Page 25 - Taxation
Taxation: Kuldip Kumar
Kuldip Kumar, partner and leader, personal tax, PwC India, answers your questionsIf I claimed tax benefit on my leave travel allowance (LTA) last year, can I do so this year as well? Section 10(5) of the Income Tax Act, 1961 read with Rule 2B of the Income Tax Rules, 1962 provides an exemption in respect of an allowance or assistance received by an individual from his current employer or former employer for himself and family in connection with proceeding on leave to any place in India. An employee can claim the exemption in respect of any two journeys in a block of four calendar years. The current block is 2014 to 2017. Where an employee has not availed the exemption in respect of LTA in a particular block, then such employee can avail the exemption of one journey in the following calendar year falling in the next block. If you have not claimed LTA in 2014 or if you have not carried forward LTA exemption claim from the previous Block (2010-2013), you can claim the LTA exemption this y
 "Taxation: Kuldip Kumar")
Taxation: Kuldip Kumar
Kuldip Kumar, partner and leader-personal tax, PwC India, answers your questionsMy wife and I are both income tax (I-T) assessees. I have one flat in my name, for which I have repaid the home loan. I have taken another housing loan but purchased the flat in my wife's name. I am repaying the second home loan. None of the flats are let out. Can we show the flats as self-occupied in our individual I-T returns without attracting provision of notional rent on one of the flats? If not, who should show the second flat in the I-T return? Can I get the benefit of Section 80C and Section 24 on repayment of principal and interest?Under the Income Tax Act, 1961, where an individual transfers any house property to his or her spouse otherwise than for an adequate consideration, such individual shall be considered to be the deemed owner of the house property. In your case, the second property has been registered in your wife name, but the same is funded by you and therefore, you will be considered as
 "Taxation: Kuldip Kumar")