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Answered on Mar 24, 2025

Question by Haresh - Mar 23, 2025Hindi

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Equity Stock Loss: Can Derivative Profits Less Than 1 Year Be Adjusted?

Ans: No

Short term loss from STT paid equity transactions can be set off against short term or long term gain. Long term loss from STT paid equity transactions can be set off against long term gain.

Profit from derivatives through recognised stock exchange is taxable under the head Income from business and profession.

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Answered on Mar 21, 2025

Question by GUPTA - Feb 01, 2025Hindi

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Confused About Paying Taxes on 12 Lakh Salary?

Ans: Technically there is no tax if taxable income upto 12 lakh (except special rate income), as you get rebate equivalent to tax charged. So you have to calculate tax as per slab rate first and reduce tax liability by way of rebate.

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Answered on Mar 21, 2025

Asked by Anonymous - Mar 11, 2025Hindi

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Bank Deposit Interest Tax: How to Avoid Penalties in ITR2?

Ans: There is concept of advance tax.

Please read about it from https://incometaxindia.gov.in/Documents/Tax-Calendar/Payment-of-Advance-Tax.htm#:~:text=What%20is%20Advance%20Tax%3F,during%20the%20financial%20year%20itself.

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Answered on Mar 21, 2025

Question by Karunakar - Mar 11, 2025Hindi

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Selling a house for 1.7Cr and buying two properties - Can I save tax?

Ans: Exemption for 2 properties is available up to Rs 2 crore of capital gain once in a lifetime

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Answered on Mar 21, 2025

Asked by Anonymous - Mar 20, 2025Hindi

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Earning Rs. 16,75,500 in 2025-26: How Much Income Tax Will I Pay?

Ans: Tax will depend on nature of Income.

E.g. On salary, income on transfer of debt mutual fund and business income slab rate is applicable. Slab rate will depend on tax regime (old/new) selected by you.

In case of income from transfer of STT paid equity shares/equity based on mutual fund 12.5% to 20% will be charged based on long term or short term nature of capital gain.

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Answered on Mar 17, 2025

Question by BHARAT - Mar 16, 2025Hindi

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Senior Citizen With Debt Mutual Fund Gains: Can I Claim 80C Deduction?

Ans: 80C is not allowed against STCG taxable u/s 111A and LTCG taxable u/s 112 as well as 112A. Hence in your case STCG not covered in 111A will be adjusted against 80C

Also for old regime 2.5 lacs basic exemption limit will apply

In ITR 3 is not notified for FY 24-25, but in FY 23-24 there was option at serial number 5 wherein you have to show short term capital gain not covered in previous 4 options.

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Answered on Mar 17, 2025

Question by KALYANARAMAN - Mar 16, 2025Hindi

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Can I file Form 15H at 77 with over Rs 3 lakhs interest income but total income less than Rs 12 lakhs?

Ans: No, Form 15H can be filed if taxable income is below the exemption limit. In your case taxable income is more than 3 lakhs so you can not submit

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Answered on Mar 11, 2025

Question by nk - Feb 01, 2025Hindi

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No Income Tax for Upto 12 Lakhs: Then Why Pay Taxes After 4 Lakhs?

Ans: Technically there is no tax if taxable income upto 12 lakh (except special rate income), as you get rebate equivalent to tax charged. So you have to calculate tax as per slab rate first and reduce tax liability by way of rebate.

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Answered on Mar 11, 2025

Question by Sanjay - Feb 01, 2025Hindi

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19 Lakh Salary: How much income tax will I pay in 2025-26?

Ans: As per the amendment proposed for FY 25-26, under new tax regime you will pay tax of Rs.171600 after taking benefit of Rs.75000 of standard deduction.

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Answered on Mar 06, 2025

Question by Narsingh - Feb 17, 2025Hindi

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NRI retiring soon - how to optimize tax benefits?

Ans: 1st Yes, minimum exemption limit available to RNOR also.

