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‘How to file revised IT return?’

Do you have any personal income tax query?

Please mail your queries at [email protected] with the subject line ‘Ask Mihir’ and Mihir Tanna, Associate Director, S K Patodia & Associates (external link), a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.

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Malin Sarkar: I would like to know whether tax exemptions on housing loan interest and principal in the name of husband and wife can be claimed by both in 50:50 ratio?

Mihir Tanna: As per Income Tax Provisions, deduction of housing loan interest and principal is allowed if following conditions are fulfilled:

  • Both the persons are joint legal owners of the house, ie, both names are mentioned in the agreement;
  • The loan is taken jointly by both; and
  • The loan proceeds are repaid by both owers equally from own earnings and savings 

Rajendra Kumar Vijay: As when I bought the shares while I was in US only, USD / INR was around Rs 60 and now it is more than Rs 80. Now I am resident of India for Tax purpose. How the Capital Gain amount will be calculated for tax purpose?

Mihir Tanna: Capital Gains are chargeable to tax only when the shares are sold. The foreign exchange fluctuations do not give rise to capital gains income. At the time of transfer of shares, capital gain will be calculated in foreign currency and converted into INR as per the rate prevailing on last date of immediately previous month in which shares are transferred.

ADHIR PATEL: I have a typical requirement of filing a revised return for AY 21-22. Due to some addition information my pension in FY20-21 is becoming non-taxable. I submitted return before due date of Dec 21 due to covid; same has been processed and I have also got refund claimed. How can I now file a revised return for same? Kindly elaborately suggest the steps and method to file revised return for AY 21-22.

Mihir Tanna: Time limit for filing a Revised return for FY 20-21′ AY 21-22 was 31st March 2022. Hence, now you cannot file revised return for claiming additional exempt income. However, in case of substantial amount of refund, it is advisable to file condonation application with jurisdictional Commissioner of Income Tax who can allow you to file revise return if reason for non-filing of correct income tax return is reasonable/genuine.

Read more of Mihir Tanna’s responses here.

Please mail your queries at [email protected] with the subject line ‘Ask Mihir’.

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