Deductions & allowances
This query is : Resolved
17 December 2012
Hi,
Please assist me on the following questions
(please stay on the page until questions are resolved)
Thanks in advance
1. What is the requirement to claim HRA
(legal doucumets to claim HRA)
2. Do we require receipts of conveyance allowance or straight deduction be claimed
3.If parents are not dependent and son/daughter transfers maintenance money to parents and parents in turn invest that money will that income be clubbed.
4. What is the tax-ability of FMP
5. House is on parents name and parents have taken loan for renovation, installment are paid by son/daughter, can son/daughter claim deductions for int of 30000, can principal repayment be considered u/s80c
6. can principal repayment of home loan be claimed upto 2,00,000 u/s 80c if home is jointly owned by husband/wife
Please assist me on the following questions
(please stay on the page until questions are resolved)
Thanks in advance
1. What is the requirement to claim HRA
(legal doucumets to claim HRA)
2. Do we require receipts of conveyance allowance or straight deduction be claimed
3.If parents are not dependent and son/daughter transfers maintenance money to parents and parents in turn invest that money will that income be clubbed.
4. What is the tax-ability of FMP
5. House is on parents name and parents have taken loan for renovation, installment are paid by son/daughter, can son/daughter claim deductions for int of 30000, can principal repayment be considered u/s80c
6. can principal repayment of home loan be claimed upto 2,00,000 u/s 80c if home is jointly owned by husband/wife
19 December 2012
Requirement to Claim HRA:
1. Employment 2. Rented House. 3. HRA
.
The employee has to take a house on rent nearby his place of employment and to meet the rental expenses his employer has to give
an allowance known as HRA.
.
If Employee receives HRA but does not pay rent for the house, or, he pays rent but in turn does not receive any amount from his employer as HRA, then HRA can not be claimed.
.
As a legal document- Rent Agreement or Rent Receipts will suffice.
.
1. Employment 2. Rented House. 3. HRA
.
The employee has to take a house on rent nearby his place of employment and to meet the rental expenses his employer has to give
an allowance known as HRA.
.
If Employee receives HRA but does not pay rent for the house, or, he pays rent but in turn does not receive any amount from his employer as HRA, then HRA can not be claimed.
.
As a legal document- Rent Agreement or Rent Receipts will suffice.
.
19 December 2012
2. Conveyance Allowance:
If you are talking about Rs. 800/per month
Allowance, it is popularly termed as Transport Allowance- which is meant to meet the cost of commuting between place of work and residence.
Whereas Conveyance Allowance is given to meet the cost of travelling (local) for performance of the duty or company's work.
.
The employer shows deduction in this regard in Form 16 and that only is sufficient.
.
If you are talking about Rs. 800/per month
Allowance, it is popularly termed as Transport Allowance- which is meant to meet the cost of commuting between place of work and residence.
Whereas Conveyance Allowance is given to meet the cost of travelling (local) for performance of the duty or company's work.
.
The employer shows deduction in this regard in Form 16 and that only is sufficient.
.
19 December 2012
3. Investment by parents of Money paid as Maintenance by their son:
The income will not be clubbed in the hands of the son.
The income will not be clubbed in the hands of the son.
19 December 2012
4. Taxability of FMP:
Please refer the link
http://www.onemint.com/2011/04/19/fmp-taxation-and-fd-comparison/
Please refer the link
http://www.onemint.com/2011/04/19/fmp-taxation-and-fd-comparison/
19 December 2012
Housing Loan taken by Parent and repayment by son:
For claiming Interest there must be income from house property (IFHP) and for IFHP there should be owned house.
.
For claiming Principal Repayment Loan must be taken by the assessee (son). If he discharges the obligations of his parents it can not be said that he is repaying his own loan.
.
So, the son can not claim the benefits.
.
For claiming Interest there must be income from house property (IFHP) and for IFHP there should be owned house.
.
For claiming Principal Repayment Loan must be taken by the assessee (son). If he discharges the obligations of his parents it can not be said that he is repaying his own loan.
.
So, the son can not claim the benefits.
.
19 December 2012
Principal repayment of 200000/-.
-----------------------------------
1. A single person can claim maximum Rs. 100000/ U/s 80C.
.
2. In case of Joint loan and co-owned property this limit applies individually in case of each co-owner.
.
3. Both can individually claim Rs. 100000/- making as such a total claim of Rs. 200000/-.
-----------------------------------
1. A single person can claim maximum Rs. 100000/ U/s 80C.
.
2. In case of Joint loan and co-owned property this limit applies individually in case of each co-owner.
.
3. Both can individually claim Rs. 100000/- making as such a total claim of Rs. 200000/-.
20 December 2012
Thank you very much sir
In form 16 Part B conveyance allowance is mentioned as Rs 16950 and in sub part 2 of form 16 (allowances exempt u/s 10) 9600 is mentioned... my question is whether we can claim the excess balance of 7350 (16950-9600)
In form 16 Part B conveyance allowance is mentioned as Rs 16950 and in sub part 2 of form 16 (allowances exempt u/s 10) 9600 is mentioned... my question is whether we can claim the excess balance of 7350 (16950-9600)
20 December 2012
It is of the nature of Transport Allowance and you can not claim Rs. 7350/-.
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