Income tax - house loan

407 views 3 replies

Dear Experts,

1. One of my friend is working in MNC company and the company has not considered his housing loan repayment of Interest & loan which is in joint account with his father. And the company is saying him to he has to claim back the tax amount himself while submitting ITR.

Kindly let me know the procedure to claim the TDS deducted amount by the company.

2. What is the treatment for Gift of Rs. 20 Lacs received in cash from his mother in sons books of account ? What are the entries need to be pass in Tally.

Please advice the above 2 points..

Regards, Kumar

 

Replies (3)

First, always file your IT returns online before due date - 31st July - major advantage.

He can claim the TDS after filing his returns, provided everything is in order and the assessing officer does not make a mistake. Check 26AS and refund status on the website

Receiving money from his mother is a tax-free amount in his hand. However, it would be wise to get a gift deed registered in case the assessing officer pulls up section 68 of IT act.

 

Originally posted by : Mihir


First, always file your IT returns online before due date - 31st July - major advantage. Okay Done

He can claim the TDS after filing his returns, provided everything is in order and the assessing officer does not make a mistake. Check 26AS and refund status on the website. After filing returns OR along with filing returns ? pls clarify.

Receiving money from his mother is a tax-free amount in his hand. However, it would be wise to get a gift deed registered in case the assessing officer pulls up section 68 of IT act. Ok thank u, Yes he got gift deed.

 

 

Have a hard copy of 26AS with your IT returns. And not only ITR V, but also the form which you are filing should also be printed out. And after filing, you can check refund status after a month.

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