Mihir Tanna

Answered on Nov 16, 2024

Question by Dipak - Nov 15, 2024Hindi

Respect Sir I am a senior citizen. My gross income during FY 24-25 works out around Rs 7.5 lacs out of which Rs 5 lacs from bank interest. In addition to above, my LTCG earning during FY 24-25 is Rs 3.4 lacs How much will be my total tax liability under new tax regime considering. Rs 50,000/ as my standard deduction. Regards D chakraborty Delhi

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

(more)

Answered on Nov 14, 2024

Question by Atul - Nov 06, 2024Hindi

I had purchased row house @ Rs. 6 lack in 2003 now I am going to sale it @ Rs.35 lack in 2024 how much capital gain tax, I have to pay..

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

(more)

Answered on Nov 14, 2024

Question by yashpal - Nov 05, 2024Hindi

HI SIR, I AM SR. CITIZEN. MY TOTAL EARNING (FROM RENT, INTEREST AND MUTUTAL FUNDS) FOR THE FINANCIAL YEAR 2024-25 WILL BE LESS THAN 3 LACS. MY QUESTION IS LTCG FOR THE YEAR WILL EXCEED 1.25 LACS. KINDLY GUDIE WHETHER I WILL HAVE TO PAY TAX AFTER EXEMPTED LIMIT OF RS. 1.25 LACS. ALSO STCG FOR CURRENT YEAR COMES TO RS. 48000/-, I THINK IT WILL BE TAXABLE @ 20%?? THANKS IN ADVANCE.

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

(more)

Answered on Oct 29, 2024

Asked by Anonymous - Jul 25, 2024Hindi

I earn from employment and from freelancig which ITR should I file and anything to keep in mind?

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.

(more)

Answered on Oct 29, 2024

Question by Rohit - Jul 26, 2024Hindi

I hold a property made in year 2000 and selling in aug 2024, Will I get the benefit of Indexation and what rate will I be taxed on capital gains

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

(more)

Answered on Oct 29, 2024

Asked by Anonymous - Aug 02, 2024Hindi

Sir, It person (Mr.A)cash Gift from brother (Mr.B)rs:20 lacs amount through on bank channel after same date assessess brother (Mr.B) some amount rs:8 lacs gift to (Mr .A,) through on bank channel. Question: Cross Gift transaction taxable or exempt.

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

(more)

1

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

(more)

Answered on Oct 23, 2024

Asked by Anonymous - Oct 21, 2024Hindi

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.

(more)

2

Answered on Oct 23, 2024

Asked by Anonymous - Oct 22, 2024Hindi

sir.If any person cash deposit in savings account rs:10 lacs above one finicial year latest amendment income tax applicable.

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

(more)

1

Answered on Oct 21, 2024

Question by madhu - Oct 19, 2024Hindi

Hi Sir, My question is on tax in India on income earned in other country(we already paid tax in other country for that income). I stayed for 150 days in germany in deputation salary , and saved around 8L after paying tax in Germany. Do I need pay tax again in India on this income. How to show this income, while filing the returns in ITR, India.?

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.

(more)

Answered on Oct 19, 2024

Asked by Anonymous - Oct 18, 2024Hindi

I had bought a flat in 2011@43 lakh, that time the builder asked me to put 18Lakh in the sale deed to get benefit in stamp duty. That time I had taken 60% loan from SBI and the loan is already cleared. The current price of the flat is 1.2 Cr. If I sale the flat now on what price the tax will be computed.

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

(more)

1

Answered on Oct 18, 2024

Asked by Anonymous - Oct 27, 2023Hindi

Sir I had settled my outstanding demand by VSVS , But AO has adjusted my refund against my demand. Even after lots of email no reply What to do and who to approach

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.

(more)

Answered on Oct 18, 2024

Asked by Anonymous - Oct 09, 2024Hindi

Dear Sir, I am super senior citizen having dematised portfolio of equities acquired before 31st January 2018 . I would like transfer them to the demat accounts of my son and daughter on off markets transaction basis without any any commercial benefit. Am I liable to pay any LTCG tax ?. What will be acquisition cost of of them for my son/daughter(beneficiaries) when they dispose off the shares in future in the market. Thankful for your advice and guidance. with rgds Ramakrishnan.

