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Ans: Can you please elaborate facts?.....Is it housing society?.....You are asking whether housing society needs to file Income Tax return?

Ans: Hi....Indian employer is required to deduct TDS on entire amount, however, at the time of filing, you can take foreign tax credit (as a resident) and make sure that it is not doubly taxed

Ans: Repayment of housing loan will not reduce capital gain tax directly. However, if you want to save tax, you can invest gain amount in another residential property.

Capital gain calculation will depend on contribution given by each of the owner at the time of acquisition of property. If mother doesn't have source of income or old savings, she will not be considered as owner of property. Also brokerage is not allowed as deduction.

Assuming you are 100% owner for income tax purpose and allowable cost is 90L, appx capital gain would be 430000 (assumed 31st March 2025 as date of transfer) on which tax would be 85k plus applicable surcharge cess.

Ans: If any capital asset (acquired before April 1, 2001) is transferred then assessee has an option to take its cost of acquisition either as fair market value as on April 1, 2001 or its actual cost.

So if you don't have actual cost of property, it is advisable to obtain fair market value

Ans: Filing of Income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit.

Thus, if in earlier year she was not liable to file ITR (, no issue in filing ITR from current year.

Ans: Filing of Income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. Against rent income, 30% standard deduction is available and after that income will be below exemption limit. Thus, it is not mandatory requirement of filing ITR.

Ans: Yes, to buy peace of mind, it is advisable to execute gift deed.

Ans: PPF maturity amount is exempt u/s 10(11) and under schedule EI you will find option to report the same u/s 10(11)

Ans: Section 80U of the Income Tax Act, 1961, provides tax relief to resident individuals with disabilities by offering a fixed deduction from their taxable income. The deduction is Rs.75,000 for persons with disabilities and Rs.1.25 lakhs for those with severe disabilities, subject to certification by authorized medical authorities.

But same is not available under new tax regime

Ans: Regarding your query for transferring money to HUF Account, you should keep one provision of income tax in mind i.e. clubbing of income. when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply. Before partition of the HUF, entire income from such property will be clubbed with the income of transferor.

Further, if fees or remuneration is earned for services rendered by the member in his personal capacity, it will be treated as the personal income of the member.

Ans: Assuming you have acquired it in April 2018, not taken any deduction of registry amount in FY 18-19 and don't have any other income, you are required to pay tax of Rs.5,80,250 (i.e. 12.5%). Also please note that as you are transferring it below stamp duty value, tax will be calculated on gain part considering stamp duty value and not on actual consideration.

Ans: Department utility does not allow to set off loss from lower tax rate of head of income against higher tax rate of income. However, there is no such specification in the provisions of income tax.

Ans: After revision in slab rate, new tax regime is likely to be beneficial for most of the taxpayers. Salaried person taxability also depends on salary structure. If it include certain allowance/reimbursement which are still allowed under new tax regime, some tax savings can be done. NPS investment through employer also provide some tax relief under new tax regime.

Ans: Matter is litigative and considering the cost of litigation you have to decide whether it is worth challenging it.

?In case TDS amount is substantial and you are not in position/you are not willing to pay tax already paid in the form of TDS then you can claim it in ITR provided you have proof of TDS deduction (salary slip/any letter/mail communication).

However, if you claim it in ITR, it is likely that the income tax system will not grant TDS credit of it as credit of the same will not appear in 26AS and you will get tax demand.

In response to the same you can file an appeal before CIT(A) and make submission with actual facts with proof TDS deduction.

You can rely on the Judgment of Delhi High Court. Delhi High Court in the case of BDR FINVEST PVT LTD (W.P.(C) 9043/2021 & CM No.55881/2023) allowed credit of tax deducted at source to the deductee (Assessee) which was not deposited by the deductor and holds that no recovery can be made against Assessee in view of the provisions of Section 205; HC relies on co-ordinate bench ruling in Sanjay Sudan and observes, “Section 205 read with instruction dated 01.06.2015, clearly point in the direction that the deductee/assessee cannot be called upon to pay tax, which has been deducted at source from his income”; Observes that since the deductor failed to deposit the tax with the government, recovery proceedings can only be initiated against the deductor.

