Go AD-FREE with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Income Tax

Tax queries 429 views 1 replies

tejas

accountant

70 Points Joined May 2009

Dear all

I want to ask that I have a shop in the name of me & my wife and i am getting a rent of Rs. 3 lacs every year so I want to ask that under which head this income should be taken and can i distribute this income with my wife or not? and also which deductions i will get from this income & which ITR i have to file for this income only

My another question is that my LIC endowment policy is going to be mature so please tell me that the entire amount which i will get from LIC is taxable or tax free?

Replies (1)

CA.G.Muguntha Narayanan

Internal Auditor at TVS Motors

2195 Points Joined January 2010

It will be taxed Under Income From House Property. In needs to be shared in the ratio of ownership. Say u and ur wife are equal owners means, rent of Rs.150000 will be added to each of ur taxable incomes, Section 24 gives deduction for interest paid. Apart from that a standard deduction of 30% is allowed.

U need to file ITR-2

Any amounr received under LI policy is exempt u/s.10D provided premium paid in any year does not exceed 20% of the capital sum assured