Exemption/Deduction u/s 10(13A) & 80C of I.T.Act
This query is : Resolved
CA Sanjay Baheti
(Querist)
10 June 2010
My client being an Individual is working in Ltd Company as General Manager(Projects).Also His wife is working in B.S.N.L. Both are living in a Govt. Quarters as alloted to his wife.
Also both are getting Forn No.16 from their Employers.
I am going to file his I.T. return for Asst. Year 2010-11 based on Form No.16.
On review of Form 16, i have noted that He claimed HRA exemption Of Rs.138552/-
as per Form 16 & also certain LIP's,PPF,LIC tax saver units,Mutual Fund units etc. in the name of his wife under chapter VI.
He explained me that entire savings u/s 80C has been made by himself(i.e.from his taxable income).
Now my query is whether he can claim HRA exemption as well as deductions under section 80C of I.T.Act s per law or not
Also both are getting Forn No.16 from their Employers.
I am going to file his I.T. return for Asst. Year 2010-11 based on Form No.16.
On review of Form 16, i have noted that He claimed HRA exemption Of Rs.138552/-
as per Form 16 & also certain LIP's,PPF,LIC tax saver units,Mutual Fund units etc. in the name of his wife under chapter VI.
He explained me that entire savings u/s 80C has been made by himself(i.e.from his taxable income).
Now my query is whether he can claim HRA exemption as well as deductions under section 80C of I.T.Act s per law or not
CMA Ramesh Krishnan
(Expert)
10 June 2010
As per as 80C concern it is ok - he can claim what he paid from his taxable income for his wife. But HRA - benefit he cannot claim since he is staying with wife in Govt.Quarters. please advise him to correct it and pay tax
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