I write in reply.
Firstly, her exemption limit is 2,50,000 on taxable income as per slabs.
1) Her FD interest got taxed because she did not submit a form 10H to the
bank (declaration asking them not to deduct tax as she did not have any
other source of income). Since she must have filed her tax return in July
2013 for the said assessment year 2012-13 , a refund will be got after her
return is processed. (Most of the returns filed last year by me have been
processed).In case she has not filed last year's return then do so asap to
claim refund. *The date for filing last years return (at the rate of
interest of 1% per month on tax) is March 31, 2014.(No penalty will be
As far as you shifting from Agra to Noida is concerned, please confirm if
you have more than property and whether one of them was let out during the
last year. Then income from House property will also have to be factored in
for last year, depending on who paid the rent. (I assume none of you are
2) For the year 2013-14 , I would like to know if you made a fixed deposit
at the Post Office or in a bank). To answer your third query, on expenses
on illness, they are deductible for specified illnesses under Section
80DDB. The quantum is with a ceiling of Rs 60,000 for senior citizens.
Household expenses are however not deductible. Maintenance of property
expenses, property taxes can be deducted from the income taxable. I would
like to know if you have taken any Health insurance for self or spouse,
that can be deductible upto Rs 1,00,000 Section 80C or paid expenses for
preventative check up.
Firstly, you can claim exemption from capital gains if you invest gains
from one house property within a period of one year before such purchase,
or within 2 years after purchase or constructed a house within 3 years
from date of transfer This applies to long term capital gains i.e. here
house was held for three or more years. However the property obtaine dby
reinvestment cannot be sold of before three years to avail this deduction.
Since the sale of a house constitutes capital gain under Section 54 and
certain deductions are allowed. Further, depending on whether you held it
for three or more more (long term capital gain is taxed at a lower rate)
you capital gains will have to be calculated. Here cost of acquisition of
the house will be calculated by multiplying it with wholesale price index
of 2013-14 divided by whole sale price index in the year of purchase. Sale
Consideration mentioned in the agreement (after deducting stamp duty,
registration fees, brokerage and commission paid, any legal expenses to
effect transfer is deducted ) deducted by this indexed cost of acquisition
to arrive at capital gains which is taxed on the basis whether it is long
term or short term.
3) Further for tax planning, investment in certain specified instruments
within a particular time limit is deductible. Also please note since last
assessment year savings bank interest upto Rs 10,000 is deductible under
Section 80TTA (a new deduction).
Hope you find this useful.In case of any query, please feel free to contact
me at 9958190988.I shall be going to Noida in the next week, if you need me
to meet you, we can fix a mutually suitable time.
Ashish Gosain. more
1. The age of my wife Mrs. Madhu Dhal is of 67 years (born 1945). We shifted from Agra in October 2012 due to my illness, now residing in NOIDA.
2. Till March 2013, she was getting FD interest, below tax limit, from bank but tax was deducted and Form 16A was issued. How can she apply for refund?
3. In 2013-14, she sold her house and opened another FD in the same bank which will give taxable interest; hence she will file the return and needs advice. She also wants to know if there is any deductable exp. From tax, such as expenses on my illness and household exp. Etc. Thanks.
Dharam Vir Dhal - Mobile No. 08373932295 more
I, Ashish Gosain, Tax Return Preparer and Advocate am responding to your
There are two tax slabs one for senior citizens above 60 years of age and
then super senior citizens above 80 years of age. I would like to know your
age group. (below 60, above 80, or 60-80)
Please call me at 9958190988 for any queries you may have.
On Thu, Mar 6, 2014 at 11:26 PM, Dharam Vir Dhal <