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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??

Hi..I am working as Assistant Manager in Odisha in khordha district central cooperative Bank (DCCB). It is under Odisha state cooperative bank (OSCB) and works as per coperative act odisha 1962 and in accordance with NABARD and RBI. we have a board which makes all the decisions. In FY 23-24 I invested frequently in FNO and INTRADAY Trading.. recently i came to know that govt. employees are not allowed to do speculation as per law. Does this rule applies to cooperative banks ? am i gonna be in any trouble. ? and how to show FNO and Trading while filing income tax returns ? Kindly guide me .

Is 30% deduction allowed on net rent income in the new tax regime?

Hi Mihir, how will LTCG calculated on sale of property which is purchased 20 years ago.

what is standard deduction? how it impact on salaried individual?

what is Angel tax?

Hi, Salary of 16 lakh PA. What will be the total tax under old and proposed new regime

If i sold a property before 20 july 2024 would new policy of capital gains be applicable

Sir Iam having a taxable income of 18 lakhs last year and paid 360000 in new tax regime. As per the above what could be my tax as per new regime and new slabs Thanks

Hi Mihir ,Under New Tax Regime Income upto seven lakhs was not taxable for F.Y 2023-24. The same will be applicable for F.Y 2024-25 or need to pay tax considering basic exemption limit of Rs. 3 Lakhs .

Hi Mihir, 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)

how much i can invest for tax saving,i am a professional and what are the instruments

Hi Mihir, I purchased a flat in the year 2012 for 21.55 lakhs and sold the same in 2023 for 33 lakhs. The sale proceeds from the flat was used to repay a home loan. What would be tax liability?

I am a sr citizen n hv income from fdr interest, sr citizen saving scheme interest, shares dividend etc. Totaling abt 3.5 lacs annualy. Filing tax return of nil tax in itr 2. My question is, if I incur a short term capital gain of, say 3 lacs, in July, do I hv to pay advance tax? Or, can I pay full tax amt @15% by 15th March,2025? I may further incur stcg in current year, then, how to pay?

can we set off our f&o loss against pf withdrawal tax amount? thanks

Hi Mihir, I'm a retired person, 66 years old. Before retirement, I had invested Rs.93.5 lakhs in a commercial real estate in Navi Mumbi in Feb.2017 and registered the property jointly with my wife on 50/50 basis. The value of the property as determined by stamp duty registrar at that time was Rs.73.41 lakhs. The expenses on stamp duty, registration and brokerage was Rs.7.53 lakhs and improvement expenditure of Rs.4 lakhs. So total cost of purchase worked out to Rs.1.09 crores. I sold this property in Feb.2024, exactly after 7 years, for Rs.1.1 crore. Market value (for stamp duty purpose) on this date was Rs.89.89 lakhs. While filing my ITR2 in AY 2024-25, I had split all the above values by 2 and 50% was shown in my ITR2 and the remaining 50% was shown in my wife's ITR2 under CG for showing the capital gain. The system has calculated and shown the capital gain as minus Rs.31.24, i.e. Rs.-15.62 in each of our ITR2. The system has also automatically adjusted my LTCG arising out of other share transactions during the FY. The system allows the remaining loss to be carried forward to next year under CFL. My questions are: (1) Can we both go ahead and finalise & submit the ITR2 as shown above? (2) Can we use the losses carried forward during the next AY to set off our incomes arising out of share market transactions? Thank you so much in advance for your valuable time and advice.

Are there any way in which senior and super citizen can save tax from salary in excess of Rs. 7.5 Lacs in new tax regime. Is yes, then how?

We were having Reliance Retail shares , which was non-listed shares in stock market. As part of capital reduction scheme, Reliance Retail decided to buy-back these shares.But, in 26AS, it is showing that Reliance retail has paid dividend (amount equal to share price) and it is the only amount I received. They have also deducted 10% TDS on it as amount is close to 1.4 Lakhs. How to show this transaction in Income tax return? It can be shown it under "Income from other sources", but in that case Tax would be much more. If it is also shown as Long term capital loss as capital is reduced, one cannot set-off it against dividend. Can it be treated as Long term capital gain?

I HAVE BEEN FILING MY TAX RETURNS UNDER PRESUMPTIVE IN ITR 4 .IS IT NECESSARRY TO TO BIFURCATE BANK AND CASH RECEIPTS AND THE ACTUAL PROFIT TO BE SHOWN. I AM A SMALL TRADER

I had paid TDS as part of purchase of property from a NRI in 2022 July. We did pay the TDS but the seller is unable to claim back the TDS amount and insisting that I should have filled the TDS returns immediately? Is that correct to file TDS returns immediately, will we have any penalty if TDS returns are file now before July deadline?

Hi, I am a foreign national OCI holder that has been a resident of India. I have local SB accounts and an LLP entity. I pay taxes in India and do not have any other foreign residence. I want to take advantage of social security in my country of citizenship. So I have to receive income in my country of citizenship, and then contribute based on that. So here are my questions: 1) I should be able to pay myself a salary from my LLP entity to a foreign country with just 10% TDS as I have a PAN Card 2) I will still continue to be a tax resident here, so I can take advantage of DTAA and pay taxes only in India correct? any other risks, concerns I need to consider?

