Sir
i have one house property for which i am geting self Lease from company & Comapny are doing me payment after TDS ( Rs.2060 per Month ) rs 18540 , So Please guide me how can i capture this income in my ITR , so i can get Refund of said TDS
Thanks
Parihar Gopal (Corporate Taxation ) (392 Points)
22 June 2011Sir
i have one house property for which i am geting self Lease from company & Comapny are doing me payment after TDS ( Rs.2060 per Month ) rs 18540 , So Please guide me how can i capture this income in my ITR , so i can get Refund of said TDS
Thanks
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 June 2011
your house property income will be 20600 (18540+2060) and tax will be computed on this amount
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 22 June 2011
your total income for the year will be 20600*12 = 247200
Less 30% deduction = 74160
Taxable income of House Property = 173040
Being an individual for A.Y. 2011-2012, basic exemption to you will be Rs. 160000
you have to pay tax of Rs. 1304 + cess 3% = 1343
TDS deducted by company = (2060*12) = 24720
Refund = 24720-1343 = 23377
you should apply for lower deduction of tax u/s 197 in subsequent years as your TDS is deducted at a higher rate then average rate of tax in your case.
Parihar Gopal
(Corporate Taxation )
(392 Points)
Replied 23 June 2011
Dear Mehta ,
The selfleas Amount have already Taxed as perks in my salary and tax have been also deducted by company & same has been deposited , How can i get the benefit of tax deducted by company from the self Lease Amount & the house for which i am taking Self Lease is taken by me as self occupied .
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 23 June 2011
Dear Mr Gopal,
What I have understood is - You have given your own self occupied house on lease to your employer company. They pay you for lease at Rs. 18540 net of TDS of Rs. 2060.
You have to provide details of your perquisites. what is taken as perqs.
Is TDS deducted from salary as well ?
Kindly elaborate your query.
CAclubindia
