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I am an executive working for FMCG and paying tax at 30%. I stay with my parents and do not own any house. Under recent budget 2019, is there any benefit if I buy an apartment?

—Ravish J Borkar, Verna 

. As per provisions made in the new Budget you will be entitled to claim deduction of additional interest of Rs 1.50 lakh under Section 80EEA if you buy an apartment in Goa (non-metro city) with carpet area of not more than 90 sq meters and price not exceeding Rs 45 lakh as per stamp duty value of the property, defined as affordable housing unit. You should purchase this residential unit before March 31, 2020. In addition, you can claim interest deduction upto Rs 2 lakh towards interest paid on loan u/s 24(b). This will reduce your tax by Rs 1,09,200. It may kindly be noted that this affordable house can also be let out to earn income. If you have borrowed at 9%, your effective interest rate will be 6.2%. 

I have bought a new apartment in Dona Paula for my residence and will be shifting there shortly. I will be selling all old furniture, washing machine, kitchen equipment’s etc from which I will get around Rs 10 lakh. Have I to pay any GST or income tax on these sale proceeds.?

Mala, Panjim

. Income tax is required to paid on profits made sale of ‘capital assets’ as defined in the I-T Act. As per the said definition, personal assets and household goods are excluded from capital assets. In view of this, you will not be required to pay any income tax irrespective of the profit you have realised from sale. GST is attracted on sale of goods in the course of business. Since goods you are selling are personal non-business goods, they will not be liable for GST.

I am working for the past 7 years in a government organisation. My query is regarding NPS. My investments include PPF amounting to 1.5 lakh. NPS amount is being deducted from my salary which is a total of Rs 76,000. I would like to know if I am eligible for the additional tax benefit under section 80 CCD(1B) related to NPS.

—Rajan Sanvodekar, 

. U/s 80C deduction is available upto Rs 1.50 lakh for PPF, NSC, Life Insurance premium etc. Additional deduction of upto limit of Rs 50,000 is allowed u/s 80CCD(1B), if the amount is deposited in the National Pension Scheme (NPS). Since amount of Rs 76,000 is deducted from your salary, your benefit will be restricted to Rs 50,000 as per the above section. This is applicable to individuals employed by the Central Government on or after December 1, 2004 or any other employer or any other assessee being an individual. 

If I have committed a mistake in my original return filed on July 6, 2019. Am I permitted to file a revised return to correct the mistake? ​

. Yes. Return can be revised before the end of the relevant assessment year or before completion of the assessment whichever is earlier. ​Eg, In case of income earned during FY 2018-19, the due date of filing the return of income (considering no audit) is July 31, 2019. Thus, revised income tax return can be filed up to 31st March, 2020 if assessment is not completed by that date.

I am working in a company and eligible for leave travel allowance. I propose to visit Singapore along with my two children. Will I get deduction for travelling expenses to Singapore?

. Under Section 10(5) of the Income Tax Act, 1956, amount received by an employee towards any travel concession or assistance from the employer for travelling with his family in connection with proceeding on leave to any place in India is exempt subject to certain conditions as provided in the rule 2B. Since wording used in section is for proceeding on leave to any place in India, you will not get any exemption for LTA. Entire amount received from employer will be charged to tax.

My son had taken educational loan from the bank to complete his MBA program however his income is not sufficient to pay loan interest. Will I be able to get deduction from my taxable income if I pay this interest amount?

. No. In order to claim deduction for interest on educational loan under section 80E, sanctioned loan has to be in borrower’s name. Since the same is in the name of your son, you will not be able to claim any deduction for the interest paid to the bank.

I took a bank loan for renovation of self-occupied house property, for which I paid interest of Rs 38,000 in financial year 2018-19. Can I claim the entire amount of interest as deduction?

. As per section 24, interest on loan taken for repair, renovation or reconstruction upto Rs 30,000 is allowed for self-occupied house property. You will therefore be eligible to claim deduction for Rs 30,000 only.