Itr 4 for professional charges??

ITR 1242 views 1 replies

Dear All

My father is retaired last year. Till last year he has income from salary and get From 16 from his company based on Form 16  I am filing ITR1 retrurn regular basis.

After retirement company has moved him from salary register and pay him as professional fees (AY 2012-2013), now he gets form 16A. 

My query is did i need to continue with ITR1 or I need to file ITR4 (for AY 2012-2013).

If i have to file ITR4 than how he can claim Home loan EMI (Interest & Principal amount) benefit, LIC premium & PPF benefit.

Also request you to please give me ITR4 form with exmaple (if you have) if he comes under category of ITR 4.

Kindly give your valuable suggessions.

Thanks in advance

Arun

Replies (1)

As regards the form is concerned you are required to file ITR 4.

Also the deductions like Home loan principal, LIC premium & PPF benefit is available u/s 80C upto Rs. 1,00,000/-

As far interest on home loan is concerned it can be claimed under house property u/s 24. Interest paid on self occupied property is allowed under income tax law & the resultant source will have negative income i.e. loss from house property on account of interest paid.


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