Tax related queries

Q & A ForumCategory: QuestionsTax related queries
agarwalr asked 9 years ago
Dear Sir, Hope you are doing well... Wondering if i may have your valuable opinion on following points :- 1) If an organization mistakenly considered Income from "Home - let out property" and deducted around Rs. 50K extra [as in Form 16]; while, No property exist so far... Would ITR-1 be enough to claim for refund or whats else we should furnish to IT while filing IT returns? What are the documents / proofs one should carry to comply the Income tax department investigation ? 2) We [Me & spouse -> Co-owner & Co-Applicant] Bought a First home in FY 2016-17 of value < 50L and Loan is < 35L. I have Declared and claimed for 100% home Loan Interest under section 24 [Which is less than 2L]. should WE both file ITR-1 OR ITR-2 [with Property details declaration] ? Would it be possible if my spouse could claim additonal 50K under section 80EE ? Or can be it be claimed next FY too ? is it to be claimed 100% only by me or my spouse can do too ? or in Proportionate ratio / parts also in consecutive Financial years ? claimed amount should not exceed from 50K under section 80EE until the Loan is fully repaid...right ? This is something one time benefit ? 2) Can one claim HRA from IT department; if living in a home that registered in guardians name. ? Thanks a lot in advance.. Have a nice day...
1 Answers
Sreekanth Staff answered 9 years ago
Hi, I am doing fine, thank you! How about you?   1 - Will it be a Refund case (or) more taxes to be payable?? You may have to request your employer to correct/revise the Form 16 and you have to file you income tax return accordingly. Kindly read : https://www.relakhs.com/form-16-form-16a-form-26as-tds-itr/ 2 - The type of ITR form depends on sources of income..Kindly read ; https://www.relakhs.com/new-itr-forms-ay-2017-18-fy-2016-17/ May I know who is paying the EMIs? Are you paying the full EMIs? Ideally, the tax benefits can be claimed by joint-owners as per their ownership share in the property. Yes, tax benefit u/s 80EE can be claimed till the home loan tenure ends. 3 - Yes, can be claimed, provided proper rental agreement exists and rent receipts are received.  
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