By Neeraj Agarwala
l If there is a joint education loan, will both get a tax deduction?—Suresh Iyer
Yes, Section 80E permits deduction for interest paid on loans taken for higher studies. In a joint loan, each taxpayer must ensure that he or she is a co-borrower and is actually paying the interest. In such cases, both individuals can claim proportionate deductions based on their respective contributions to the EMI. The benefit continues for eight assessment years or until interest repayment ends, whichever is earlier.
l I filed my returns in July. It is still not processed and I have not got the refund. What should I do to escalate the matter?—Deepak Mathur
The first step is to check the “Pending Actions” tab on the income tax portal for any alerts, e-verification issues or mismatch notices. If no action is pending, you can file an online grievance on the e-filing portal. If the delay persists, you can even lodge a grievance on the Centralised Public Grievance Redress and Monitoring System (CPGRAM), an online platform available to the citizens 24×7 to lodge their grievances on any subject related to service delivery.
l I filed my income tax return (ITR) under the old tax regime in September. Now, I realised that I would have saved Rs 25,000 in tax in the new regime . Can I file a revised ITR now under the new regime and claim for refund?—Arvind Kumar
As per Section 115BAC, the tax regime choice should be exercised before the due date of filing original ITR which was September 15, 2025 for AY 25-26. Accordingly, for eligible taxpayers, the regime may be switched in revised return only if the same is filed within the due date to file the original ITR. Thereafter, even if the form allows you to revise the ITR with the new tax regime, the system processes returns only with the tax regime selected in the original tax return and therefore, it becomes difficult to change the tax regime.
l I want to sell gold which I inherited from my mother. How will I calculate the capital gains as I do not have any bills?—Gopal Sharma
For inherited assets, the tax-payer’s cost is considered as the same as that of the previous owner. If that original cost cannot be traced, the cost of acquisition is computed based on the fair market value of the asset on the date it first became the property of the previous owner. Further, where the asset was acquired before April 1, 2001, the taxpayer has the option to use the fair market value as on April 1, 2001 for computing capital gains.
The writer is partner, Nangia & Company. Send your queries to fepersonalfinance@expressindia.com
