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Answered on Dec 20, 2024

Question by Prabha - Dec 19, 2024Hindi

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How to Deal with High Value Transactions in AIS Without Account?

Ans: Kindly get it confirmed that income is below threshold limit to make sure that he was not required to file ITR. Last date to file belated ITR for FY 23-24 is 31.12.2024

With reference to interest amount, as per my experience amount is usually reported by post office/Bank on accrual basis and not on receipt basis. Check correctness of interest appearing in AIS and provide feedback that whether information is incorrect/pertaining to other year etc

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Answered on Dec 19, 2024

Asked by Anonymous - Jun 17, 2024Hindi

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Hello Sir - My wife is homemaker and didn't do any job during last year. She invest in shares with "Streedhan" (money gifted from father) and earned 4 lakh last year as short term capital gain. She also earned 1 lakh as interest income from saving and FD accounts. Which ITR she should file and is there any exemption she can claim?

Ans: ITR 2 is applicable and last date for filing belated ITR for AY 2024-25 is 31.12.2024

Further, there is minimum exemption limit of 3 lacs and accordingly, only on 2 lacs tax of 15% will be levied.

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Answered on Dec 17, 2024

Asked by Anonymous - Jun 17, 2024Hindi

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Senior Citizen's TDS Refund Claim Issue: How To File ITR and Claim?

Ans: You should claim TDS actually deducted even though same is not appearing in 26AS. Keep written communications with TDS deductors.

Unfortunately, said issue will be litigative and you will not get TDS credit at the time of processing ITR. It is likely that you have to file appeal before CIT(A) and get the credit.

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Answered on Dec 17, 2024

Asked by Anonymous - Jun 18, 2024Hindi

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NRI with Rs 280k rental & interest income: Do I need to file taxes?

Ans: You can opt for new tax regime and as per which your taxable income is below exemption limit of Rs.3 lacs, so you are not required to file income tax return unless any of the following conditions are applicable

Deposit > 1 Cr in Current A/c
Expense > 2 L for Foreign Travel
Expense > 1 L for Electricity
TDS/ TCS > 25K ( 50K senior citizen)
Deposit > 50 L in Saving A/c

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Answered on Dec 17, 2024

Question by Saurabh - Jul 13, 2024Hindi

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Should I pay tax on NSC interest at maturity or yearly?

Ans: Income from other sources can be offered to tax in accordance with either cash or mercantile system of accounting regularly employed. So you can offer it on maturity but practically it is difficult to manage AIS report.

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Answered on Dec 17, 2024

Question by Chandran - Jul 14, 2024Hindi

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ITR-2 Filing Problems: How Do I Correct AIS and 26AS Mistakes?

Ans: I just checked income tax portal for one of our client and option "Information is not fully correct" is still available.

Also with reference to 26AS issue, you can file grievance at eNivaran option available at income tax portal

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Answered on Dec 16, 2024

Asked by Anonymous - Dec 14, 2024Hindi

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IT Notice for Cash Deposit in Salaried Account: Father Deposited 30 Lacs - What Should I Do?

Ans: Gift received from relative is not taxable. However, to substantiate the same you need to execute gift deed and provide source of cash (i.e. source of cash generated by father is need to be explained)

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Answered on Dec 13, 2024

Asked by Anonymous - Dec 12, 2024Hindi

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Can I split rent with my mother to save tax?

Ans: It appears that for income tax purposes, you are not owner of property and property is registered in the name of mother. Accordingly, as per income tax provisions, it is entirely taxable in the hands of mother.

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Answered on Dec 13, 2024

Question by Gurdevinder - Dec 12, 2024Hindi

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How Much Can I Gift My Granddaughters Tax-Free?

Ans: There is no tax on gifting money. Gift receiver will be liable to pay tax, if it is not received from relative.

In given the case, as gift is received from relative, same amount will not be taxable in the hands of grand daughter

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Answered on Dec 10, 2024

Asked by Anonymous - Dec 09, 2024Hindi

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Sister in America is Green Card Holder, How Much Can She Gift Me Tax-Free?

