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Tax planning

CA Sweta Saraf (CFO) (109 Points)

22 April 2016

In which form amount should be received from a company in a bank account, so that their would be lesser tax

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9 Replies

CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 22 April 2016

Kindly Clear the Question. If Company received amount its related to either sales or any services.. So reference your question in details....

johnson (CLERK) (28 Points)
Replied 22 April 2016

Dear Sir/Madam,

Me and my wife both are salaried and filing IT returns. We have availed a housing loan in March 2016. The house is at Kerala and we are working in Delhi. The purchased house is now occupied by my parents. We have one flat in Delhi (in the single name of wife). I want to know how we can claim the interest and loan repayment amount in income tax? The EMI is deducted from our joint bank account.

Please give me your expert opinion. My email : kojohnson2002 @ hotmail.com

Thanks

Johnson

Manjaly (Business) (82 Points)
Replied 22 April 2016

Hi Sweta Saraf

Fail to understand your strategy. Please elaborate the question in details. Hope we can solve it.

CA.Vinita Gupta (Deputy Manager- Finance) (2918 Points)
Replied 22 April 2016

If the House is in the name of your wife then she can claim exemption u/s 80C for Repayment of Housing Loan and for interest deduction u/s 24 (b)

MAYUR BIYANI (Assistant Manager-Taxation & Accounts) (142 Points)
Replied 22 April 2016

jointly paying emi means the house will be in the joint names of urs both. u both can avail deduction u/s 80c 50-50%..
u can show house property as self occupied and can show loss from house property income due to interest cost.

johnson (CLERK) (28 Points)
Replied 23 April 2016

Thanks for your reply. The house and loan is in our joint name. Myself is the first applicant and wife joint applicant. The problem is : For submitting tax declaration to the employer for the FY 2016-17, how we can show the Kerala house is self occupied while we are residing in Delhi? Please suggest.

karthik.m.n (student) (191 Points)
Replied 23 April 2016

Based on lesser tax u can select selp occupied and let out, there is no problem and no where mentioned rules to select this as selp occupied or let out..

karthik.m.n (student) (191 Points)
Replied 23 April 2016

U can select kerala house as self occupied..

johnson (CLERK) (28 Points)
Replied 09 May 2016

Thanks all for the reply. One more question. Nowhere in the agreement is written about the ratio of share. I my wife wants to claim full amount of repayment of principal amount and some portion from interest amount, is it is allowable? For more clarity: Rs.79000 is the principal amount and Rs.236000 is the interest amount. My wife is claiming full Rs.79000 of principal amount and Rs.75000 (out of total 236000). Only Rs.161000 is claiming by me (balance interest amount). Is this is allowable? An expert's opinion is requested.