Itr related query

ITR 992 views 5 replies

Deepak Shrivastava

32 Points Joined July 2012

Hi Guys,

I have purchased an old flat in March 2012 with the help of brokerage of 50,000 rs, my possession is also given in march 2012. I have paid 1,41,000 + 30,000 rs for stamp duty and reg charges. I have taken loan from HDFC and a loan cover policy HDFC SL Progrowth Flexi. My 80 C limit is fully covered other than above investments of 1 lakh.

I have following queries

1. Can i take tax exemption on stamp duty and reg charges in any other tax block as my 80 c is already full and if no that can i claim it next year?

2 .I have paid 40,000 rs as interest and 5,000 as principal amount so i can show interest in 24B but where to include principal as 80 C is full?

3. where else i can claim my policy amount of 30,000 of HDFC SL Progrowth Flexi taken for these as loan cover as 80 C is full?

4. where i can show brokerage amount of 50,000rs for tax exemption as 80 c is full and if no than can i claim it next year?

Thanks in advance

Replies (5)

CA PARAS BAFNA

Practising CA

33428 Points Joined April 2009

1. Can i take tax exemption on stamp duty and reg charges in any other tax block as my 80 c is already full and if no that can i claim it next year?

Reply: No. In the year of payment only, this choice is available.

2 .I have paid 40,000 rs as interest and 5,000 as principal amount so i can show interest in 24B but where to include principal as 80 C is full?

Reply : Claim whatever is available. We can not grab all. Interest can be claimed only, in this situation. Do not show 5000/- as amount deductible U/s 80C.

CA PARAS BAFNA

Practising CA

33428 Points Joined April 2009

3. where else i can claim my policy amount of 30,000 of HDFC SL Progrowth Flexi taken for these as loan cover as 80 C is full?

Reply: Try to find whether the policy has got benefit U/s 80C ? If yes.. forget it.

Now again try to find whether the policy has got benefit U/s 80D ? If yes...

Check whether 80D limits are also full ? If not- claim if there is any benefit like this.

IF NOTHING IS AVAILABLE TRY TO SATISFY YOURSELF WITH THE FUTURE INSURANCE BENEFITS HOPEFULLY

THE SAME WOULD NOT BE PREFERRED BY ANYONE TO TAKE.

4. where i can show brokerage amount of 50,000rs for tax exemption as 80 c is full and if no than can i claim it next year?

IN ANY CASE, YOU CAN ENHANCE YOUR COST OF ACQUISITION BY THIS AMOUNT.

Deepak Shrivastava

32 Points Joined July 2012

Thanks Paras Ji.

About your reply: "IN ANY CASE, YOU CAN ENHANCE YOUR COST OF ACQUISITION BY THIS AMOUNT."

In this case i will be benefitialized only when i 'll sell this flat in future? Currentaly no benefit.

Am i right?

Thanks in advance.

CA PARAS BAFNA

Practising CA

33428 Points Joined April 2009

Yes, You are correct. In future, you may get indexation benifit on it which will reduce the capital gains tax liability.

ashesh mehta

Loan Head

21 Points Joined May 2014

Hello to all. My query is that I have to file my ITR for FY 2013-14 and last date is 31st March, 2015. The problem is that my salary of Rs. 65,000 is yet to be received from my employer for FY 2013-14. After adding this Rs. 65,000 I do not have to pay any tax for FY 2013-14 but I have not received this salary from my employer so what should I do? How can I file my return? I have given a written application to my ex-employer for the same but as the business is not doing good he is unable to pay me Rs. 65,000. Please help how to file my ITR for FY 2013-14. Please do let me know the consequences of the same.