Tax Planning - ReLakhs Forum

form 1OIEA

Venkat — Sun, 16 Jun 2024 09:56:04 +0000

Last year I filed ITR3 under the old tax regime. This year I would like to continue the same regime. Is it necessary to submit online form 10IEA? I read many articles which say that it is mandatory for “profession or business” for those opting in and out of the new tax regime which is the default scheme. Reading between the lines I understand that I have to submit. Am I right or wrong?

Claiming TCS amount spent on pilgrimage

agsap82@gmail.com — Wed, 25 Oct 2023 08:43:03 +0000

Hi - I went on a pilgrimage and as a result, the travel agent deducted some amount towards TCS and gave me Form 27D as proof. Can I claim this amount in ITR? Please advise what needs to be done to claim this.

Income Tax Section 115 BAC

Pranab63 — Sun, 15 Oct 2023 01:26:40 +0000

Hi, What are the benefits of U/s 115 BAC for the A.Y.2024-25 for new tax regimes? as per budget 2023

Query - Taxation on Superannuation withdrawal

ramkumar2k — Mon, 10 Jul 2023 11:30:15 +0000

Hi Sreekanth,

Hope you are doing well. I am a following your articles from 2016 and thanks for your support in clarifying my doubts throughout.

My Query:

I resigned my job in Apr 2022 and pursued higher studies for 1 year till Mar 2023.

After resignation, my settlement included Rs.1,14,000 (Final settlement) + Rs.1,59,000 (Superannuation) + Gratuity

Also, I was paying Home loan EMI during this tenure.

ITR:

Now, my ITR shows Rs. 2,38,000 (after standard deduction)

Tax paid shows Rs. 20,129 (from the Superannuation transaction)

Total tax liability shows "0"

Finally it shows "You are eligible for a refund of 20,130"

There was no other salary or income till Mar'23.

Is it right to claim this refund?

80 E -Eligibility - for interestpaid on Education loan

Venkat — Sun, 09 Jul 2023 07:21:35 +0000

My son has an education loan for Higher studies in Germany for over 5 lac ruppees. I am the co-borrower of the loan from Nationalised bank. Interest is paid through my account as well as my son's NRE a/c. I havepaid Rs 21000 and he has paid over 50000/= from his NRE account. He does not come under Indian tax laws. For over 2 years his stay in India is less than 30 days. Now can I claim the amount paid by him. The clause is not clear regarding source of payment. EMI starts from July 2023. Bank certificate obtained. This is for the FY 22-23

Capital gains inheritor liability

Smushti — Wed, 05 Jul 2023 18:12:08 +0000

I have a question on capital gains tax.. my mom sold a property last year and unfortunately expired recently. I am the nominee on the savings account and the will so I will inherit the sale proceeds. Am I liable for any capital gains tax after the transfer of funds to me?

Thanks

Gift or loan

Venkat — Mon, 26 Jun 2023 07:21:38 +0000

Your new website is awsome. I have received payment from anNRE a/c monthly for Rs 40000/= for 8 months. Kindly suggest whether it could be shown as gift or loan. In either case it comes within my taxable limit. If treated as a loan whether agreement has to be made. The payments have been routed through banking channels. I am a retired banker with no pension but a pf optee and the FD interest is around 25000 as per 26as.