A
Arun
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 ?
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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.
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
A
Arun
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 ?
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.
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
M
Munish Kumar
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
No. It is not taxable.
CA Amit S 14 Apr 2020You 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 applyG
Gagan
I am looking for a application latter to bank manager for loan extension 3 month of my vehicle loan. Due to lock down my vehicle was not running.
To apply for moratorium of loan each bank has made a space for same on their website and one is not required to go to bank to apply for same but first check if your loan is covered under such moratorium. As only term loans are covered this.
You can read this also:
https://www.taxontips.com/is-emi-moratorium-beneficial-should-you-opt-for-deferment-of-interest-read-this-before-making-any-decision/
S
Sachin Kumbhar
I am a Indian resident and got contract to manage funds (share trading) in there company account at International market, I will be receiving payments from overseas direct to my bank account. I need some information on my following doubts.
1) will the payments received from above company are taxable? They are not paying any taxes in there country.
2) If amount above Rs. 20 Lacs, then which tax applicable- Income tax or GST?
3) If I received money in my bank account, bank will deduct tax directly from my account straightway or I have to filled income tax returns separately?
4) Any time limit to pay this tax or GST?
since ur resident of india, u need to pay tax in India on global income,
Income tax on net income whereas GST on sales, as service is export no gst is applicable ..
Bank will not deduct any tax, you need to assess the tax pay and file income tax returns before July of following year and GST returns as well
suggestion, consult nearby CA,
You will receive payment for providing your service so that would be liable to tax.
Both income tax as well as GST.
No bank won't deduct and tax on above amount.
Income tax is paid normally every year after the financial year ends and GST needs to be done every month.
I think you are providing services for the first time.
I would suggest you to take help of a professional to handle your tax matters.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
You can read more here: https://www.taxontips.com/gst-registration-for-freelancers-in-india/