CIT(A) may g?ive you relief?. In case, CIT(A) doesn't grant credit, you can file an appeal before ITAT wherein there is a high chance of getting relief.

Ans: 1) Gift deed, forms submitted to bank for remittance and bank statement will be sufficient for claiming refund

2) While taking back money, nature mentioned in forms submitted to bank will suffice to say that amount received back is not an income.

Ans: As per income tax provisions, person can not accept more than 2 lacs from any person. Further, in normal cases property transactions should not be below stamp duty value.

For any transactions carried out against your PAN, you will be liable to face penal consequences and indemnity by any person will not save you from penal consequences, if any.

Ans: It is advisable to file return with actual income and not as per AIS. Further, AIS can be updated at later stage if reporting entity missed to report which might not be the case as per facts provided by you. 26AS can be updated till 6 years and there is no timelimit for AIS

Ans: For FY 25-26, tax slab rate has been changed and substantial reduction in tax liability is expected in your case.

Ans: In my view, splitting 20k FDs will not make any difference.

Higher basic exemption limit will be applied automatically while calculating tax. In addition to that in case old tax regime is beneficial, higher mediclaim deduciton of 50k is available, higher deduction against interest on saving/FD of Rs.50k.

Ans: No, Sec 80CCD(2) doesn't cover EPS

Ans: Query require face to face discussion and need to understand some of the facts. Please discuss with some consultant

Ans: Interest income and rental income is taxable as Income from other sources. Income from other sources is chargeable at slab rate and as per slab rate for FY 2025-26, there is NIL tax upto income of Rs.4,00,000. In addition to that eligible income get tax rebate upto 60,000.

Ans: Better to ask concern person of platform through whom you are doing trading. There will be a TDS deduction of 1% on the total value to be received by you. TDS will be deducted by the buyer before making any payments to you. There are no TDS compliance requirements on your side if you are a seller. However, they might insisting you to pay advance tax.

Ans: For calculation of tax on sale of asset, date of purchase is important. Assuming it is held for more than 24 months and purchased before 23.07.2024 than tax will be charged on gain at 12.5% or 20% on gain amount after indexation (whichever is beneficial)

Ans: No, clubbing provisions will not apply on the income derived from the clubbed income.

Ans: Resident buyer is required to deduct TDS @12.5% plus applicable surcharge and cess.

Ans: Assuming both are 50% owner of property and both use same property, transaction of paying rent is not reasonable. Accordingly, claiming HRA is not advisable.

Ans: In case you have acquired property from builder, date of allotment (usually on 1st installment payment) is date of acquition and holding period start from said date. Accordingly, if it is transferred after 24 months of allotment letter it is long term capital gain.

Ans: There are 5 heads of income under Income Tax Act and your trading income is appears to be taxable as Income from Capital Gain. It is taxable at different rate depending on holding period of shares on which STT is paid at the time of acquisition and sale as well as on date of sale. In FY 2024-25, if shares are sold before 23rd July, Short term capital gain is taxable at 15% and Long term capital gain is taxable at 12.5% (above gain of 1 lac). If shares are sold After 22nd July, Short term capital gain is taxable at 20% and Long term capital gain is taxable at 12.5% (above gain of 1.25 lac).

Ans: Your query is subject to many factors like your risk appetite, how you are planning your trips etc. Usually for such kind of goals (wherein fund is required after 6-8 months), people invest in liquid mutual fund. On redemption TDS will not be deducted but tax will be applicable.

Ans: As you have purchased flat in 40 lacs, capital gain is likely to be 50 lacs and you are planning to invest 50 lacs only in new property. Thus, it appears that entire gain is likely to be exempt u/s 54 in FY 2025-26.

Ans: You must be aware that in case of transfer of long term capital asset (being flat), gain amount will be exempt if gain amount is invested in another property as per prescribed conditions.

In given case, as part of the amount (1.3 cr minus 80 lacs = 50 lacs) is contributed by you and your son. Thus, gain amount will be exempt to the extent amount contributed by you in 50 lacs.

Ans: AIS is updated based on SFT/TDS/other returns filed by different reporting entities Due date of some of such returns was 31st May and accordingly, AIS is likely to be updated in next 2 week. Thus, it is advisable to file ITR after 15th June.