Ans: There is no limits for giving gifts to relatives. Further, it is advisable to execute gift deed before giving gift.

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Answered on Dec 07, 2024

Question by Manish - Dec 06, 2024Hindi

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NSC interest automatically added to income? - A retiree's confusion.

Ans: If you are using online utility and if NSC interested in AIS, same will be displayed in draft ITR.

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Answered on Dec 05, 2024

Asked by Anonymous - Nov 26, 2024Hindi

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Transferring Shares to Spouse: Tax Implications?

Ans: With reference to transfer of shares to spouse, if the same is transferred as gift - said transfer is not subject to tax. However, future income will be clubbed in the hands of husband.

In case of short term gain, STT is not deductible. However, all expenses wholly and exclusively incurred in relation to the sale/ transfer of shares are allowed to be deducted like Brokerage, GST.

In case of Intra day, all expenses are allowed as deduction from business income which are related to transfer of shares.

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Answered on Dec 05, 2024

Question by Sanya - Nov 26, 2024Hindi

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I surrendered my Kotak Life ULIP after 7.5 years: How much tax will be deducted?

Ans: As premium is more than 10% of sum assured, maturity proceeds will not be exempt u/s 10(10D). Accordingly, TDS @2% will be deducted on net income (surrender value minus premium paid) if policy is surrendered on or after 1st Oct 2024.

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Answered on Nov 16, 2024

Question by Dipak - Nov 15, 2024Hindi

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How Much Tax Will I Pay as a Senior Citizen with Bank Interest and Capital Gains?

Ans: Assuming 5 lacs as interest from FD and 3.4 lacs of LTCG is earned in 1st Qtr, tax liability under new tax regime will come to Rs.24960

Please note that 50k standard deduction is for salary/pension income and 50k deduction of Sec 80TTB is not available for new tax regime.

You can also calculate the same using income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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Answered on Nov 14, 2024

Question by Atul - Nov 06, 2024Hindi

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Selling My House for 6x the Price in 20 Years - How Much Tax Do I Owe?

Ans: If house is acquired in FY 2003-04 for 6 lacs, indexed cost of Rs.1998195 is likely to be beneficial. If said is transferred in FY 2024-25, tax will be around Rs.3 lacs (plus applicable surcharge cess)

You can also calculate the same from income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Answered on Nov 14, 2024

Question by yashpal - Nov 05, 2024Hindi

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Senior Citizen with Income Below 3 Lakhs - LTCG and STCG Tax Liability

Ans: Under new tax regime, there will not be any tax for said heads of income upto 3 lacs.

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Answered on Oct 29, 2024

Asked by Anonymous - Jul 25, 2024Hindi

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Dual Income: Which ITR Should I File?

Ans: It depends on amount of income from freelancing. If you are eligible for presumptive taxation, ITR 4 can be filed. Else you need to file ITR 3.

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Answered on Oct 29, 2024

Question by Rohit - Jul 26, 2024Hindi

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Capital Gains Tax on Property Sale: Selling in 2024

Ans: Yes for all property held as on 22nd July 2024, benefit of indexation is available only for calculation of tax and not for the purpose of Sec 54. Also if indexation provision is beneficial, tax rate of 20% will apply

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Answered on Oct 29, 2024

Asked by Anonymous - Aug 02, 2024Hindi

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Can a Cross Gift Transaction be Taxable for Me?

Ans: If source of gift is genuine and if it can be explained with supporting documents, gift is not taxable.

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Answered on Oct 24, 2024

Asked by Anonymous - Aug 05, 2024Hindi

sir, I have a LTCL of 300000 and 650000 STCG in the current fin year. Can I set off LTCL above in STCG with net income of 350000. Do I come under new regime tax if I add my SCSS income of 129000.

Ans: Long-term capital losses (LTCL) can only be set off against long-term capital gains (LTCG).

