| My late father owned a house. He left behind three legal heirs ? myself, my sister and my mother. My father has not left any deed distributing his properties among his legal heirs. There are tenants in our house and the rents go to my mother’s account. Should I show the rents in my income tax returns? |
Sanjib Chaki, by e-mail |
|
| You are entitled to a proportionate amount of the rent. In that case, you are required to include the amount in your income tax returns. However, if the rent is going to your mother’s account and you are not receiving any amount, you do not have to do so. |
|
| |
|
| |
| Maturity value |
| Is the maturity value of NSC treated as income in that year? What about the interest amount? |
S. P. Singh, Arunachal Pradesh |
|
| No, the maturity amount is not treated as taxable. However, the interest amount will be included in the total income. Till last year, there was exemption on interest income under section 80L. However, from the current year, the exemption has been withdrawn. |
|
| |
|
| |
| Fee structure |
| Is the exemption for tuition fees paid for children under section 80C applicable to other fees also? |
S. Roy, by e-mail |
|
| The deduction is only for tuition fees and not for any other fees like conveyance fees, bus charges, development fees or donation or any other fees of a similar nature. |
|
| |
|
| |
| It’s simple |
| I am a government employee and apart from salary, I do not have any other source of income. I submit Naya Saral to the income tax department each year. Do I need to submit any other return apart from Naya Saral? I have got my bank account at Siliguri. Can I submit my tax returns through the Internet? |
Sanjib Chaki, by e-mail |
|
| |
| You are not required to file anything else apart from Naya Saral. Also, you can submit your tax returns through the Internet through a selected designated intermediary. |
|
| |
|
| |
| |
| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001. |
