Income tax liability to reckon in advance

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  1. ZED

    ZED Well-Known Member

    Respected Sir, we have been on a similar topic earlier.
    I request that you kindly read my last post in the thread -:

    More so with special attention to the point 2.

    If still there are doubts then I would gladly like to assist you to my capabilities.

  2. Respected Sir,
    Thanks for your prompt reply.
    My doubt is as to HRA EXEMPTIONS
    If a salaried employee resides in two places and pays rent ie.1. for his family living adjacent
    to School, for his/her daughter education,& as well resides in another place nearby office to enable him to attend office timely and promptly to discharge his duties time bound basis with required hard work by his prompt and timely attendance. Moreover, if the Loan is obtained in father`s property which is extended and repaid from his salary through ECS to the bank,with the bank certificate (in 3 names jointly father and two sons) for interest and principle.Is any one of the three is eligible to claim exemption for owner`s occupation.Pl. clarify once more. Simply Yes or No. Pl.excuse for any inconvenience in this regard. Your opinion is required.
  3. ZED

    ZED Well-Known Member


    To claim deduction u/s 24(b) twin condition must be satisfied
    1. Assessee should be the owner of the property (even part ownership is eligible)
    2.Assessee should actually pay the interest.

    Hence only father will be able to claim deduction if he also made the payment.
  4. Respected Sir,
    Thanks for ur prompt reply . Apart from claiming the deduction under section 24(b),is an
    assessee eligible to claim HRA exemption if he is having rented portion in two places and pays rent by producing the rent paid by him from two land lords?Pl. clarifly this too.
    Thanks, Regards.
    Sincerely Yours,
  5. ZED

    ZED Well-Known Member

    Sir, are BOTH the properties actually occupied by him?
    One was for daughter , is it correct?
    Sir, I am giving only my personal opinion ,and personal opinion can differ from person to person.

    If it's like assessee lives for say for an example 6 month at one place and another 6 month from another , then for both the properties he can claim exemption u/s 10(13A) i.r.o HRA

    Otherwise I would not recommend taking exemption.

    Basis for my opinion is that
    As per S.10(13A) property should be occupied by the assessee.
    At a time only one property could actually be occupied by the assessee.

    Relevant provision for your reference;
    S10(13A) any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed having regard to the area or place in which such accommodation is situate and other relevant considerations.

    Explanation.—For the removal of doubts, it is hereby declared that nothing contained in this clause shall apply in a case where—

    (a) the residential accommodation occupied by the assessee is owned by him ; or

    (b) the assessee has not actually incurred expenditure on payment of rent (by whatever name called) in respect of the residential accommodation occupied by him ;

    Being prudent, I will not advise to claim exemption on both the properties
    This is my personal opinion.
  6. Sir,
    Both the properties are actually occupied by them but different land lords. Your Point is correct. Still I `ve my own doubt for two accomodations can assessee claim HRA
    exemptions just to cover his tax slab. I don`t think it is correct . Any way my doubt is cleared.Thanks a lot for ur pains taking efforts in analizing I.T. rules. May I know ur full name Sir?
    Regards Sincerely Yours,
  7. ZED

    ZED Well-Known Member

    My name is Prateek Srivastav
    Please do not use words like Sir or respected for me, you are very much senior to me both in knowledge and age. Let me stay like a junior member.

  8. I believe there is nothing wrong to address you, knowledgable person like yourselves on
    incometax laws which are ocean to learn still. You are respected in the place ofGURU
    and hence I am right in every manner. to know important livelihood matter to live
    peacefully by paying due tax. to Govt. MAY GOD ALMIGHTY BLESS YOU WITH ALL
    Regards, Sincerely Yours,
    ZED likes this.
  9. ZED

    ZED Well-Known Member

    Thank you from the bottom of my heart for your blessings.
    You too are working for good cause and recently also donated for the relief of the poor.
    I reciprocate the same for you sir. God bless you.
  10. Sir,
    Most successfully, we hope to enter into MOU with builder. We are 24 allottees in A
    Block. Everybody is exceptionally interested in the welfare of self as well on other
    owners and having apt knowledge over legal matters, as well tax matters,it will be
    done in apt manner. If my association rules permits to send a draft to yourselves, I will
    definitely disturb you for good cause. Don`t take it otherway. I `ve to abide by the rules
    of the Association being Treasurer of the Colony. Mou is to be drafted by our association
    Lawyer as well President very well practicing Lawyer at Chennai and Flat owner of our Block as well in Film Directors Colony which is near by. This is genuine information and suggestion, I have asked for Sir. Most probably, draft will be ready and signed by all owners in the block on or before 31st Jan.2016 and the building to be vacated by August,2016 . I will revert back if Association rules permits to refer your goodselves for expert opinion. He is also Son-in Law of my Temple Mentor President Mr. Jayavelu who nominated me permanent Treasurer in the Newly Constructed Vinayaka Temple. I am really indebted for your keen interest in replying my queries& as well to acquire more knowledge unknown to me in the matters that come across in my life.
    Regards, SincerelyYours
    ZED likes this.
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