Case Study on IT Return Filing
This query is : Resolved
Pushparaj. A
(Querist)
05 August 2010
Hi all,
I would like to share a realtime case study to get a guidance/suggestion on the same.
The case is a resident assessee with a salary income of Rs.5Lacs per annum appr. He also has a Home Loan running. He works away from the home.
Per this he files the return availing the HRA (Rent) and also claims the deduction on Home loan (Interest & Principal).
Is that right. Doesn't he need to calculate the one house as deemed letout with FRV.
His comment was that he has his parents in the Self occupied home and pays loan for that. Also he resides in another rented home in another city. So he claims both the deductions. Is that right.
How would the AO of Income Tax treat the return and wat would be the consequence, if the assumption is wrong.
Kindly bring in your ideas and suggestions. Thanks.
Regards
Pushparaj. A
I would like to share a realtime case study to get a guidance/suggestion on the same.
The case is a resident assessee with a salary income of Rs.5Lacs per annum appr. He also has a Home Loan running. He works away from the home.
Per this he files the return availing the HRA (Rent) and also claims the deduction on Home loan (Interest & Principal).
Is that right. Doesn't he need to calculate the one house as deemed letout with FRV.
His comment was that he has his parents in the Self occupied home and pays loan for that. Also he resides in another rented home in another city. So he claims both the deductions. Is that right.
How would the AO of Income Tax treat the return and wat would be the consequence, if the assumption is wrong.
Kindly bring in your ideas and suggestions. Thanks.
Regards
Pushparaj. A
CA. Pradeep Nayak
(Expert)
05 August 2010
It is absolutely right.
As the assessee is not residing in the same city where his SOP is located owing to his employment or any other reason, he can claim HRA as well as deduction for housing loan repayment (principal + interest)
The AO cannot raise any objection on the same.
As the assessee is not residing in the same city where his SOP is located owing to his employment or any other reason, he can claim HRA as well as deduction for housing loan repayment (principal + interest)
The AO cannot raise any objection on the same.
Pushparaj. A
(Querist)
10 August 2010
Thank you Mr. Pradeep Nayak
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