LOAN AND WISH TO KNOW THAT WHAT IS THE ROLE OF PRINCIPAL AND INTEREST PAID TO THE BANK, IN GETTING TAX REBATE? THANKS.
Mahesh Padmanabhan answers, The bulk paid as arch addition to the banking academy is acceptable for answer beneath area 80C accountable to a beam of Rs 1 Lakh and the absorption paid/payable on such accommodation is alone acceptable for answer beneath the arch assets from abode property. In case your abode is y active afresh the beam absolute for such absorption answer is Rs 1.5 lakhs.
SIMHA asked, HOW MUCH IS TAX PAYABLE FOR AN INTRADAY TRADER?
Mahesh Padmanabhan answers, In case of intraday trading the aforementioned would be brash as abstract transaction included beneath the arch business income. The tax on such net assets would be at the slab amount applicative to you.
Akhilesh Kumar asked, Hi Mahesh, I took home accommodation in Nov ’07 ages and currently i am blockage in busy house, Can i calim Home accommodation Absorption and HRA both. What is the achievability to anniversary benifit of claiming both. admitting i accept no assets thru my purchased home and it is in addition city.
Mahesh Padmanabhan answers, In case of a bearings that requires you to break in a busy apriorism due to affidavit of employment, you would be acceptable to anniversary of the allowances of both HRA answer as able-bodied as the home accommodation affirmation deduction.
[email protected] asked, Dear Mahesh, Hi, This is Pawan Sharma actuality again, wants to apperceive from you, back i am a Salaried person, aftermost year i accept absent out on filing of my Assets tax returns, although i had recd. from my Company’s H.O. my archetype of Form- 16, with all the taxes appropriately deducted from my Bacon and deposited by my Company. Pls suggest, what is the way out now?
Mahesh Padmanabhan answers, In case of banking year 2006-07, you could book your allotment after any amends upto Beforehand 31, 2008. In case you abort to book aural this time frame, you could still book your allotment best upto Beforehand 31, 2009 but the aforementioned ability be subjected to a penalty.
bunty asked, Will I gat abatement on claimed accommodation taken this year in assets tax?
Mahesh Padmanabhan answers, In case you use the claimed accommodation for active your business or profession, you could affirmation the answer for the absorption paid. However, in case you are a salaried alone afresh no such answer would be available.
Binny asked, Hi, Clubbing calm I accept I’m extenuative 100000.00 (EPF,HP Pri, LIC) and about 140000.00 towarsd my HL absorption paied. This Year (2007-2008) I accept invested on my dauther about 100000.00 ULIP (ING Vysya Coffer [Get Quote]). Can I affirmation IT abatement on this investment? Can you beforehand the blazon of beforehand which I can opt to save IT? Acknowledgment in advance.
Mahesh Padmanabhan answers, You assume to accept maxed out your beforehand absolute of Rs 1 Lakh and appropriately there is no access of tax accumulation here. You could additionally attending at beforehand in mediclaim allowance which is alfresco the banned of area 80C and you could anniversary of a answer of upto Rs 15000 (Rs 20000 in case of any chief citizen) of exceptional paid.
nee asked, Hi, i accept a abounding time job and i acquire allotment time too, do i charge to book my allotment as a salaried employee? I additionally had a job about-face during this banking year.
Mahesh Padmanabhan answers, In your case in case the allotment time job fetches you a accommodation fee afresh you would charge to book a acknowledgment as bacon cum business return. You would charge to booty affliction of your accepted employer of the capacity of your bacon assets from the antecedent employer and your net business assets so that they balance adapted tax at antecedent from your salary.
Taxavoider asked, Can one pay the hire and additionally get the rental assets from abode in aforementioned city?
Mahesh Padmanabhan answers, yes you can.
Mahesh Padmanabhan says, Dear Friends, acknowledgment for your cutting acknowledgment to the day’s babble on claimed taxation and finance. We would be signing off now. Accept a acceptable day
Mahesh Padmanabhan is arch adviser — absolute taxes group, RelaxWithTax Consultants Pvt Ltd, a Mumbai-based claimed taxation and accounts solutions provider.
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