I AM A CENTRAL GOVT EMPLOYEE AND RECEIVED LEAVE ENCASHMENT WHILE IN SERVICE. MY OFFICE DEDUCTED 30% INCOME TAX ON THE AMOUNT PAID TO ME AS LEAVE ENCASHMENT. CAN I CLAIM DEDUCTION UNDER SEC. 89 FOR THE INCOME TAX DEDUCTED. KINDLY CLARIFY.

URGENT CLARIFICATION PLEASE

I have short term carry forward.loss of 22-23 Rs. 2lakhs.
In 23-24 I have gain 400000 but tax is zero and below exemption limit. Can I skip setting off of carry forward loss and setoff in future years where there is tax

Is rent agreement mandatorily required for rent that I pay to my father to claim HRA. I have rent receipts and I have paid via bank so is rent agreement still required? As I coul d not find which section/rule requires rent agreement mandatorily?

Dear Expert,
In this case the ownership of the house property is in the of the mother while Son is Taken house property loan and paying whole EMI by himself. So can he take the deduction of Loan interest & Principal u/s 24B & 80C respectively. Also bank issued loan certificate to him.

Scenario:
- My wife and I are co-owners of two properties with active home loans.
- The first property was purchased nearly 7 years ago, and the second property's loan was acquired in FY23-24.
- We are living in the second property.
- I am solely responsible for repaying both home loans.
- Rent from the first property is credited to my wife's account.
- Under the old tax regime, my gross income before tax exceeds 50L annually; however, my income after taxes is less than 50L.

Queries based on this scenario:
1. Which ITR form should I file—ITR1 or ITR2?
2. Can I claim the annual interest on both properties' home loans (approximately 1 lakh for the first property and 2 lakhs for the second property)?
3. Is it legally permissible to show rental income in my wife's ITR while I am responsible for loan repayments?
4. Can I claim deductions under all applicable sections: 24(b), 80EE, and 80EEA?

Experts, could you please help with all these queries.
Please feel free to ask if you have any more questions or need further clarification!

Dear Experts,
We Received the Property as a Gift from my brother through Gift Deed, We Construct the houses on this property & Now we sale 2 house and 2 remaining for sale.
So this is my business income or Capital Gain Income.
Under which head we can define my income (Under PGBP income or Capital Gain Income)

My itr 1 for AY 24/25 has been duly processed and I received intimation for refund u/s 143(1)
My qs is
Whether still I can recive notice u/s 143(2) within 3 mts from end of said financial yr??

Following Charges are incurred during security transaction in both STCG & LTCG

1. Brokerage
2. Exchange transaction charges
3. CGST & SGST ( in total IGST)
4. Securities transaction tax
5. SEBI turnover fees
6. Stamp duty
7. Dp Charges
8. Annual maintenance Charges ( AMC)

Can we account all the above charges as expenditure while we calcualte STCG & LTCG

Experts, please advise on the below query.

Is the Indexation benefit applicable for US stocks in India. Say I hold MSFT for 3 years and later sell it, will I get Indexation benefit on this?

Second, is the surcharge of 15 pct flat on LTCG for value above 1 cr or are there slabs?

i have query regarding allowance received by judges during year end feb 2024. Now my few clients are judges I Could not understand where to show this allowances because it is huge amount like 27 lakh or 30lakhs for each judge.

in form 16 they simply added it in gross salary and deducted tax on it. Now judges are insisting that they want refund because all allowance are exempt

under section 10 is ok but sub section is also required please help