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

(more)

Answered on Oct 18, 2024

Question by Venkat - Oct 05, 2024Hindi

We have purchased a land & constructed building in 1989 Now in April 2024 entered in JDA with a Builder - 50/50 - Out of 6 Flats 3 for owner 3 he will sell - approx during August 2025 he will hand over these Flats How to calculate LTCG Also if the same all 3 flats has been transfrd to his Son/Daughter , is there any LTCG applicable. The Owner is 90 years old-Live pl Thanks

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

(more)

Answered on Oct 18, 2024

Question by Shaheen - Oct 02, 2024Hindi

My wife and I have sold property (owned jointly by us) in August 2024 for 5 CR. It was a property that was gifted to me and my wife by my mother in May 2024. She had purchased it in 1995 for 2.5 Lacs. What would be the capital gains tax implications for both us or would it be only for either me or my wife? Will it be STCG or LTCG? Can we both buy NEC bonds for 50 Lacs each to save capital gains tax besides buying a residential house or land?

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

(more)

Answered on Oct 18, 2024

Question by Shaji - Oct 02, 2024Hindi

Hi Sir... I Purchased one apartment in 2009 in Noida. I paid 95% of the total value in 2009. I haven't received possession yet and there are chances that we will get Possession letter by end of this year. My question is if I sell it next year after possession capital gain tax will be as per old rule of indexation or new rules as per 2024 budget........ Shaji

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.

(more)

Answered on Oct 14, 2024

Asked by Anonymous - Oct 09, 2024Hindi

I have purchased a skeleton house in 2015 in 30 lakh and later complete new construction of Rs 38 lakh in 2023. I have also taken loan of Rs 60 lakh on same. Now if i sell the house in 75 lakh. What taxes i have to paid

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.

(more)

Answered on Oct 14, 2024

Question by PRAVEEN - Oct 14, 2024Hindi

Sir, i created huf and pan got alloted. We are 3, wife and i are earning under 30% slab, male child is of 11 years. Heard that showing income under huf is tedious task. Me and my spouse chosen new tax regime but have 80c savings more than 2lacs. My doubt is can my father give gift of 4lacs to my huf and can i show that in itr with basic exemption 2.5lac and 1.5lac savings under 80c as new tax under huf dont have rebate upto 7lacs. Any reply is highly appreciated. Thanks in advance

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

(more)

Answered on Oct 09, 2024

Asked by Anonymous - Oct 05, 2024Hindi

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 ?

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.

(more)

Answered on Sep 21, 2024

Question by PADMAKUMAR - Sep 21, 2024Hindi

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.

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.

(more)

1

Answered on Sep 21, 2024

Asked by Anonymous - Aug 01, 2024Hindi

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.

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

(more)

1

Answered on Sep 21, 2024

Question by Pratik - Aug 07, 2024Hindi

How to use HUF for tax benefit? I've a 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.

(more)

Answered on Sep 10, 2024

Question by sandeep - Aug 01, 2024Hindi

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.

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.

(more)

Answered on Sep 10, 2024

Asked by Anonymous - Jul 31, 2024Hindi

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

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

(more)

Answered on Sep 10, 2024

Question by dinesh - Jul 28, 2024Hindi

my salary is 10.50 lac what would be tax in new 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

(more)

Answered on Sep 09, 2024

Question by Rashmi - Jul 23, 2024Hindi

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 ?

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

(more)

Answered on Sep 09, 2024

Asked by Anonymous - Aug 23, 2024Hindi

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 .

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

(more)

Answered on Sep 09, 2024

Question by Shyamal - Aug 25, 2024Hindi

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?

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.

(more)

Answered on Sep 09, 2024

Question by Sarit - Aug 17, 2024Hindi

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

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

(more)

Answered on Sep 09, 2024

Question by Himanshu - Sep 06, 2024Hindi

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.

