Need Expert Advice?Our Gurus Can Help

Is it mandatory to file it rtn for everyone even if their income is in the exemption levels. Pls clarify

Purchased flat in joint name. i.e myself and my wife. Value above 50 lacs. 100% consideration for the purchase was paid by me. Planning to deduct entire tds under my pan. Is it ok from income tax angle?

My mother is a Sr. citizen and receives family pension from the central govt after my father’s death. There is a small business in her name and the profits are in the range of 1-2 lakhs per annum. She has income from bank interest and does not have any salaried income. Is she eligible for standard deduction of 50K or is she only eligible for deduction of 15K (due to family pension) while filing her ITR? Also due to the small business which she is showing, which ITR form does she have to file (last year she filed ITR4).

I have 2 flats at my home jointly & rented out and one flat on spouse name at our work place.Both flats at home town are rented out.we both are getting HRA but not claiming for IT deduction.What is my tax liability on our rented flats

I have sold my car purchased in 2012 for Rs3.15lacs during August 2023. 1)Does this amount is taxable for current Assessment year and 2) Should I need to show this as income for this year in tax return?

dear sir, my mother is 79 and she has yearly pension of about 2.1 lakhs and yearly interest from FD is about 47 lakhs , is she eligible for submission of 15H , please

My son periodically gives money to my wife, which she invests in FD or equity. What is tax liability to herp

I am looking for expert guidance on claiming exemption under Sec 80DD (for disabled dependent - my son, in this case) of the IT Act. I understand that I need to submit a Certificate of Disability issued by a competent medical authority / professional, along with the duly filled in Form 10-1 A. There is a flat deductible of INR75,000 if the degree of disability is greater than 40% but less than 80% (I can furnish the disability IDs issued by the state (TN Disability Passbook) and central governments (UDID card) as additional proof). I read in many sites that there is no proof of expenditure required to claim this amount. Can you please confirm if that is correct? Thanks for your time.

Hello Sir, We have a Ancestral property which we are planning to sell it. Since its in my dads name can my dad transfer the part amount in my account after sale. and will it attract any tax to me or my dad or can he send me as a gift. How can i invest the same money without paying much tax..?

Dear Sir, Can a private company employee get Gratuity amount more than Rs 20 Lakh , How's the tax treatment above 20 L.

My daughter, a divorcee, works for a tech company in California. A lot of her earnings go towards fighting a court battle for the custody of her two minor children. What is the tax I have to pay on money I send to her for their upkeep?

Sir, i will be selling a land for 80 Lakhs,(buying price was 50 lakhs) what i can do to avoid capital gain tax. Please suggest.

i pucrchase NSC IX (10 year tenure) in name of my mother amout of 4 lakh that is sum of past many year saving and my mother is housewife and no income to file itr ...so my question is at maturity of NSC IX (10 year tenure). whole interst is show in ais like 5.44lakh (only interest) so what action i take ?? can i need to pay tax on 5.44lakh or what to do ???

Dear sir , How get 2 crore Rupees money by Credits Or Donations Or helping any Persons ? And How much Tax pay me ?

2002 boght apatment for 4.6 lakh and sold for 22 lakh in july 23. How much to be invested in 54ec to avoid capital gain tax Iam sr citizen

Sir I given land for developement I got this from my grandfather. I got 70 lakhs capital gain how to save tax in investment

Hi I took a home loan in 2013 and paid back the same before getting possession. During the period I paid around 270,000 inr as interest and zero principle. The loan was settled in 2015 and I travelled abroad for job. Now I returned to India in June 2023. Can I claim benefit in income tax for interest paid on loan during Pre EMI period after 8 years? As I was NRI I didn't claim any benefit in income tax.

My daughter (RI) is having a LTCG from MF in this FY for a sum of 4.0 lakhs and NO OTHER income. Please provide the tax implication for the same.

Is section 54 f benefit disallowed if I claim section 54 benefit within one,/two years

Can I claim deduction u/s 80DD and 80DDB for medical expenses on my 84 year father-in-law who is dependent on me, these are also supported by Medical Certificate in Form 10-IA with Hospitalisation Bills. My employer has verified the Medical Certificate and Hospital Bills but are refusing the duduction that these are not available for a dependent “father in law”. Can you please provide a case law or precise section in the IT Act specifically providing the expenses under these sections for a 84 year old dependent “father in law”.

