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Have given land for redevelopment to a promoter in 2022. Entire land was in my name & the project is expected to be completed by mid 2025. As per the Development Agreement I will be alloted more than one apartment, commercial office & shop in the project once completed and handed over. I understand that once the completed apartments, office & shop are handed over to me by the promoter, I will be liable to pay LTCG. Since I am to receive more than one apartment plus an office & shop, I may not be allowed to reinvest the LTCG amount towards purchase of another property. Is there any way the LTCG amount can be beneficially utilised by me ?

Sir, 1) I have a flat which is now under re-development. I plan to sell the flat. So, whether any Capital Gain is to be paid under Income Tax or any other amount is to be paid. 2) I have also booked another flat which has been delayed considerably and now I plan to take refund of the same as the RERA authorities have ruled the case in my favour. Hence, whether any Capital Gain is to be paid under Income Tax or any other amount is to be paid. 3) I plan to purchase a new flat on getting the refund amount but probably before selling the first flat which is under re-development as mentioned in Point (1). So, whether Capital Gain will have to be paid or otherwise.

Hi Mihir, hope you are well. I want to create an HUF (Karta) with my wife + 2 minor daughters (members). The main purpose is to save tax by creating FDs in HUF. We want to have a good corpus there eventually (2 crore +) so that income generated by HUF can be used by us to cover our yearly expenses. I have a few questions. 1. If both me and my wife transfer some money (don't know what would be the best way - gift, loan or just transfer as initial capital) say 25 lakh each to HUF which we will then put in FD. Will the interest on this FD will be taxable in the hand of HUF or it will be clubbed with me and my wife's income. Both me and my wife are in 30% tax bracket. 2. What is the best (tax efficient) way to take out money from HUF and use it.

How to use HUF for tax benefit? I've a housewife,kid, brother and retired parents

If i have a flat jointly in my name and my wife name. there is no loan on the property. Can my wife file the rent from property in her income tax as she is taking the whole rent and rent agreement is also in her name.

Hi Mihir, I have a flat in Mira road which I have purchased in 2010-11 at 1600000 now I would like to sell it but getting lesser price then municipal valuation which is 4600000. So can I make lesser than municipal valuation and pay lesser tax. I am getting offer for sell 43 lac or 44 lac

my salary is 10.50 lac what would be tax in new regime

Dear Mihir.My wife is having postal RD of 20000 per month out of her income.On maturity I found it's interest added in my income.came to know that Bank account is joint ang myself primary hoder and wife secondary.This intesest should be with her income as per her income already shown? what shall I do now ?

1. In the New Tax Regime, I can save Tax via NPS or Not. I am in a Private Job. 2. Long Term Capital Gain and Short Term Capital Gain both combine 1.25 Lakhs or separations we have to consider . With respect to the Share Market and Mutual Fund .

Regarding LRS I have two queries : 1. TCS deduction over Rs. 7 Lakh - this amount also includes a personal tour ticket amount or only a commercial package tour cost (including ticket amount)? 2. If TCS can be reclaimed while filing IT returns, what is the objective of doing TCS only to refund it a year later? OR are there situations in which TCS is not refunded?

Hi Sir, I have purchased a Land in 1997 @ 63000 Rs and sold it @ 45 L at Pune SUS area. How much Indexation is expected please as part of LTCG

I earned capital gain of 234 lacs in August 2022 on sale of my house. I invested rupees 239 lacs in the purchase of a new flat costing 334 lacs on 9th November 2022 jointly with my son. My son paid 84 lacs on 9th November 2022 ( Total 323 lacs) and sale agreement was registered on 11th November 2022. My son paid the remaining 11 lacs on 1st August 2023 and the possession was given by the builder on 3rd August 2023. My question is, from which date lock-in period of 3 years will start for my exemption claimed for the capital gain reinvested under section 54. From the date of registration of sale agreement i.e. 11th November 2022 or from the date of possession i.e. 3rd August 2023.