2nd an individual who is a citizen of India who is not liable to tax in any other country will be deemed to be a resident in India, only if the total income (other than foreign sources) exceeds Rs 15 lakh and nil tax liability in other countries. So in your case, even if you are in for less than 120 days, you will be RNOR

3rd for FCNR account, please confirm with Bank

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Answered on Mar 05, 2025

Question by ASHISH - Feb 01, 2025Hindi

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Am I Really Liable to Pay Taxes If I Earn Less Than Rs. 12 Lakhs?

Ans: Technically there is no tax if taxable income upto 12 lakh (except special rate income), as you get rebate equivalent to tax charged. So you have to calculate tax as per slab rate first and reduce tax liability by way of rebate.

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Answered on Mar 05, 2025

Asked by Anonymous - Feb 16, 2025Hindi

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Retirement Savings: How Much Tax on Gratuity and Super?

Ans: Gratuity is exempt as per prescribed formula which depends on last salary (Basic + DA) and subject to limit of 20 lacs.

Superannuation is taxable.

To minimize tax, you can opt for old tax regime if you are paying substantial amount for eligible deductions exemptions

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Answered on Mar 05, 2025

Asked by Anonymous - Feb 16, 2025Hindi

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House Rent Exemption in New Income Tax Regime – A Query from Hyderabad

Ans: No, under new tax regime you can not claim HRA

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Answered on Mar 05, 2025

Question by VickS - Feb 16, 2025Hindi

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Stuck paying 4 lakhs tax despite investments and loan: Which regime to choose?

Ans: Broadly as per Budget proposal for FY 2025-26, old tax regime is likely to be beneficial only if eligible deductions and exemptions are likely to exceed 8.5 lacs

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Answered on Mar 04, 2025

Question by K - Feb 19, 2025Hindi

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Should I transfer my flat to my wife before selling it to avoid capital gains tax?

Ans: In case you transfer asset to your spouse for inadequate consideration, Income out of such asset will be clubbed in your hands.

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 21, 2025Hindi

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Should I file ITR if no other income but my wife included my rental income in her ITR?

Ans: No

Rental Income is required to be offered by owner/owners who has contributed in acquiring the property.

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 19, 2025Hindi

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Tax implications on FD and LTCG for a flat sale with deferred payment?

Ans: For claiming exemption u/s 54, gain amount is required to be invested in buying/constructing new property as per prescribed conditions. Thus, if before filing ITR if gain amount is paid to builder you are not liable to pay tax on LTCG. However, interest on FD will be taxable. Unutilised amount can be kept in capital gain scheme account.

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Answered on Mar 04, 2025

Question by Chidambaran - Feb 18, 2025Hindi

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What should I do with the money from selling my land?

Ans: For claiming exemption u/s 54F, entire sale proceeds of land is required to be invested in buying new property as per prescribed conditions.

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 20, 2025Hindi

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Can I claim exemption under Sec 54F for reconstruction of my house?

Ans: Claiming 54F for reconstruction of house can be matter of subject to litigation. In my view, dismantle of existing house and reconstructing new structure can be considered as construction of new house for 54F

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Answered on Feb 28, 2025

Answered on Feb 28, 2025

Question by Vilas - Feb 18, 2025Hindi

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Will PPF Interest and Accumulated Amount be Taxable in Future?

Ans: There is no change in income tax provision related to PPF and in my view, there will not be tax on PPF in future also

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Answered on Feb 25, 2025

Answered on Feb 17, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Calculate my tax liability after Budget 2023?

Ans: Considering standard deduction of 75k, interest on self occupied home of 2 lacs, 80C deduction of 1.5 lacs, 80D of 50k, 25k NPS contribution by employer and employee each; taxable income will reduce to 13 lacs in old regime and under new tax regime it will be reduced to 17 lacs. Accordingly, tax liability as per proposed amendment for FY 25-26 will be Rs.145600 under new and Rs.210600 under old scheme

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Answered on Feb 17, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Confused about tax slabs with no tax at Rs. 12 LPA?