Sir, my father is having a pension of 19 plus lakhs annually, he is super senior citizen. What are the ways to save tax

Dear Sir / Madam, My father (84 year old) wants to transfer some money to my account. I am 52 year old. I am in 30% tax slab. How much tax this money will attract? Also please guide whether it is correct to make FD in his name and get more interest? He has declared me as nominee for his bank account. How much tax I will need to pay on the money that I will receive when he will not be there? What does law says?

Can I pay my wife allowance or salary for services like cooking, rent etc., and claim IT exemption? I have heard cases where son pays rent to his father and claims exemption. Does the same works for husband and wife? Can you suggest some ways tax can be saved, other than hom lo

For a 60+ person,advance income tax is not required to be paid.When such person need to pay the income tax ie before 31st March or in July at the time of filing the income tax return.

I retired prematurely from a PSU after 23 years of service in March 2020. I received my epf fund in Sept 2023. with 186000 as interest since leaving job, out of which 10% deducted as TDS. can I now show this interest on accrual basis for the last three financial years, and how will revise the it returns already filed?

Hello Sir, What are the tax implications on NPS Tier-II withdrawal? Is the whole withdrawal amount is taxable or only appreciated amount?

Me & my father bought one flat @INR 50 lacs in 2012. Later in the year 2021 the same flat has been transferred to me by father. Now, I am in the process of selling this flat @INR65 lacs (approx.). Is there any tax applicable on this? Please suggest.

After Interim Budget 2024, how will income be taxed? Any changes?

I have purchased new constructed flat at 70Lac in 2015 and intends to sell at 1 Cr. I intend to book an under construction flat 1st with booking amount of 5 lac with total price 1.35 CR (To be completed in 2026) and sell my flat immediately after booking. How LTCG will work in this case? Do I need to open new bank account or current saving account can be used to receive money after selling my flat?

I purchased a house in May 1999 for 4 laks on GPA with joint name with my wife. I paid the installments also on various dates. Then I constructed it for around 8 lakhs in 2000 year. Sale deed was done in Dec 2014. I have sold it for 4250000 in December 2023. Shall I have to show it some where in my/my wife ITR? Will there be any tax liability? Please guide me. Thanks

Hello Mr.Tejas...Pl advise if my Long Term Cap.Loss of 03Lacs incurred on Sale of Residential Flat (Owned for10Years) in FY:2023-24 can be adjusted against my Equity Shares (Held for more than 3Years) Long Term Cap.Gains of Rs.04Lac in FY:2023-24 itself and the Balance of 01Lac LTCG Exempted from Tax....Thanks.

Hi Tejas, I have invested in US stocks through one of the government approved Indian Platforms. How do the LTCG and STCG factors play out in such investments? After purchase of stocks I have not indulged in any selling activity since I want to hold on to my portfolio at least for the next 5 to 7 years. Kindly advise on what needs to be kept in mind while filing returns in India?

Subject: Urgent Advice Needed - Regarding Partial Cash Payment for Flat Purchase Dear Mr. Samrat Sir, I am writing to seek your urgent advice regarding a potential flat purchase. I am interested in a particular flat, but the owner is requesting a partial payment in cash. Please note that all my funds are held legally in bank accounts, and I have no concerns about the source of my money.i have all white money . However, I am hesitant about making a cash payment, even partially, due to possible legal and tax implications. Therefore, I kindly request your expert guidance on the following: • Legality: Is it legal to make a partial cash payment for a flat purchase in India? Are there any specific limits or regulations regarding cash transactions for property deals? • Tax Implications: Could making a cash payment, even partially, raise any red flags from the tax authorities? What are the potential tax repercussions I should be aware of? • Risks and Alternatives: Are there any other risks associated with making a cash payment, such as the possibility of fraud or disputes? Is it possible to negotiate with the owner for alternative payment methods that are more transparent and avoid cash entirely? I would greatly appreciate it if you could provide your insights and recommendations on how to proceed with this situation in a safe and compliant manner. My primary concern is protecting my financial interests and ensuring a smooth and hassle-free flat purchase. Please feel free to reach out if you require any further information or clarification. I look forward to your prompt response and valuable advice. Thank you for your time and expertise.

