I am working with a private organization. From the present financial year, they are deducting income tax every month( in equated instalments), instead of the usual practice of deducting income tax for the last 3 or 4 months of the financial year. Has the government issued any circular in this regard ? If not, is our organization correct in doing so? Please clarify
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Income tax doubts for a webmaster
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I am working with a private organization. From the present financial year, they are deducting income tax every month( in equated instalments), instead of the usual practice of deducting income tax for the last 3 or 4 months of the financial year. Has the government issued any circular in this regard ? If not, is our organization correct in doing so? Please clarify
I am a retired bank officer and drawing a pension of around Rs.28,500/ p.m. I am residing in my own 2 BHK flat in a busy area in Chennai. As such I am paying income-tax for the pension income and interest on deposits. If I take a decision to rent out my flat for Rs.20,000/- and move to another area surrounded by temples like Mylapore for the same rent for personal reasons, whether I have to pay Income-tax for my rental income also? If so, Is there any way to deduct my rental expenses and pay lesser income-tax? My pension consists of basic pension and DA only and no HRA component.
R. Sampath
My daughter and son-in-law, both are employed, want to avail a joint Housing loan of Rs.60.00 lacs in the ratio of 2 : 1 on the basis of their salary income. The EMI will be paid from their joint SB account which will be replenished from their individual salary accounts every month. As such, they can claim I.T deduction towards interest payment in the same ratio of 2 : 1 subject to a maximum of Rs.1.50 lacs each if they self occupy the house or in the same ratio without any limit, if it is let out.
Due to some family circumstances, if my daughter takes a break of one or two years from service, the entire EMI has to be met by my son-in-law, from his salary income. In that case, whether he can claim deduction for the entire interest or only 2/3rd portion of the interest paid by him, during the above period, if the house is let out. Similarly, if she leaves the service once for all, whether my son-in-law can claim deduction for the entire interest payment till the loan is closed or can claim only 2/3rd portion of the interest payment?
v. radha
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