Income Tax queries [13623]

Dear Expert(s),
My father has been alloted a flat by a co-op Hsng socy and that is the leagal ownerhip in this case. We have availed a home loan where i m co-borrower. My father has contributed to the extent of 40% of cost and rest is funded by way of a loan where I will be practically paying the whole of EMIs. Since i m not a co-owner i propose to receive some share in the house property from my father as gift. I propose to receive a nominal share as gift, as higher share would entail higher stamp duty payment. Now my questions are as under:

1) Will such gifting certain share by the owner (father) to me (Son), without adequate consideration, will create co-ownership in my favour.

2)Will any inter-se agreement where the Owner recognises me as co-owner with definite share say 60% and relinquishes his right to claim house loan deduction,executed on a 100/- (or Rs.200/- as an affidavit) stamp paper will create ownership in my favour?

2) For claiming deduction u/s 80 C as well as u/s 24, will my deduction be restricted to my share in property or it will be max. Rs.1,00,000 for principal and Rs. 1,50,000 for interest ?

siva kumar

19 July 2008 at 14:30

Filling of return of salaried person (earned outside india)

Mr.A is a employee of software company.

He worked in india for 2 month. His salary is Rs.30,000 p.m & tax deducted say Rs.3000.
Thereafter his company send him to uk for the remaining 10 months. Salary is paid in foreign currency & credited in foreign currency bank a/c. Tax also deducted as per UK tax laws.

1) Whether he has file the return for the income earned outside india?

2) If no, whether he can get refund for the tax paid in india since his income doesn't exceed the basic exemption.

Clarify the above query with relating supporting

Rupesh Maheshwari

19 July 2008 at 14:20

salary income

what are the different methods thru which an assessee having salary income can reduce his tax liability??????

or

how tax planning should be done by a salaried assessee??????