Further, AIS can be base for ITR but if any income/TDS/other details are available with you but not appearing in AIS; same is required to be reported/considered in ITR as per Income Tax provisions.

Ans: No, Every non-senior citizen taxpayer is required to disclose all the income (including income on which TDS is deducted) in its income tax return.

Ans: All 'Resident and Ordinarily Resident' must disclose all the information about their foreign assets and income in the ITR

Ans: We get many queries and you have not mention name, so it is difficult to track previous query.....please share facts again

Ans: Senior citizen not having income from business or profession is not required to pay advance tax. Accordingly, in your case if said income from shares/MF is chargeable as capital gain, you can make payment at the time of filing ITR.

Ans: In case she is earning interest from saving account only, ITR 1 is applicable and it is advisable not to use ITR 2. Further, ITR 1 can not be filed in following cases like if person own assets (including financial interest in any entity) located outside India; has signing authority in any account located outside India; has income from any source outside India; want to claim deduction from saving interest, is a director in any company; has held any unlisted equity share at any time during the previous year; has agricultural income, exceeding five thousand rupees etc

Refer to Rule 12 for the applicability of form :
https://incometaxindia.gov.in/Pages/rules/income-tax-rules-1962.aspx

Ans: Tax is calculated as per slab rate prescribed under both regimes and once tax calculation is done, there is a concept of rebate which is deducted from tax liability.

Accordingly, if taxpayers opt for a new tax regime, tax on 12 lacs of income will be 60000 and rebate will be 60000. Thus, tax liability will be Zero.

Please note that rebate is not available on special rate income like short term capital gain on equity shares which is taxable at 20%, long term capital gain on equity shares is taxable at 12.5%.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

You can read more about new and old tax regime at following link:

https://incometaxindia.gov.in/booklets%20%20pamphlets/3-new-tax-regime-vs-old-tax-regime.pdf

Ans: Considering taxable income of 18.2 lacs, under new tax regime gross tax liability will be Rs.1,70,560.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: Selection of tax regime will decide tax liability and depending on eligibility of amount of deduction/exemption, tax liability will be calculated.

Considering income of 48 lacs, under old tax regime gross tax liability will be Rs.13,02,600 and under new tax regime it will be Rs.10,60,800.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: Tax is calculated as per slab rate prescribed under both regime and once tax calculation is done, there is a concept of rebate which is deducted from tax liability.

Accordingly, if taxpayer opt for new tax regime, tax on 12 lacs of income will be 60000 and rebate will be 60000. Thus, tax liability will be Zero.

Please note that rebate is not available on special rate income like short term capital gain on equity shares which is taxable at 20%, long term capital gain on equity shares is taxable at 12.5%

Ans: Selection of tax regime depends of eligibility of amount of deduction and exemption. Considering income of 17lacs, When amount of deductions/exemption cross 6,50,000; old scheme is likely to be beneficial for the tax payer.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: Selection of tax regime depends of eligibility of amount of deduction and exemption. Considering income of 40lacs, when amount of deductions/exemption cross 7,75,000; old scheme is likely to be beneficial for the tax payer.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: 87A rebate is available on Income (other than special rate of income) for all age group of income.

You can calculate actual amount of rebate and tax outflow, using advance income tax calculator :

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: No

For claiming tax exemption, you have to file exemption u/s 54 or 54F in ITR filed within due date. Also if you can't buy new home within prescribed limit, you have to deposit the required amount in capital gain scheme account before original due date of filing ITR.

As you have not fulfilled the conditions, now you are not eligible to claim exemption.

Ans: If it is gift from sibling, there will not be any tax impact on money received.

Ans: Yes, Salary (including bonus) is taxable even if same is not received. There is a concept of ACCRUAL in the income tax based on which it will taxable in FY 24-25

Ans: There are 2 aspects for disclosure.

1st is receipt of income which included in Income from Salary (which will be included in form 16 under salary covered in Sec 17).

2nd is exemption portion. If particular component is exempt, it will be required to be shown in exempt income schedule (which will also be included in form 16 in exemption u/s 10)

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.