Like you clarified that shares should be transfered with gift deed to father to avoid tax on receiver hand ..what about online money transfer as GIFT to father does this also require any gift deed to avoid tax say 50 Lakh transfer or or in can simply transfer money online

Dear Sir, My annual income this year will be around 600000(getting income from FD interest and Short Term and Long term gains by redeeming my Mutual Funds and selling shares.) So whether I have to pay any tax next year as per New Tax regime?. Thanks

Can I claim tax deduction on 1.5L ppf I'm planning to do for my son? Is there any limit on minor account?( Note- I already have 80C limit of 1.5L on my name)

I have two residential lands I will take bank loan and construct a house in one land-1, then I will sale other land-2 and clear the bank loan which i had taken for construction of house in one land-1. Shall i still pay tax on the gain I got by selling the second land-2. Please clear my doubt.

Hi, Can I adjust Long Term Capital Loss incurred from selling a property against Long Term Capital gain from share sale?

Shares transfer within family : On CSDL Easiest i am trying to transfer shares to my father so no tax implication ( tax only when my father sells shares) option 1 is Transfer between specified family member and then sub option father Option 2 Gift and no sub option ( free text ) . Which option to chose so its considered as transfer to family with no tax implication ( tax only when receiver - my father sells based on the profit )

if any one forget to show speculation loss (Equity) in IT return.. Can he add the same on next year return filling ? For Same year & Last (Previous) year ? Speculation loss can be set of against which Income ?

Ten years ago my son booked under construction flat for one crore rupees. Now flat is ready for possession and son is transferring the allotment letter to his father before the registration.For stamp duty calulataions the circle rate of the property is two crores. what is the income tax implication for both son and father?

Hi Mihir, Being in new tax regime, is it OK to pay tax on NSC interest on maturity/ en-cashment/ receipt ? or is it necessary to pay tax on NSC interest every year on accrual basis ? Last year I paid tax on NSC interest on maturity/ receipt. This year FY2023-2024, AIS shows NSC interest on accrual basis.

If i transfer equity shares as GIFT to my wife and when my wife sells the stocks i understand that clubbing will apply and it will be taxed in my name . Now when my wife reinvests this whole amount and sells it again now in this scenario will clubbing of income apply or not in second scenario it will be completely now be taxed under her name.

It assessess how to report procedure virtual digital assets show in itr.

I filed my stipend for MD medicine as salary n paid tax ...my ITR processed, now I came to know that my stipend is.non taxable..can I get refund after revise ITR?...I also paid some additional amount of tax...above tds

FD returns are taxable even though not redeemed, while equity Mutual fund returns are taxed only upon redemption - is that correct ?

Dear Sir, My wife is as a housewife. I transfer my incentive (direct transfer throuth other company) amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

I am a working person and filed my ITR for AY 2024-25 with old regime. After filing the ITR, when I calculated with new tax regime it is found that an extra Rs.60,000/- (approx.) was deducted. So, I asked my financial consultant to refile the ITR as per new regime and he reassessed and filed. However, recently I received refund an amount as per the first filing i.e. as per the old regime. What to do get the remaining amount?

I have taken sbi life smart wealth builder insurance policy on 20.9.2017. Remitted premium as 100000 for each year for 5 year.Total amt paid 500000.Now surrendered on feb 2024 and got 750000 . Kindly clarify whether the policy comes under LTCG.How much tax has to be paid for the benefit 250000.

If LTCG is below 1 lakh of a salaried person can itr1 be used and if so how to get advantage of exemption of rs 1 lakh in that case

Is Standard Deduction amount is same as Rs. 50,000/- or it has been increased to Rs. 75,000/- in the Final Budget of FY 24-25?

Hello Mihir Ji, Seeking a clarification with example. I have a gain of 5 lakhs from short term gain in a share and a loss of 8 lakh short term in F&O. Can the profit be set of or i need to pay tax on 5lakh. Thanks!