Investments in the SCSS qualify for a tax deduction of up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961. If you want to take deduction and if it is beneficial, you have to opt for old tax regime. Income from SCSS will not change tax regime

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Answered on Oct 23, 2024

Asked by Anonymous - Oct 21, 2024Hindi

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I am paying 100000 premium per year for SBI wealth builder for a tenure of 21 years. So far I have paid 7 premiums. I would like to know whether it would be taxable at the end of the tenure with an assumed returns of 12% per annum?

Ans: Broadly there are two types of Life Insurance Policy (1) ULIP (2) others
[ULIP insurance plan offers the dual benefit of investment to fulfil your long-term goals, and a life cover) and other policies]

1. Policy taken before 1st February 2021

The amount received on the maturity of your ULIP is free from tax as per section 10(10D) of the Income Tax Act, 1961, if the amount of premium paid is less than 10% of the sum assured you will receive [For the ULIPs that are purchased before April 2012, the rate is 20%].

2. Policy taken on or After 1st February 2021

After the amendments that were made with the 2021 budget, the returns from your ULIP will be taxed if the premium paid by you in a year exceeds Rs 2.5 lakhs. ULIP proceeds will now be charged as a Capital gain (whether long-term or short-term will be decided by the tenure)

Payouts from life insurance policies (excluding ULIPs) issued after April 1, 2023, will be taxable if the total annual premium exceeds Rs. 5 lakhs.

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Answered on Oct 23, 2024

Asked by Anonymous - Oct 22, 2024Hindi

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Do I Need to Pay Taxes on Cash Deposits Over 10 Lakhs in My Savings Account?

Ans: Such transaction will be reported by Bank through statement of financial transaction to income tax.

There are various restrictions for cash receipt like an individual cannot receive a cash loan or deposit of Rs 20,000 or more from another person within a single day, individual can not receive an amount of Rs. 2 lakh or more in cash from Single Person in a Day, against Single Transaction and for a Single Event

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Answered on Oct 21, 2024

Question by madhu - Oct 19, 2024Hindi

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Do I need to pay taxes in India on income earned abroad?

Ans: As your stay in India is more than 182 days; you are resident during the year. I understand that in earlier year also you were resident in India. Accordingly, your status is Resident and Ordinary Resident in India.

Accordingly, you are liable to pay tax in India for Income earned outside India also. However, you can take tax credit for taxes paid outside India.

In the Income tax return, you have to show income under salary head and required to show necessary details in Schedule FSI & TR.

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Answered on Oct 19, 2024

Asked by Anonymous - Oct 18, 2024Hindi

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Can you sell your flat based on the current market price or the sale deed value?

Ans: Amount mentioned in sale deed will be considered for calculation of capital gain

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Answered on Oct 18, 2024

Asked by Anonymous - Oct 27, 2023Hindi

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Settled demand with VSVS adjusted by AO: What to do next?

Ans: You can meet the officer and discuss the issue. Due to some issues, if you can not get refund, you can file grievance at income tax portal.

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Answered on Oct 18, 2024

Asked by Anonymous - Oct 09, 2024Hindi

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Super Senior Citizen Seeking Advice on Transferring Demat Shares to Children

Ans: Shares transferred to relative is not an Income and not subject to tax. Period of holding and cost will be added to recipient.

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Answered on Oct 18, 2024

Question by Venkat - Oct 05, 2024Hindi

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90-Year-Old Seller: How to Calculate LTCG on Flats Transferred to Son/Daughter in JDA?

Ans: In case of JDA, 1st tax liability arise for transfer of land for development and on which tax is required to be paid year in which completion certificate is issued.

After that when you transfer property, it will STCG if sold within 24 months of JDA.

Property transfer as a gift is not taxable

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Answered on Oct 18, 2024

Question by Shaheen - Oct 02, 2024Hindi

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Wife and I Sold Gifted Property (2024) - Capital Gains Tax?

Ans: If property is registered in your as well as in the name of your wife, both will be liable to pay tax. Also in case of gift, period of holding starts from previous owner, so it will be LTCG.

