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Jai Prakash
Sir, i am retd employee,is arrear recd in f y 2020-21 taxable? pl chat
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Yes, taxable if exceeds the limit
CA Rahul Dwivedi 16 Jul 2021Yes it is taxable as per slab.
CA Padmawati Agrawal 16 Jul 2021U can connect me directly on 8240260359
CA Naman Maloo 8 Aug 2021Yes it is taxable but you might get some relief under section 89.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Sunanda Roy
If construction of housing property is completed but I have not taken possession yet can i still claim income tax
The total amount of pre-construction interest and interest on a housing loan that can be claimed in a year should not exceed Rs 2 lakh in any case. The deduction for this interest is allowed in 5 equal instalments starting from the year in which the house is purchased or the construction is completed. For more info contact at ca.roomi12@gmail.com or 9216216819.
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Kkvs
I am the only earning member and my spouse is a home maker. We have a joint savings account in I am the primary account holder and my spouse is secondary. We are receiving saving bank interest of more than 50000 per annum in this account. During filing of tax returns, can I file this interest income on my spouse’s return or should it only be accounted in my tax return?
If both earn income & that is deposited in the same account, in that case interest needs to be apportioned on the basis of amount of deposit to the account. For more info contact at ca.roomi12@gmail.com or 9216216819
Kkvs 13 Jul 2021Hi, Thanks for your reply. To clarify your question, I am the only earning person and my spouse it not working/earning.
CA Rahul Dwivedi 16 Jul 2021It should be included in your income. However in certain circumstances it can be or pert of it can be considered as your spouse's income. For detail discussion you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
T&C applyH
Hardik
Query
Hi, my brother-in-law is doing share market trading in his account for last 4 years since 2017 using capital from family. During these 4 years, my wife invested 2lacs at the start in 2017 and 6 lacs after a year in Jan 2019. At the same time, in Jan 2019, her relative (maternal uncle of both wife and brother in law) invested 2 lacs as well. In Jan 2021, their father invested 2 lacs into this account.
For all the years, taxes have been paid appropriately after CA audit till March 2021 that assumed all profits incurred were taxed under my brother-in-law's business income. No payout has been made from this account till date to any of these contributors.
Now, I plan to open my own account where I would like to transfer this amount and start trading in that. What is the best way possible to get this money from my brother-in-law's account to my account ? There is no dispute in the money, so it will be easy to distribute the amount without any litigation. I am more concerned from any tax related dispute that may arise in this scenario if my brother in law transfers the entire amount into my bank account? He has zero contribution, hence, does not have any share in these gains.
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Hiren Narsi Momaya
In ITR 3 , Sl.no 65iv of Schedule
P&L is for no account case. Then where to show speculative income, when books of accounts are maintain ?