Hello Sir, I am facing the issue of the registered mobile number authentication in the ITR portal. Means even after same registered mobile number with bank account & ITR, the portal is showing error. So that the bank details is not being verified, which will create problem at the time of refund as per my knowledge. Kindly suggest the solution.

Hi Tejas, Could you help me to understand, If below scenario is valid to get tax benefit. Please read all below four points before answering questions. Point1: Sale agreement date of apartment = Jan 2023. Point2: 60 percent of apartment cost(with self + home loan) paid to builder till now (July 2024). Point3: Suppose, I sold stocks(Sept 2024) and invested LTGC to finance remaining 40 percent of apartment cost through instalments (before this FY end Mar 2025). Point4: Expected possession date of apartment = Oct 2025 (Actual home registration date). Question1. Am I eligible to claim this LTCG tax benefit under section 54F in above scenario for FY24 -25? Question2. If I am eligible for LTCG tax benefit , Do we need to put LTGC amount in capital gain account till possession of property? Or capital gain account is not needed , as LTGC amount is already invested to finance the remaining 40 percent of apartment cost in this FY24 -25 ? Question3: If I am eligible for LTCG tax benefit , Can I use LTCG amount for prepayment of home loan in this FY24 -25 and get Section 54F tax benefit ? Questions4: If only option remain is to save in capital gain account for tax benefit in FY24 -25. I really want to avoid to save LTCG in capital gain account. In this case, Suppose, I sold stocks(After current FY e.g. Apr 2025) and use LTCG amount for prepayment of home loan. Can I get tax benefit in this case for F**Y25 -26(**Assuming possession date of apartment = Oct 2025)

After the LIC (policy table 131) policy matures, the entire amount received is taxable or the additional amount received will be taxable?

I have one house under my name and other joint property under mom's name and my name ..now my mom expired and I sold property at almost cost price. So am ineligible for profit exemption and buying new house by selling my sole ownership house.

My parents who jointly own a flat have decided to sell it coming week.We are looking into reinvesting the part of capital gains from this property into another flat on my name as I would also be getting additional home loan for the same. The amount would be part of down payment for same. The remaining capital gain is also being reinvested in another flat by parents jointly. Can Parents share the capital gain with child? Will there be Capital Gain tax on the same in this new budget 2024-2025 after Index abolition?

is there two type of dividend? one in which income tax deducted by company before paying dividend another in which dividend receiver pay income tax.

Hello Mihir Ji, I would like to confirm whether there is any exemption in STCG on sale of equity shares? Like 1.25 Lacs in LTCG

Does the new LTCG amendments on the immovable property apply if the sale agreement is registered before July 23 but sale registration is planned for post July 23, 2024.

As an NRI what are the main points that i need to consider while filing ITR. I have rental income and few deposits in Indian banks.

As per new proosals of tax by Finance minister no indexation price will be allowed in LTCG. What about renovation charges incurred?

Hello Mihir Ji, I would like to confirm whether there is any exemption in STCG on sale of equity shares? Like 1.25 Lacs in LTCG

Is the Ltgc same for commercial property

Sir I inherited a plot of land in 2003, which was purchased by my father in 1995. I am planning to sell the plot. My question is whether I will get indexation benefit on LTCG tax or not?

Is family pension received by widow of employees is taxable

If annual income is 12 lakh ,what will be tax on new regime

I am a senior citizen of 77 years of age pensioner with about Rs 15 Lakh per year Total Income. Is there any relief to pensioners under new tax regime compared to last year as well as compared to non-senior citizens. Thanking you.

Sir My parental property is divided into two shares (Brother& Sister) and we sold it in 1.18 crores.If the registry will be for 96 lakhs both of us will get,48 lakhs out of which if I will purchase flat for 26 lakhs and registery will be done for 2 lakhs and taking shop on rent for 40000/- On my 20 lakhs tax will be levied or it will be under exemption Please guide

What will be the deduction u/s 87A in New Tax Regime for A.Y. 2025-26

Respected sir, For consultancy income, how tax would be calculated as per new tax regime. Is there any benefit available like home loan interest, 80c??