Table of Contents
Is ancestral property taxable?
At first instance, any property that is inherited from ancestors by the individual does not have any tax liability at the time of inheritance. No tax is levied on that at present.
Can wife and husband both claim HRA?
Though HRA is included in the basic salary, it’s not fully taxable. You can claim tax deductions on it. To optimize the tax-benefits from the HRA exemption, you can split it with your spouse. If both the husband and wife are in the same tax slab, then the rent paid can be split 50:50 to enjoy higher tax savings.
Can husband pay rent wife claim HRA?
A taxpayer is entitled to claim the HRA exemption for rent paid to his or her spouse provided there is documentation to prove that the arrangement is genuine. Neither the Income-Tax Act, 1961 nor the Income-Tax Rules, 1962, prohibit claiming HRA exemption on the rent paid to one’s spouse.
Is inherited property ancestral property?
However, this claim into the ancestral property and the share that is given to each individual against his claim is determined by the successive generation. They decide the respective shares. If the property is inherited from your mother, uncle, brother or grandmother, it is not ancestral property.
Can I claim HRA on rent paid in India?
The Indian tax laws provide for tax benefit for salaried employees in respect of HRA received by them from their employer if he pays rent for the accomodation occupied by him. The benefit can only be claimed if you satisfy the following conditions. You are in receipt of HRA from your employer.
How to sell an undivided ancestral property in India?
While the head of a Hindu undivided family (HUF) has the power to manage the family assets under the Hindu law, an ancestral property cannot be sold by the sole decision of one or part owners, since four generations have their claim over such a property. The consent of each stakeholder will be required, to sell an undivided ancestral property.
How can I reclaim my ancestral property?
However, it can be reclaimed by filing a suit for partition in a court. *Similarly, if your share is denied you can send a legal notice demanding your rights. *The property is regarded as an ancestral property provided it is not divided by the members of a joint Hindu family.