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)

(more)

Answered on Sep 09, 2024

Asked by Anonymous - Aug 31, 2024Hindi

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

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

(more)

Answered on Sep 04, 2024

Question by Chetan - Sep 01, 2024Hindi

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

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

(more)

Answered on Sep 04, 2024

Question by Pratik - Sep 02, 2024Hindi

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)

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

(more)

Answered on Aug 31, 2024

Asked by Anonymous - Aug 29, 2024Hindi

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.

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.

(more)

Answered on Aug 31, 2024

Asked by Anonymous - Aug 30, 2024Hindi

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

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)

(more)

Answered on Aug 31, 2024

Question by bulk - Aug 30, 2024Hindi

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 )

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

(more)

Answered on Aug 22, 2024

Question by Shah - Aug 22, 2024Hindi

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 ?

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

(more)

Answered on Aug 17, 2024

Question by M - Aug 16, 2024Hindi

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?

Ans: Gift received from son is not an Income. So there will not be any tax implications on transfer of flat by son to father. In future when father transfer the flat, cost to the previous owner (son) will be cost to current owner (father). Date of acquisition will also be date on which son acquired flat.

(more)

Answered on Aug 17, 2024

Asked by Anonymous - Jun 19, 2024Hindi

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.

Ans: Interest income on NSC is taxable as Income from other sources. Taxpayer can offer all the income from other sources on receipt basis and once said method is adopted, it should be followed in future year also.

However, practically it will be difficult to reconcile with AIS and 26AS every year.

(more)

Answered on Aug 17, 2024

Question by bulk - Aug 17, 2024Hindi

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.

Ans: Yes, in my view same will not be clubbed as gain portion of amount invested is already clubbed.

(more)

Answered on Aug 13, 2024

Asked by Anonymous - Aug 09, 2024Hindi

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

Ans: Sale of virtual digital assets is taxable at 30% after deducting purchase cost only and no other deductions will be allowed. Head of income (Business Income or Capital Gain) depends on several factors such volume, source of investment, other income etc

(more)

Answered on Aug 13, 2024

Asked by Anonymous - Aug 10, 2024Hindi

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

Ans: Yes, you can file revised ITR and claim the refund.

(more)

Answered on Aug 13, 2024

Asked by Anonymous - Aug 10, 2024Hindi

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

Ans: Interest Income can be offered to tax on accrual basis or receipt basis. Thus, you have option to offer all the Income from other sources on receipt basis but once option is taken you can not change it.

However, if TDS is deducted on interest income, practically additional care will be required to reconcile Income as per 26AS and as per receipt.

(more)

Answered on Aug 13, 2024

Question by YOUSUF - Aug 11, 2024Hindi

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.

Ans: Yes, beneficial owner of Income should offer it to tax.

(more)

Answered on Aug 13, 2024

Question by P - Aug 12, 2024Hindi

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?

Ans: Once revised ITR is processed, you will get notice of demand along with Interest for excess refund given. You can make payment at that time.

(more)

Answered on Aug 13, 2024

Question by Bakyalakshmi - Aug 12, 2024Hindi

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.

Ans: 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.

(more)

Answered on Aug 02, 2024

Asked by Anonymous - Aug 01, 2024Hindi

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

Ans: No,

In case salaried person is earning income from capital gain, ITR 2 is required to be filed.

(more)

Answered on Jul 31, 2024

Question by HEMANT - Jul 29, 2024Hindi

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?

Ans: As per proposal of Finance (No.2) Bill 2024, standard deduction has been proposed to increase it to Rs.75,000 for person having income from salary

(more)

Answered on Jul 31, 2024

Asked by Anonymous - Jul 29, 2024Hindi

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!

Ans: Yes

Loss from non speculative business income of current year can be adjusted against income of current year from capital gain

(more)

Answered on Jul 31, 2024

Question by Santoshkumar - Jul 29, 2024Hindi

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.

Ans: Kindly check mobile number registered with Bank at the time of completing KYC. If it is same as number put at income tax portal, kindly do re-kyc at bank and try again.

(more)

Need Expert Advice?Our Gurus Can Help