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CA Amita Shanbag  

CA in Practice
3Year  4Month  experience

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Mumbai, Maharashtra, India
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M

Munish Kumar

3 Months ago

Dear Sir/Madam,I am a govt employee.I want to transfer Rs10000 per month to my mother's account who is a housewife.Is it taxable for mom?Please guide

CA Vivek Chiraniya     12 Apr 2020

No. It is not taxable.

CA Amita Shanbag     14 Apr 2020

You can give an amount up to Rs. 50,000 to a family member without it being taxed as per the Income Tax Act, 1961.

T&C apply

A

Arun

3 Months ago

Dear Sir/Madam, I have got my home loan cheque on 3rd April 2019, but home loan approval letter on 29th April. Can I claim interest under 80EEA ?

CA Amita Shanbag     14 Apr 2020

Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
Stamp duty value of the house property should be Rs 45 lakhs or less.
The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.

CA Naman Maloo     14 Apr 2020

If the sanction date is before 01.04.2019 you can't claim this deduction.
You can read more here: https://www.taxontips.com/additional-1-5-lakh-deduction-on-re-paying-your-home-loan-interest-but-are-you-eligible-for-it-section-80eea/
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com

T&C apply

A

Arun

3 Months ago

Dear Sir/Madam, I have got my home loan cheque on 3rd April 2019, but home loan approval letter on 29th March 2019. My home stamp duty is 45 Lakh and it is my first home. Can I claim 1.5L additional interest under 80EEA ?

CA Amita Shanbag     14 Apr 2020

Housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
Stamp duty value of the house property should be Rs 45 lakhs or less.
The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
The taxpayer should be a first-time home buyer. The taxpayer should not own any residential house property as on the date of sanction of the loan.

CA Naman Maloo     14 Apr 2020

Is the sanction date 29.03.2019 or 29.03.2020? The section talks about sanction date so if your loan was sanctioned before 31.03.2020 you can claim additional 1.5 lakh deduction since you are fulfilling all other conditions.
You can read more here: https://www.taxontips.com/additional-1-5-lakh-deduction-on-re-paying-your-home-loan-interest-but-are-you-eligible-for-it-section-80eea/
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com

T&C apply

S

Shavez

3 Months ago

If a person sell his property in april month of 2020 and purchase a new one in may 2020 than what would be the last date to file his itr

CA Kantha Manjegowda     31 Mar 2020

by July 2021

CA Naman Maloo     31 Mar 2020

It will be normal like any other income and you will have to file ITR before 31.07.2021

CA Amita Shanbag     5 Apr 2020

For sale of property without any capital gain, no ITR is required. However if there is loss on sale such property, then you can report these losses and carry forward to next financial year for set-off against any capital gains by filing an ITR. For gifts to relative, no ITR filing is required

CA Arti Jain     6 Apr 2020

These transaction are relating to Financial year 20-21. So if it is in non audit case then last date of filing is 31.07.2021

T&C apply

R

Rohit Mane

3 Months ago

Sir I want to refund my income tax return.My assessment year is 2020-21 on form26AS,when shall I apply for refund?

CA Rakshit Jain     2 Apr 2020

First you have file the income tax return. So have you filed your income tax return? if yes then have you mentioned there correct bank details as the refund is directly credited to your bank account mentioned in the return. Some more details have to be seen. Contant me for more reference @ 9587334442

CA Naman Maloo     2 Apr 2020

If you need assistance in filing your return of income feel free to contact me at canamanmaloo@gmail.com.
However forms are not available till now to file return of income

NA Na Na     2 Apr 2020

you can claim your refund for A.Y. 2020-21 by filing your income tax return. However, refund of income tax shall be subject to your nature of income and other relevant details of your income, investment etc.

CA Murugesan Ashok     2 Apr 2020

Sir if you want to file your return it depends on the availability of the ITR Forms. So you need to clearly say the nature of the Income and whether that tax on that income is less than the TDS deducted. Then only you will get refund

CA Amita Shanbag     5 Apr 2020

There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return.

CA Amita Shanbag     5 Apr 2020

There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return.

CA Arti Jain     6 Apr 2020

You are to file the return after 31.03.2020. what type income do u have?

T&C apply

A

Aman

1 a year ago

Looking to increase capital from 1cr to 1.25cr.. what all are the charges and stamp duties for the same?

CA Amita Shanbag     14 Nov 2018

amp duty shall be Rs. 1000 on every Rs.5
Lakhs of amount of increase in authorised
capital or part thereof subject to a maximum
of 50 Lakhs of stamp duty.

T&C apply

M

Munagala Sai Kumar

1 a year ago

We are selling a property at 20 lakhs and The Buyer sending 20 Lakhs to My SBI Account and I want to use that 20 Lakhs and buy a home in Hyderbad. Will there be any tax issue?

CA Jaya Agarwal     10 Nov 2018

yes, capital gain tax

CA Amita Shanbag     14 Nov 2018

The investment should be within one year and construction within 3 years. Also the owner should not own more than one residential house for exemption of sale proceeds.

T&C apply

S

Sidharth Pushp

1 a year ago

I have recently changed my job. My salary has more than doubled from the previous one. How is it gonna impact my taxes?

CA Amita Shanbag     14 Nov 2018

You have to note the exemption threshold limits depending on what type of taxpayer you are eg woman, senior citizen etc. Over and above that you are taxed, and you can avail of deductions under Chapter VIA. Once you save on these deductions by investing, you can reduce your tax burden on the increased income. Else over the exemption you pay higher taxes on increased income depending on the slabs.

T&C apply

S

Sukumar Kotyan

1 a year ago

I have resigned my job and received my Pf amount with Less 10% TDS deduction.How to get that 10% deduct money? at present am not working anywere and also i don have form 16 to claim income tax

CA Amita Shanbag     29 Aug 2018

File your return ITR with gross income and eligible deductions under Chapter VIA, in tax payable deduct TDS already deducted

CA Amita Shanbag     29 Aug 2018

File your return ITR with gross income and eligible deductions under Chapter VIA, in tax payable deduct TDS already deducted

T&C apply

A

Amit

1 a year ago

Sir/Madam,

I have received communication of proposed adjustment u/s 143(1) a of Income Tax Act, 1961 three days back.

As per my Form 26AS I have received Rs. 5,296/- as Interest of Fixed Deposits with Bank.

They have asked me to response on the same with a period of 30 days from the date of issue of the communication.

Kindly guide what I need to do.

Thanks for your help.

Regards,
Amit

CA Amita Shanbag     29 Aug 2018

The interest should be disclosed in gross income

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