Who can claim an HRA exemption
1) Living in rented house and paying rent for the same.
2) You can not pay rent to yourself in case you are owner or co-owner of house.
3) If you are staying with parents , its perfectly legal to pay rent to your parents.
4) But at the same time , you cannot pay rent to your spouse if she is the owner of house.
5) A Self employed / Businessman / Salaried without HRA Component can also claim HRA exemption if he is living in rented house.
For more details , you can further search in google .
Below is one of the links with more details
http://www.nitinbhatia.in/personal-finance/hra-house-rent-allowance/
Tax deduction on principal payment and interest payment
When you are owner or co-owner of the house , you can claim tax deduction on principal payment and interest payment .
At the same time , if you are not living in the house and renting out the property , you have to show your rental income irrespective of who is receiving the rent .Being a co-owner does not mean that you can avail the tax deduction on principal payment and interest payment and
later on show the rental income as your spouse income or parents income .
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014)
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).
For more details , you can further search in google .
Below is one of the links with more details
http://www.charteredclub.com/tax-benefit-on-home-loan/
Professional Tax
Professional tax is imposed by state governments of India .I saw this in my payslip when I moved to Karnataka from Uttar Pradesh.
What is the due date for filing return?
The due date for filing return is 31st July of assessment year .
Assessment Year comes after the financial year . So if the financial year is 2015-16 , the assessment year is 2016-17 . And the due date for filing return of financial year 2015-16 will be 31st July 2016 . Sometimes it is extended to 31st August .
What kind of forms are used for salaried persons ?
Usually , ITR1 is used by employees having salaries less than 50 Lacs.
Make sure to check carefully which form has to be used before applying for return.
What is 112A and 115AD ?
1) Living in rented house and paying rent for the same.
2) You can not pay rent to yourself in case you are owner or co-owner of house.
3) If you are staying with parents , its perfectly legal to pay rent to your parents.
4) But at the same time , you cannot pay rent to your spouse if she is the owner of house.
5) A Self employed / Businessman / Salaried without HRA Component can also claim HRA exemption if he is living in rented house.
For more details , you can further search in google .
Below is one of the links with more details
http://www.nitinbhatia.in/personal-finance/hra-house-rent-allowance/
Tax deduction on principal payment and interest payment
When you are owner or co-owner of the house , you can claim tax deduction on principal payment and interest payment .
At the same time , if you are not living in the house and renting out the property , you have to show your rental income irrespective of who is receiving the rent .Being a co-owner does not mean that you can avail the tax deduction on principal payment and interest payment and
later on show the rental income as your spouse income or parents income .
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014)
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).
For more details , you can further search in google .
Below is one of the links with more details
http://www.charteredclub.com/tax-benefit-on-home-loan/
Professional Tax
Professional tax is imposed by state governments of India .I saw this in my payslip when I moved to Karnataka from Uttar Pradesh.
What is the due date for filing return?
The due date for filing return is 31st July of assessment year .
Assessment Year comes after the financial year . So if the financial year is 2015-16 , the assessment year is 2016-17 . And the due date for filing return of financial year 2015-16 will be 31st July 2016 . Sometimes it is extended to 31st August .
What kind of forms are used for salaried persons ?
Usually , ITR1 is used by employees having salaries less than 50 Lacs.
Make sure to check carefully which form has to be used before applying for return.
What is 112A and 115AD ?
Both are in reference to the long term capital gain .
What is 111A?
111A is in reference to the short term capital gain .
Please note that above stated rules can become outdated with time . Make sure to check the latest developments on Govt. Sites.
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