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Please note that you will have to submit copies of rent receipts or rent agreement, depending on what your organisation stipulates.
For claiming HRA exemption, you need to submit copy of the lease agreement or rent receipts. While most of us know that we need to pay taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains.
Please note Capital Gain on Sale of Shares sold through Stock Exchange can not be set off against other capital gain as profit from sale of shares of listed companies through stock exchange in exempt. It is important to note that short term losses can be balanced off against both short term as well as long term capital gains.
If you have contributed any amount to a recognised political party, you are eligible to claim a tax deduction ranging from 50 percent to 100 percent of the amount under Section 80GGC for individuals and Section 80GGB for corporate organisations. The principal repayment of the home loan qualifies for deduction under section 80C; the interest payable on the home loan is allowed as deduction under section 24 of the Act. The educational loan can be taken for any course pursued by the individual or the spouse or children of the individual post the senior secondary course or its equivalent. A deduction of up to Rs 15,000 can be claimed in respect of the health insurance premium which one pays for covering oneself and or the wife and dependent children. The income tax department understands that chronic illness of a dependent can empty your life savings, and paying full taxes in such cases is burdensome for any taxpayer. This deduction is available for specific diseases, which include many neurological diseases like dystonia musculorum deformans, aphasia and Parkinson’s disease, hemiballismus, ataxia, motor neuron disease, chorea, haematological disorders, chronic kidney failure, and a few more. In order to claim this deduction, it is important that the patient should be dependant on the taxpayer, and should not have filed for such a deduction separately.
In case any of your dependants suffer from a physical or mental disability, you can claim a deduction under section 80DD for an amount of Rs 50,000 (if the disability is less than 80%) or Rs 1 lakh (if the disability is 80% or more). Dependants for this purpose can include spouse, children, parents, brothers and sisters, or any of them. You will have to submit the copy of the certificate in Form 10IA to the payroll department of your organisation. Scope of Deduction – Deduction can be claimed for dependent parents, spouse, children and siblings.
The actual expenditure incurred on treatment of specified disease such as AIDS, cancer, neurological diseases, etc., is deductable to the extent of 40,000 or the actual expense whichever is lower.
Scope of Deduction – Deduction is applicable for treatment of self, spouse, children, siblings, and parents, wholly dependent on you. You can claim a deduction for rent paid to the extent of 2,000 per month even if you don’t receive HRA from your employer or you are self-employed. To Claim the deduction Neither the taxpayer nor the spouse should own a house at the place of employment.


Many individuals take up overseas assignments and as a result earn income both in India and abroad.
If you have made any capital gains on the sale of residential house property, such capital gains shall be exempt from tax, provided you purchase a new residential house one year before or within two years after the date of transfer; or you incur expenditure on construction of house property within three years from the date of transfer. With most companies closing investment declaration by February end, you still have some time to widen your tax relief. Then you can divide the rent two-ways so that the tax liability gets split between the two parents. However, avoid claiming tax benefits on rent payments made to the spouse as the arrangement can be characterised as a sham transaction, say experts. Your monthly rent is Rs 16,000 and annual interest payment on your housing loan is Rs 1.45 lakh. For claiming deduction on housing loan interest, you need to submit a copy of the tax certificate issued by the housing finance company.
So, for instance, if you have made a long-term capital gain of Rs 15 lakh by selling off your property and long-term capital loss of Rs 3 lakh by selling stocks which are either not listed or are sold off market, the total taxable amount would Rs 12 lakh. However, long term capital losses can only be balanced off against long term capital gains. One can contribute up to 10 percent of one’s gross total income to a political party. The deduction in respect of the interest is available in full for properties that are treated as let out, but in case of a property treated as self-occupied, the amount cannot exceed Rs 2 lakh (1.50 Lakh Up to AY 2014-15) per financial year, subject to certain conditions.
The interest paid during the per-construction period can be claimed as deduction in five equal installments starting from the financial year in which the construction is completed. You can claim an exemption of Rs 15,000 on premium payments made for parents and a higher deduction of up to Rs 20,000 if one of your parents is a senior citizen. Hence, it allows a deduction of Rs 40,000 (Rs 60,000 if the dependent is a senior citizen) per year, under Section 80DDB. To be eligible to claim the deduction, you must obtain a certificate in Form 10IA from a doctor with the prescribed qualification and working in a government hospital. It could pay either an annuity or a lump sum amount for the benefit of the dependent on your death. If you are already receiving any reimbursement for the treatment from your insurance company or employer, deductions cannot be claimed.
A certificate would be required from a specialist working in a government hospital, as proof for the specified ailment. However, effective April 2011, employer contributions to NPS up to 10% of the employee’s salary would qualify for an additional deduction.
In the event they face taxation in both countries, they may avail credit of taxes paid overseas while filing their tax returns in India.


They are not widely discussed as they involve special situations in life such as having a special dependant, paying rent to parents, owning a house in another city, and so on. If their income exceeds the basic exemption limit, you can help them save tax by investing in their name under Section 80C options such as the Senior Citizens’ Saving Scheme, five-year bank fixed deposits or tax-saving equity mutual funds. Instead of giving the money directly to the needy and not getting any deduction, you can make a charitable contribution to an NGO that provides assistance to the needy.
Where the property is jointly owned, with the share of each owner being definite, the net taxable annual value of the property is apportioned to each of the joint owners in the ratio of their share in the property.
There is another section in the Act (section 80E) which provides for deduction in respect of interest on loan taken for higher education. It is allowed for a maximum of eight years starting from the year in which the interest is first repaid. However, in case of company insurance, only the organisation can seek tax relief and not the employee. If you are receiving partial reimbursement, the balance amount can be used for a deduction. The Indian tax laws as well as tax treaties signed by India with other countries prescribe provisions for claiming credit of foreign taxes.
These deductions, along with the common ones like medical benefits, HRA, home loan EMIs, etc. Further, you can claim deduction under section 24(b) of the Income-Tax Act, 1961, on the interest payable on your housing loan.
The individual is then able to get a tax deduction while still contributing to a noble cause.
And, as the shares are definite, each holder is eligible to claim a separate deduction in case the property is jointly owned.
So, if you pay your father a rent of Rs 3 lakh a year (Rs 25,000 a month), he will be taxed for only Rs 2.1 lakh. If your parents are retired and do not derive any significant taxable income, the amount of rent would be tax free in their hands. It is advisable that you enter into an agreement with them and actually make the payment every month, preferably by cheque.



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