Hi All,

I have an apartment that I am planning to gift it to my parents after I close home loan. I will be closing loan by August end. Currently and in future too my parents does not intended to stay at this apartment. Hence once I close loan I will not be able to claim Principal and Interest component, however as I will be gifting home to my parents, once gifting procedure is done, I will be paying rent for this apartment to my parents. Based on this scenario I have following questions:
1. As I will be gifting this home to my parents, hence legally it will be theirs. For this home can I pay rent to my parents and claim HRA once gifting process is complete and I enter rental agreement with my parents? Though I have paid complete money for this apartment.
2. Can I claim HRA as well as home loan interest, principal component for same home for this financial year?
3. Do I need to declare somewhere while filing next IT return that I have gifted my home to my parents? As in past financial years I have claimed interest and principal component of home loan for deductions under relevant sections?
4. What rent amount I should be paying to my parents to claim HRA, Is there any upper cap ?

Thanks and Regards,
Aditya

A CHARIBLE ORGANISATION WHICH IS NOT REGISTERED FOR 12A FOR A.Y2013-14 WE HAVE FILED I.T RETURN AS ITR-7. NOW I.T.DEP HAS RAISED DEMAND OF 40% ON GROSS RECEIPTS. NOW PLZ ADVISE WEATHER IHAVE TO FILE RECTIFICATION OR REVISED RETURN AS ITR-5.

PLZ SUGGEST ME

THANKING YOU,

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If a manufacturing co has purchased from FSD/SSD with excise. then for CENVAT how will it pass the entry in tally.

e.g. Purchase value - 10000
VAT @5% - 500
total - 10500

now since supplier is FSD so it pass the excise duty also for say Rs. 1200., then question is that how journal entry will be passed for Rs. 1200 CENVAT. here see as below:-

Local purchase Dr 10000
VAT Input Dr. 500
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