Sir, I have my ancestral home which is due for repairs, I will seek a loan as collateral on it , what will be its tax implications, I'm presently an NRI.

If one misses the advance tax payment on 15 Jun for the F/y 2025-2026 what is the penality? Can the first instalment be paid now?

Dear Sir, I work abroad on rotation basis, but I stay out of India for more than 182 days, my salary is received in Indian NRE Account, is this salary taxable?

I have opted for Old Regime during declaration phase , is it possible to file return with new Regime considerations ?

I have unclaimed dividend income for fy 23-24. While it is showing in my dividend section in AIS and TIS, it is also shown in AIS and TIS as, 'Sale of securities and mutual fund units, but the description in that is stating 'unclaimed dividend' So, in my ITR should I limit it to filling it in Dividend section or additionally mention it in Sale if securities and capital gains under 'capital gains' section

My name is Sarath. I have debentures of various companies interest of which are received after deduction of TDS. But when I file ITR I'm finding that these accumulated interests are shown as income from other sources and are again taken into account for taxation. My question is why do we have to pay tax again and is there any means by which we can avoid this double taxation?

Hi sir, I am planning to sell my ancestral property worth of 2 crores and what should I do to avoid tax issues and how should I invest that fund to avoid tax concerns

My annual income is just under 12 lakhs, but this year I have am income from house property of 44.5 lakhs besides above income to be shown . Which IT form I should select?

I purchased a property in 2013 at 30 lacs and Sold it in May 2024 for 49 lacs. I have booked a under construction property and will be completed by Feb 2024. I plan to invest the amount in the new house. Can I keep the amount in fixed deposit till Feb and how is capital gains tax be computed

Me and my wife made a foreign sight-seeing trip under a tour package offered by a Kolkata based Tour operator in FY 23-24, who collected Rs.10000/- as TCS from each of us. Now they are claiming that they have deposited the amount well before the end of the FY 23-24 but that is not being reflected in our 26AS, AIS or TIS statements. Without that we can not claim tax benefit in our IT returns. WHAT SHOULD WE DO TO CLAIM OUR RIGHTFUL BENEFIT? Kindly suggest.

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.

I have pension of Rs 1400000, Capital gain of Rs 300000, and intraday income of a small amount of Rs3500. For filing return in ITR3 do I need to maintain book of accounts.

I have 2 flats, one bought in 2014 and the other in 2018. Can I sell both the flats and invest the combined amount into one property of equal value and avoid capital gains taxes.

I am 41 and my wife is 37. We have two daughters. Yesterday I have a quarrel with my parents both old age 75 and 70. They asked me to vacate the house which is on their name. I have one 3 BHK flat which was purchased on 28 May 2024. It in near my parents house.I want to sell it to buy another flat at different location. What are the capital gains tax implications in that? Also suggest me the further course of action as both of us are in private job and have no pension. I am earning 90, 000 a month and my wife is earning 60,000. We both have NPS accounts contributing 5000 per month to that from 2008.

Hi Sir, I received leave encashment this year from my employer but because of non submission of certain documents they didn't add to my form 16 and currently they're saying books closed so no amendment is possible. In this situation since my tax liability increase to a huge extent, Should I consider adding this exemption in my ITR? if employer provides me with exact value of exempt that was possible in my case if I would have furnished asked documents. Thank you

For the FY 23-24, my income from salary is ?7,02,876 as per form 16. I also have interest income of ?9,120. I also sold mutual funds and had long term capital gains of ?87,983. I want to know as to how my total income and tax would be computed. I was under the impression that my salaries and interest income will be treated differently and will not be eligible for tax under the new tax regime and my long term capital gain will be exempted since it is less 1 lakh, thus resulting in nil income tax. Is it correct or not?

For the FY 23-24, my income from salary is ?7,02,876 as per form 16. I also have interest income of ?9,120. I also sold mutual funds and had long term capital gains of ?87,983. I want to know as to how my total income and tax would be computed. I was under the impression that my salaries and interest income will be treated differently and will not be eligible for tax under the new tax regime and my long term capital gain will be exempted since it is less 1 lakh, thus resulting in nil income tax. Or my total income will be calculated by adding salary and capital gains, thus resulting in net tax payable?

Hi have purchased a Site on 2011 & we sold on 2024 Feb. Against the income Whether we have to purchase a site or house property to avoid CG Tax?

Sir, In Fy23-24 a company paid dividend after deducting due tax. The dividend amount before TDS is visible in AIS but not the TDS amount. On correspondence, the company sent me the statement pertaining to the said TDS in Form 16A. Now how to proceed further, is my query. If the amount is not appearing in AIS, will it create complications on ITR filing, I am worried. Are dividend figures auto-populated? If no, I can manually feed total of all figures. If yes, identifying this particular TDS among a dozen other Co TDSs become difficult. Please give me directions. Chandran

I am a first time tax assessee for last F.Y. 2023-24. I want to opt for old tax regime and want to continue the same for future years. Do I need to first fill and submit the Form 10 IEA declaring regime selection of Old Tax Regime followed by ITR submission? Kindly clarify. Thank you

Hi Mihir, I have a question for you. I am freelancer (IT sector) and having contract with foreign customers. At the time of filling return for FY 23-24, what should I opt for? under section 44AD or section 44ADA. Thanks