A
Anoop
Me and my wife are joint Home owner (this is our 2nd home). I am Salaried and my wife is a Housewife. Our this home is rented out. I have taken Loan and I file taxes. I have to submit Home Loan docs to my company for Income Tax saving. Tenant is submitting rent to my Wife account. So do I need to declare Rental Income in my company? I am trying to save taxes and I am thinking If I show Rental income. it can reduce my tax benefits. Please suggest.
Facebook
Twitter
Linkedin
As per Income tax provisions, if property is co-owned, then rent and interest on home loan deduction is to be taken proportionately in ratio of share of property, practically salaried employees take full deduction of Home loan and show rent in Wife income. You can accordingly make your decision.
T&C applyA
Anoop
L
Lasya
I have 2 PAN cards. How do I surrender PAN card which is not in use. To surrender card officers are asking original card but I lost it. How do I cancel PAN number.
K
Kishore
I have linked my Aadhaar and PAN on 31sr March 2022 and received SMS that my PAN and Aadhaar are linked but when I check status online it is showing "still under process". Is my Aadhaar and PAN linked or not. If once Aadhaar and PAN are linked is there any chance to unlink.
M
Mahendra Singha
I earned INR 11 lacs in the past year. However, 9 lacs are still lying in my bank account since my brother had paid for my expenses. Can I claim 50% of my income as my expenses under Section 44ADA of IT Act when my bank account suggests otherwise?
Yes, you can claim your Income u/s 44ADA. For a more detailed discussion connect with us at ca.pujasharma@outlook.com
CA Naman Maloo 10 Apr 2022It depends on what type of service you are providing.
I would suggest you to book consultation with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
