Income Tax: If income above Rs 50 lakh, you have to disclose cost of assets in ITR form

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New Delhi | Published: April 11, 2018 2:31:19 AM

ax exemption can be claimed by investing the sale proceeds in new residential property jointly as well.

tax, income tax, itr formThere is no estate duty or inheritance tax payable at the time of inheritance of gold ornaments.

* I wanted to know whether my wife, who is a housewife, has to pay any tax on gold and silver ornaments she inherited from her mother last year?

—Anand Takle

There is no estate duty or inheritance tax payable at the time of inheritance of gold ornaments. However, where the income is more than Rs 50 lakh, a disclosure of assets (including gold ornaments, at cost) has to be made in the income tax return.

* My wife and I are partners in a partnership firm which is not doing any business since the last few years. The firm has one property in its name. We plan to sell this property and subsequently dissolve the partnership firm. Can we invest in bonds in the name of partners to save tax? If yes, then what would be limit of this investment? Can we buy residential property in the name of both the partners to save the tax?

—Kapil Madan

Assuming that you and your wife are equal partners and hence joint owners of the property, investment in bonds for tax saving purposes can be made by both of you up to Rs 50 lakh each. Further, as per Finance Act 2018, this tax exemption can be claimed in respect of LTCG arising only on capital assets, being land or building or both. Tax exemption can be claimed by investing the sale proceeds in new residential property jointly as well.

* I have an home loan of `25 lakh from HDFC. I am buying a flat worth `90 lakh with a second home loan of `50 lakh. My take home is close to `1.90 lakh. Will I get tax benefits on my second loan? As my wife is primary applicant, will I have any problem in availing home loan on my name?

—Ashokan Shiva

Your loan eligibility will depend upon the policy followed by the bank. Deduction can be claimed in respect of interest paid on home loan taken for each house property up to `2 lakh a year against the income from such house property. Loan eligibility for your wife will also depend upon the policy followed by the bank approving her loan.

* I have started tax consultancy servi-ces. Can I sign financial statements of below `2 crore turnover?
—Ajay Goel

Assuming that you are a chartered accountant having certificate of practice and currently working as a partner in a tax consultancy CA firm, you are allowed to sign financial statements.

The writer is partner, Nangia & Co LLP. Send your queries to fepersonalfinance@expressindia.com

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