NEC bonds are not covered in 54EC. Following bonds are eligible:

Rural Electrification Corporation Limited or REC bonds,
National Highway Authority of India or NHAI bonds,
Power Finance Corporation Limited or PFC bonds,
Indian Railway Finance Corporation Limited or IRFC bonds

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Answered on Oct 18, 2024

Question by Shaji - Oct 02, 2024Hindi

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Capital Gain Tax on Apartment Sold in 2024 - Reader Shaji's Question

Ans: In case property is constructed, date of purchase will date of allotment letter and indexation will start from date on which each installment is paid.

Accordingly, as per new provisions of income tax option of taking benefit of indexation will be available at the time of calculating tax on long term capital gain.

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Answered on Oct 14, 2024

Asked by Anonymous - Oct 09, 2024Hindi

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I paid 30 lakh in 2015 & 38 lakh in 2023 on my house, took a 60 lakh loan & now selling for 75 lakh. What taxes do I owe?

Ans: As property is held for more than 24months, it will be long term capital gain and calculation is required to be made comparing taxable gain with and without indexation. In case construction of house, date of payment is important.

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Answered on Oct 14, 2024

Question by PRAVEEN - Oct 14, 2024Hindi

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Confused about Showing Income under HUF: Is Gifting Income a Solution?

Ans: Yes, for eligible deduction under old tax regime you can take benefit of basic exemption limit and 80C.

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Answered on Oct 09, 2024

Asked by Anonymous - Oct 05, 2024Hindi

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Redevelopment land owner: How to utilize long-term capital gains?

Ans: As per Income tax provision, possession date is not important but date of completion certificate is important.

For tax exemption on LTCG, you can check provisions of 54EC and invest the gain amount (if possible) in specified bonds within 6 months of receiving completion certificate.

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Answered on Sep 21, 2024

Question by PADMAKUMAR - Sep 21, 2024Hindi

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Selling Flat Before Redevelopment & Booking New One: Tax Implications?

Ans: In case of re-development, capital gain tax is required to be paid in the year in which certificate of completion is issued for new property but as you are transferring it before receiving completion certificate, you have to pay tax in the year of transfer.

Also when you are transferring under construction property, you are transferring rights which is also capital asset, accordingly you have to pay capital gain on that as well.

Exemption from both of the above said capital gain will depends on certain conditions of Sec 54 and 54F.

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Answered on Sep 21, 2024

Asked by Anonymous - Aug 01, 2024Hindi

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HUF Formation and Tax Implications for Family Income - Mihir's Advice

Ans: As money is contributed by member of HUF, income generated out of investment will be Income of HUF. Once money is invested in HUF, withdrawal is usually not allowed except in few circumstances

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Answered on Sep 21, 2024

Question by Pratik - Aug 07, 2024Hindi

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Tax-Savvy HUF Management for My Housewife, Kid, Brother, and Retired Parents?

Ans: If you want to create means to build assets for family, you can form HUF. HUF is taxable separately from its members and HUF can claim minimum exemption limit, specified deduction/exemption.

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Answered on Sep 10, 2024

Question by sandeep - Aug 01, 2024Hindi

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Jointly-owned flat rented out by wife: can she claim full rent income?

Ans: In case of Joint ownership, person who makes contribution in the purchase consideration will be considered as owner of property for income tax.

Thus, if you have made contribution at the time of purchase of property and/or in loan repayment; rent income will also be taxable in your hand in the proportion of contribution.

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Answered on Sep 10, 2024

Asked by Anonymous - Jul 31, 2024Hindi

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Should I pay less tax on my Mira Road flat sale?

Ans: In such case stamp duty value will be considered as sale consideration, Subject to certain specified conditions.

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Answered on Sep 10, 2024

Question by dinesh - Jul 28, 2024Hindi

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How much will be my income tax on a 10.50 lakh salary under the new tax regime?

Ans: For AY 2025-26, on taxable income Rs.10.50 lacs tax under new tax regime will be Rs.70200.

