Hello,
I need answers to few questions which are as below:
- Is Home Property Insurance premium exempt under any section of Income Tax? If yes then please specify section number, allowable amount etc. details.
- Service Tax of 4.9% is levied on amount of property document. Is an exemption of this amount also allowed while filing income tax returns? Which section?
- If I redeem a Mutual Fund and earn a Long Term Gain (1 year +) then can I just add this gain and show it directly as an exemption amount in ITR1 along with the dividend amounts?
- Me and my brother have purchased a property as 50% share for each. I am the primary applicant. Do we need to show this purchase while filing Income Tax return? If yes, then How and Where in ITR 1 and ITR2?
- I changed my job in last August and I have not paid any Income Tax for salary from previous employer up to July. How do I pay it now? and what are its rules? By when can I pay it without penalty?
2 Answers
Hi,
1 - No. One cannot clam deduction under any Section on the premiums paid on home insurance.
2 - Any expenses paid for the purpose of transfer of property shall be eligible for deduction such as service tax, stamp duty, registration cost paid can also be claimed as deduction under section 80C (subject to certain conditions).
3 - Yes, you may do so (assuming they are Equity funds).
4 - Not required. If the property has been registered for Rs 30 Lakh or more, the Sub-registrar office will automatically report this transaction to the IT dept. Also, PAN has to be quoted and is mandatory for such transactions.
5 - Kindly provide dates (which FY??).
5) FY 2016-17.
Hi,
Kindly note that you can file your income tax return for FY 2016-17 (AY 2017-18) during April to July 2017.
If you have not submitted your Previous company salary details to your new employer, you can add those details when filing your income tax return for AY 2017-18 and re-calculate the tax liability accordingly.
Read :
IT declaration & investment proofs.
Multiple Form16s.
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