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New Queries on Tax
May, 04th 2010

I want to rent out my only self-owned flat in Mumbai and move to another flat to be taken on rent in the same city 5-km apart. Can I deduct the rent that I pay from the rent I receive?
Manoj Deora

No. However, if you are a salaried individual you can claim HRA exemption for the rent payments. You will have to reflect rental income from the owned flat together with deductions such as municipal taxes, repairs and maintenance and interest on housing loan, etc, in your tax return.

I sold my old house and opened capital gains a/c with a bank and put all the proceeds in it. Meanwhile I booked a new flat, which would be completed in 2 to 3 years. The balance payment for the new flat is to be met by proceeds in the capital gain a/c opened initially by selling old house. What would be the tax implication in this situation?
GS Bhatnagar

Despite some technical issues, in my view, you would be eligible to claim exemption on long-
term capital gains arising out of sale of old house by investing in flat in building Y. Needless to say, possession of this flat should be obtained within the period stipulated under Sec 54. However, short-term capital gains arising out of surrender/sale of right in flat in building X would be fully taxable.

I work and reside Mumbai. I wish to purchase a home in Pune. Will I be eligible for tax exemption?

Yes, you can claim tax benefits on loan taken for proposed purchase of house.

I have sold agriculture land for Rs 37 lakh in April 2008. In July 2009, I deposited the entire money in capital gains a/c. I booked an unfurnished flat in Sept 2009 for Rs 28.5 lakh. What is the tax liability on the balance amount of Rs 5.5 lakh? Should I spend it on flooring, doors, tiles, etc?
Anil Sachdev

Additional amount spent on flooring, door, tiles, etc, would be considered as amount spent on purchase / construction of the house and accordingly would qualify for exemption.

My mother died in Jan 2008 at the age of 75. I have been a joint holder in all her investments and FDs. What would be the tax implication on the same?
Vikas Sathe

Interest earned till the date of death would be taxed in her hands and should be reflected in her tax return. The legal heir would be required to file tax return for her and would be liable to pay requisite tax. In case there is a refund, he would be entitled to receive the same. Inter-est earned after the date of death would be considered as your interest income and would be added to your taxable income.

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