Income tax - house loan

TDS 346 views 3 replies

Kumar

Accountant/HR

72 Points Joined June 2009

Dear Experts,

1. One of my friend is working in MNC company and the company has not considered his housing loan repayment of Interest & loan which is in joint account with his father. And the company is saying him to he has to claim back the tax amount himself while submitting ITR.

Kindly let me know the procedure to claim the TDS deducted amount by the company.

2. What is the treatment for Gift of Rs. 20 Lacs received in cash from his mother in sons books of account ? What are the entries need to be pass in Tally.

Please advice the above 2 points..

Regards, Kumar

Replies (3)

Mihir

Wealth Manager

5293 Points Joined December 2008

First, always file your IT returns online before due date - 31st July - major advantage.

He can claim the TDS after filing his returns, provided everything is in order and the assessing officer does not make a mistake. Check 26AS and refund status on the website

Receiving money from his mother is a tax-free amount in his hand. However, it would be wise to get a gift deed registered in case the assessing officer pulls up section 68 of IT act.