Ans: There is no tax liability if taxable salary is 12 lacs, however, as soon as salary crosses 12 lacs; benefit of tax rebate will not be available and tax calculation is required to be done from the salary of 4 lacs. Thus, slab rate is provided.

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Answered on Feb 15, 2025

Question by Abhiroop - Feb 01, 2025Hindi

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30 Lakh Income Tax Calculation: Is My Understanding Correct?

Ans: No, if your taxable income is more than 12 lacs, rebate is not available

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Answered on Feb 15, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Confused about taxes? Understanding capital gains and Section 80C with 12 Lacs salary

Ans: 87A rebate is not available for special rate income but if taxable income is upto 12 lacs, rebate will be available to the extent of other income which is not taxable at special rate.

In your case, as taxable income is likely to exceed 12 lacs, accordingly, rebate will not be available.

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Answered on Feb 15, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Worried about taxes on my 26 Lakh Salary? Here's what you need to know.

Ans: For salary of 26L, tax liability under new tax regime (after allowing 75000 of standard deduction) will be Rs.3,51,000 as per proposed budget of 2025

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Answered on Feb 15, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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What would be my tax liability for DU 2025-26 with a revised budget and opting for the new tax regime with INR 45 Lakh gross Annual Salary?

Ans: For salary of 45l, tax liability (after allowing 75000 of standard deduction) will be Rs.943800 as per proposed budget of 2025

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Answered on Feb 14, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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How much income tax am I liable to pay if I earn 12,60,000?

Ans: Considering taxable income of 12.60 lacs, tax liability under new tax regime will be Rs.62400 as per the budget proposal 2025

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Answered on Feb 14, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Should I switch to the new tax regime? 37 lakhs salary, old regime user

Ans: As per Budget proposal, old tax regime is likely to be beneficial for taxpayer earning salary above 35 lacs if deductions are more than 7.75 lacs. Accordingly, in your case, new tax regime is likely to be beneficial

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Answered on Feb 13, 2025

Asked by Anonymous - Feb 02, 2025Hindi

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Confused about Tax on 16 Lakh Income?

Ans: For FY 2024-25, under new tax regime tax liability will be Rs.176800

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Answered on Feb 13, 2025

Question by Anuj - Feb 03, 2025Hindi

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Are there tax savings for following the Old Tax Regime with exemptions?

Ans: There is no change in old tax regime. All the benefits like HRA, Housing Loan, Insurance Premium etc are still available.

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Answered on Feb 13, 2025

Question by Sanjeev - Feb 03, 2025Hindi

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Should I choose the old or new tax regime? I'm a pharma employee earning ₹14 lakhs annually.

Ans: If your deductions from HRA, 80C, 80D etc is not likely to cross 5 lacs, new tax regime is likely to be beneficial as per proposal of budget 2025

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Answered on Feb 13, 2025

Question by HMP - Feb 03, 2025Hindi

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Income Tax for Senior Citizens on Interest Income: What to Expect in 2025-26?

Ans: As your taxable income is less than 12 lacs and you don't have any special rate income, your tax liability is likely to be zero as per proposal of budget 2025

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Answered on Feb 13, 2025

Asked by Anonymous - Feb 12, 2025Hindi

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Income Rs. 1.2 Lakh per Month: Which Tax Regime Should I Choose?

Ans: As you dont have any deductions u/s 80C 80D 80CCD, new tax regime is likely to be beneficial for you

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Answered on Feb 10, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Shifting to new tax regime: Are driver wages and fuel expenses considered?

Ans: Salary paid to driver and fuel expenses by employee, reimbursed by employer was never part of income. Said reimbursement was not an income if car is used purely for official purpose and car is owned by employee.

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Answered on Feb 10, 2025

Question by kunal - Feb 01, 2025Hindi

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Confused about Education Cess and Turnover Limit under Section 44AD? Kunal Surana Seeks Clarity

Ans: No change is proposed in Budget 2025 for cess and 44AD limits

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Answered on Feb 10, 2025

Question by CA - Feb 08, 2025Hindi

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Can I buy a property from NRI for Rs. 1cr+ with 15% TDS rate?