You can calculate the same with income tax calculator : https://incometaxindia.gov.in/Pages/tools/tax-calculator.aspx

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Answered on Sep 09, 2024

Question by Rashmi - Jul 23, 2024Hindi

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Joint Postal RD & Interest in Husband's Account - Tax Implications?

Ans: As you are primary holder, it can be difficult to argue that it is not taxable in your hand.

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Answered on Sep 09, 2024

Asked by Anonymous - Aug 23, 2024Hindi

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Can I Save Tax via NPS in the New Tax Regime? A Private Sector Employee's Dilemma

Ans: Under new tax regime, person can claim deduction of NPS for contribution by employer.

Further, exemption limit of 1.25 lacs is applicable to long term capital gain covered u/s 112A which covers equity shares on which STT is paid at the time of acquisition as well as transfer (subject to specified condition) and equity based mutual fund scheme

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Answered on Sep 09, 2024

Question by Shyamal - Aug 25, 2024Hindi

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TCS and Tour Booking: Can it Be Claimed on IT Return?

Ans: TCS is required to be collected on any amount received from buyer of tour package and it includes expenses for travel, hotel stay, boarding, lodging or any other expenses of similar nature.

In my view, purpose of TCS is keep the records of spending on foreign tour and compare it with capacity of buyer from Income offered to tax.

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Answered on Sep 09, 2024

Question by Sarit - Aug 17, 2024Hindi

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Land sold for 45 Lakhs in Pune: How much Indexation can I expect?

Ans: As land is acquired before 1.4.2001, first you have to determine fair market value as on 1.4.2001 and on that you have to apply indexation benefit for tax calculation purpose. After that you can calculate indexed cost from income tax calculator : https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Answered on Sep 09, 2024

Question by Himanshu - Sep 06, 2024Hindi

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Investing Capital Gain: When Does the 3-Year Lock-in Start?

Ans: Person claimed exemption u/s 54 should not transfer new asset within 3 years from its purchase or construction. Thus, in your case 3 years start from date of possession (date on which construction completed)

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Answered on Sep 09, 2024

Asked by Anonymous - Aug 31, 2024Hindi

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Should I Transfer Money Online to My Father as a Gift? 50 Lakhs?

Ans: Yes, it is advisable to execute gift deed for any mode of gift given to defined relatives.

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Answered on Sep 04, 2024

Question by Chetan - Sep 01, 2024Hindi

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Will I owe taxes next year with an income of 600,000 from investments?

Ans: In case your income includes long term capital gains from the sale of listed equity shares or equity oriented mutual funds, then such tax on such capital gain is not eligible for section 87A rebate. Moreover, section 87A tax rebate is not available to non-residents

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Answered on Sep 04, 2024

Question by Pratik - Sep 02, 2024Hindi

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Can I Deduct My Son's PPF Contribution from My Taxes?

Ans: Deduction u/s 80C for eligible contribution for son as well as self will be in total Rs.1.5 lacs

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Answered on Aug 31, 2024

Asked by Anonymous - Aug 29, 2024Hindi

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Will I still pay tax on the land sale even if I use the profit to repay the construction loan?

Ans: Yes long term loss from one type of capital asset can be set off against long term gain from other type of capital asset.

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Answered on Aug 31, 2024

Asked by Anonymous - Aug 30, 2024Hindi

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Can I Offset Property Loss Against Share Sale Gain?

Ans: yes, you can set off your long-term capital losses from the sale of property against your long-term capital gains from the sale of equity investments (stocks)

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Answered on Aug 31, 2024

Question by bulk - Aug 30, 2024Hindi

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Should I Use Transfer or Gift to Move Shares to My Father?

Ans: Shares transferred by son to father without consideration with gift deed will not be considered as income in the hands of father.

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Answered on Aug 22, 2024

Question by Shah - Aug 22, 2024Hindi

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Oh No! I Forgot to Show Speculative Loss (Equity) in My IT Return! Can I Add It Later?

Ans: Income should be offered to tax in the year in which same is earned. You can revise the ITR by 31st Dec 2024.

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