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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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Answered on Jan 20, 2025

Question by arun - Jun 17, 2024Hindi

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73-Year-Old Pensioner Asks: How to Show LTCG in ITR-1?

Ans: In case of Income from capital gain, you are required to file ITR 2

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Answered on Jan 20, 2025

Question by RAJINDER - Jan 08, 2025Hindi

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Tax Implications: When Dad Leases Property to Son at Zero Rent?

Ans: As property is transferred by father to son with proper agreement, rental income is likely to be taxable in the hands of son.

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Answered on Jan 20, 2025

Asked by Anonymous - Jan 09, 2025Hindi

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Withdrawing PF for property purchase after 5 years - Can I avoid 10% deduction?

Ans: In my view, same will not be considered as 5 years continuous service.

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Answered on Jan 20, 2025

Question by Jasvant - Oct 31, 2024Hindi

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Gold Mine Investor: 25% US Tax on Profit - What About Indian Taxes?

Ans: For resident, income earned outside is also taxable in India subject to benefit of foreign tax credit with specified conditions.

Further, when said money comes back, there will not be any tax on the same.

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Answered on Jan 20, 2025

Question by Ravishankar - Jan 18, 2025Hindi

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Recently Sold My Flat - Can I Use Proceeds for Business and Education Before Reinvesting?

Ans: For taking benefit of Sec 54, amount of gain is required to be invested in new property. You can use balance money any other purpose

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Answered on Jan 20, 2025

Question by Ajit - Jan 19, 2025Hindi

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Can I use gains from selling old flat to pay off loan on new one, avoid tax?

Ans: No, capital gain will not be exempt as gain amount is not likely to be invested in another property post sell of earlier flat

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Answered on Jan 13, 2025

Question by Saksham - Jan 10, 2025Hindi

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Can I avoid capital gains tax by buying two flats in my name after selling my mother's flat?

Ans: To claim capital gain tax exemption, owner is required to invest gain amount in new property. So if your mother buy property in your name, she will be liable to pay capital gain tax.

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Answered on Jan 10, 2025

Question by JAYESHKUMAR - Jan 09, 2025Hindi

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STCG Included in CPC Threshold Limit for 2024?

Ans: Yes, ITR form is modified to consider 87A rebate manually on STCG covered in 111A

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Answered on Jan 03, 2025

Question by Chandravijay - Jan 03, 2025Hindi

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UAE not issuing TRCs anymore?? A confused expat seeks answers.

Ans: Yes after introduction of corporate tax, for future period they will not provide TRC. In case of our client, we have received TRC in March 2024.

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Answered on Jan 03, 2025

Question by NARENDRA - Dec 20, 2024

I have Long Term Capital Loss as on 23/07/2024 of Rs. 2462540 on sale of other assets. Can this be set off against future sale of assets

Ans: Yes, long term capital loss can be set off against long term capital gain if earned in the next 8 years

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Answered on Jan 03, 2025

Asked by Anonymous - Dec 20, 2024Hindi

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Indian freelancer on Upwork: Why is refiling of tax returns necessary?

Ans: Refile is required if you are resident, you have not shown foreign income or foreign assets in original return filed.

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Answered on Jan 01, 2025

Question by Ziauddin - Dec 29, 2024Hindi

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Retired Couple Selling Mumbai Apartment for a New One: Do I Still Need To Pay Taxes?

Ans: No, in case gain amount is invested in new property; capital gain tax will be Zero

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Answered on Jan 01, 2025

Asked by Anonymous - Dec 31, 2024Hindi

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52 year old Mohan Satpal: How much tax do I need to pay on Rs 4.8 lakh income?

Ans: Your income is below 7 lacs and gross tax liability will be 16380. Under new tax regime, you are eligible for rebate upto 25000. However matter is litigative. As per recent judicial decisions, rebate is available even against income taxable as per provisions of 111A.

Accordingly, in my view, tax liability will be Zero

You can calculate tax liability from income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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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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