Hello Sir, I am planning to buy crypto tokens in FY 2023-24. As per the tax law, I have to pay 1% TDS which will be debited by the crypto exchange. when I sell my crypto tokens in any of the subsequent financial years, I will have to pay 30% tax on the profit (plus surcharge). I wanted to know how will this 1 % surcharge be adjusted when I sell my cryptos in coming years? Or will I have to pay 1% this financial year and additional 30% taxes (plus surcharge) when I sell my cryptos. Kindly clarify the matter. I look forward to your response.

Hi Can we claim Cruise on Cordelia as a Tax exemption? If not Y?

I had filed an Appeal against an order of I.Tax levying on me heavy tax by improper addition to my income in the year 2018, thereafter I applied in Direct Tax Vivad se Vishwas scheme but could not pay due to financial crisis, what shall be the status of my appeal?

I am a retired employee. I am staying in a rented house with rent of 19000 per month. Can I claim deducted in income tax for this amount

Hello Advait - I am relocating to Mexico for a year. Do i need to open a NRE account in India to remit any money earned there? Or can i xfer to my regular savings account? Also, what do i need to to follow to ensure the salary is not double taxed?

I am 68 year old pensioner. Last minth I sold my house property getting about Rs 50 lacs. Now 1) Can I gift the entire amount to my son and can get IT exemption for both. 2) Should I show this amount in my tax return as income for current Assessment year.

My husband and mother-in-law own a plot of land jointly which was inherited through a will and gift deed from my husband's grandfather. We now wish to build a house on the said plot of land. We plan to finance it by selling investments in stocks and mutual funds where even I would be contributing along with my husband and his mother by selling my investments. Can I and my husband claim a deduction under IT sec 54F for capital gains on sale of our investments if we construct a house on that plot? Can I be entitled to such a claim if I am not a owner of said plot but I invest my capital gains and sale proceeds into construction of the house?

Mihir, I have invested in US stock market using platforms available in India. So far, only purchase and no sale. What kind of tax declaration do I need to make here in India? I do not plan any sales for the next 5 to 7 years, so how wpuld LTCG and STCG play out for me?

Can the TAX on LTCG earned from sale of House property be set off by loss in sale of another house after 3 years of LTCG earned. The LTCG amount is kept in CGSS of SBI

I have sold a house for Rs 2250000/ on 19 Feb 2021 (The house was purchased by me in 2000. Capital Gain for the said house was calculated by me to 1069000.The amount was deposited in SBI Cap Gain Savings scheme in Jul2021.Neither I purchased any land nor I purchased a flat till now. Can I ask extension of a year to construct a house above my existing single storey residence or If no extension how much of percentage LTCG Tax to be paid by me.I have not withdrawn mt CGSS ac from Bank. When I went for closing Bank askin Approval from the ITO. Please guide me to save the tax

My father wants to transfer shares worth 30Ls to me. My questions are : 1. Is this taxable? i.e If I sell and I withdraw money after transferring to me? 2. Is it taxable, If my father sells and give me money as gift? I would prefer to keep 25% shares and sell the rest so that I can raise money and repay my home loan.

I am a salaried employee and my CA did not consider the marginal tax relief at the time of filing the IT Return for the AY 18-19. Can I get refund now ?

I have purchased BHEL shares in 2008 @ Rs138& I want to sell them now. What i need to know is will CGT be calculated based on my purchase price or based on Grandfathering rule

Can you please confirm if i gave some money as gift to my father or mother on their birthdays then: 1. can i claim tax exemption on that amount? if yes then is there any amount limit on which tax exemption can be claimed and under what section of IT? 2. can my father or mother claim that tax exemption on that amount? if yes then is there any amount limit on which tax exemption can be claimed and under what section of IT? Thanks in advance.

Hi Vivek, why should we not claim LTA fo cruise tour on Cordelia?

I am planning to buy crypto tokens in FY 2023-24. As per the tax law, I have to pay 1% TDS which will be debited by the crypto exchange. when I sell my crypto tokens in any of the subsequent financial years, I will have to pay 30% tax on the profit (plus surcharge). I wanted to know how will this 1 % surcharge be adjusted when I sell my cryptos in coming years? Or will I have to pay 1% this financial year and additional 30% taxes (plus surcharge) when I sell my cryptos. Kindly clarify the matter.

hello. I am a salaried person and planning to sell my mutual funds in this financial year on a profit of about 5 lakhs. Do I need to file ITR1 or ITR2?