Ans: For property sold after 23rd July 2024, TDS u/s 195 is revised from 20% to 12.5% plus applicable surcharge and cess which is near to 15%

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Answered on Feb 10, 2025

Asked by Anonymous - Feb 10, 2025Hindi

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Will I get income tax exemption on Rs. 12 lacs if my capital gains are Rs. 3 lacs?

Ans: No, rebate of 87A (upto 60000 of tax amount) is available only if your taxable income is upto 12 lacs

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Answered on Feb 07, 2025

Question by Amarendra - Feb 02, 2025Hindi

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What are the Advantages for Senior Citizens in the Budget?

Ans: No change is old regime and only 1 benefit given to senior citizen i.e. TDS applicability on interest income is increased from 50k to 1 lac

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Answered on Feb 07, 2025

Question by SUJAY - Feb 02, 2025Hindi

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Income of 8 Lacs + Capital Gain of 6 Lacs: How Much Tax Under New Regime?

Ans: Salary income is taxed at slab rate i.e. from 3 to 7 lacs 5% and 7 to 10 lakhs 10% in FY 2023-24.

Tax on capital gain will depend on date of sale as tax rate is changed from 23rd July. Tax rate also depends on type of gain i.e. short or long term.

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Answered on Feb 07, 2025

Question by limmiltube - Feb 07, 2025Hindi

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Selling flat and investing in new one: Will I get TDS refund?

Ans: Yes you can claim refund of TDS as you are required to show gain amount and CGAS amount in ITR.

If you fail to purchase the property, you will be required to pay tax in the year of expiry of period allowed for purchase/construction

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Answered on Feb 03, 2025

Question by SUJAY - Feb 02, 2025Hindi

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Confused NRI with low India stay: RNOR status and NRE FD interest tax?

Ans: As your stay in India less than 730 days, you can not be considered as RNOR unless
you are Indian citizen or person of Indian origin having a total income more than exceeding Rs.15 lakhs (excluding foreign income) and in India for 120 days or more during financial year.

Income of NRE FD is exempt in case of non resident

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Answered on Feb 03, 2025

Answered on Feb 03, 2025

Question by P - Feb 02, 2025Hindi

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New Tax Regime Confusion: Should I File a Nil Return?

Ans: In Budget 2025, it is proposed that income (other than special rate income) is less than 12 lac; NIL tax will be levied. However, you are required to file income tax return as income is below minimum exemption limit of Rs.4 lacs

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Answered on Jan 29, 2025

Question by Padmanaban - Jan 26, 2025Hindi

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Should My Son Face Income Tax Issues After Owning a Flat Bought With My Savings?

Ans: Reporting will be done by the property registrar and not by buyer/seller.

If father give gift to son of substantial amount, it is advisable to execute the gift deed.

As son don't have any income source in India, department may ask source of money and which can be explained by you with proper documentation.

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Answered on Jan 29, 2025

Question by Greenleaf - Jan 28, 2025Hindi

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Confused about Taxes: Can Property Gains Offset Stock Losses?

Ans: Yes, short term loss can be set off against long term capital gain

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Answered on Jan 29, 2025

Question by Harsh - Jan 28, 2025Hindi

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IT Employee Seeks Tax Savings on US Company Shares from ESPP

Ans: You can avail benefit Sec 54F by investing consideration of shares into new house property as per other prescribed conditions (including the condition that you dont have more than 1 house property on the transfer of shares)

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Answered on Jan 24, 2025

Asked by Anonymous - Jan 23, 2025Hindi

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Do I Need to File Taxes in India if I Lost Money F&O Trading in the Maldives?

Ans: Yes, loss from F&O trading is required to be disclosed as business loss in Income tax return (ITR 3)

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Answered on Jan 22, 2025

Question by Mukeshkumar - Jan 20, 2025Hindi

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Will I be taxed on loan from father-in-law?

Ans: No, receipt of amount as loan is not an income.

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