A flat was bought in 2003 in my wife’s name with funds from both of us. In 2010, my name was added while registering. Who will be liable for income tax when it will be sold?
– Dilip Saksena
Income from joint ownership property is taxed in the hands of both the owners in the ratio of their share in the property.

I earn interest from bank fixed deposits and get pension of Rs 1800 per month only against EPS 95. While filing returns, my pension income is shown under income from salary. Can I claim standard deduction of Rs 40,000?
—Dipak Chakraborty
Standard deduction of Rs 40,000 can be claimed even if a taxpayer receives only pension. However, amount of standard deduction is restricted to salary income if it is lower than standard deduction. As your total salary income, `21,600 (1800 x 12), is less than `40,000, you can claim deduc-tion of `21,600 only.

I bought a commer-cial property in 2000 and am using it for my business. I want to sell it and invest the sum in bonds specified under Section 54EC. Do I have to invest entire sale proceeds or just capital gains in the bonds?
—Sumeet Arora
Section 54EC provides exemption of tax on amount of capital gain invested in the specified bonds. Thus, only the amount of capital gain, not the sales consideration, is to be invested in specified bonds.

My son and daughter are NRIs and have NRO accounts in which I am a registered PA holder. Can I transfer money from one NRO account to another and withdraw cash for expenses without any objection from income tax department?
—Dolly Moga
POA holder shall not transfer money from one NRO to another NRO account. But, he can withdraw cash for local expense subject to necessary FEMA compliances.

A private limited firm in which I am a director is dormant and has been struck off by ROC due to non filing of returns. I am a director in another firm which is active and fulfilling all compliances. Do I have to resign from the first firm?
—Mahesh Sharma
If a director incurs any disqualifications due to default of filing of financial statements or annual return, then he shall vacate office in all the companies other than the company which is in default.

By- Chirag Nangia. The writer is director, Nangia Advisors LLP. Send your queries to
fepersonalfinance@expressindia.com