Good Morning Mr. Mihir, I want to buy a flat in NCR area which belongs to a person who is working and living abroad. He have already paid an Advance money and after that i came to know that he falls in NRO Category, TDS on which is around 23% which is actually the Buyer responsibility. But he is saying that he do not fall in NRO Category and submitted his Indian PAN, Aadhar and Passport Copy in support of that. Now can you please help me out on this and confirm who i have to ensure that he doesn't falls in NRO Category and TDS will be deducted at normal rates i.e. 1%. So that there would not be any Tax obligation on my head after Sale Deed. Thanks in advance.......

Hi my salary annualy is 15 lakh. which tax regime should i opt for?i I have home loan,80c 1.5 lakh and health insurance 12000annually

My wife purchased a plot in 2006. Built three 2 story house.Wife expired in 2018.House sold by lega heirs in 2022.Kly advise the LTCG will be calculated on which acquisatin cost in 2006 or 2018.

Though given to understand that the Hardship compensation and Rent paid to members in a Redevelopment project are exempt from Income Tax, the Developer under the Joint Development Agreement deducts the TDS on these amounts @10% under section 194IC. If it is exempt for I.T., how do individual claim a refund of the TDS?

If I fail to link my PAN with my Aadhaar by Mar 31, it is stated that the PAN will become inoperative - what does this mean? What will happen to the demat account in my name and linked to my PAN in that case? Will dividends corresponding to the shares in my demat account still get credited or will even that not happen?

further to my question of (2005) 10000 becoming 50000(2022) at redemption, what amount is to be tabulated as income in the current FY IT tabulation.

Hello Mihir Sir, You might be aware of domain buying/selling business, Actually My son has sold a domain and worked as broker and accordingly the transaction has been successfully completed (transaction was done thru a firm which clear path for safe deal in US and disburse the amount according to deal) against which he got a commission in USD, the same was remitted by bank , the amount is about Rs.64.00 lacs, this was the first deal which is done by him, in the coming days there may be more deals. I want to know what will be tax liabilities on this income and coming income, and which ITR shall he submit to fulfill the Income Tax requirement. Humble request to please guide me. Thanks and Regards, Rizwanur Rahman

i have purchased an agricultural land in my name and of my doughter. I am 75 yr old, how can i transfer the title of entire land in name of my daughter without much tax or stamp duty etc.

I have sold my house for which the buyer has deducted TDS of Rs.80000/- in March 2023.However I will also deduct TDS OF Rs.125000/- in April 2023 on my purchase of property.Please let me know whether I can claim TDS of refund TDS of Rs 80000/- in my income tax return for the financial year 1922-23 since I have purchased the house but TDS will be recovered in April end.

Can the LTCG earned by father by sell of a house property be invested in house construction of his son and get tax exemption on LTCG

My father bought a land 0f of 5000 sft for Rs Rs 3500 in 1959.He constructed a 1500sft house on the land in 1967 for Rs 30000 . He passed away in 1986.Self and mother became owner.Mother passed away in 2011and Ibecame the owner. The building and land together was given to a builder in 2015 for construction of flats.As per the agreement I have received 4 flats and construction was completed on 27.11.2021 and handed over to me. Now I have sold one flat (out of four)for 18 lakhs. I want to know whether it will be short or long term capital gain ? I do not want to re invest in property and want to pay appropriate amount of tax .Kindly guide me with procedure.Whether I need to open a separate account in bank and park this money till I pay tax? Thanks. s guha.

Aadhar card is to be linked to PAN. But aadhar is not required by NRI as per aadhar act. What to do to keep alive PAN of NRI. The NRI is not filing any ITR as no Taxable Income. Then what to do ? Please tell me the procedure to be foloowed.

Sanjib jha sir, Is umbrella insurance tax deductible?

Hi Mihir, Thanks in advance. If my company pays fuel & driver allowance , What is the limit to the monthly fuel charges & driver salary to claim tax benefits ? Can I claim only fuel charges if the fuel cost is more than the limit or there are individual limits and I need to claim under different heads such as fuel bill & driver salary ? Please advise.

I purchased house in my mother's name for 33 lakhs from my business income and all paid in cash only as It is only Notary house (B-FORM) and no registration in that area. . Also opened bank account in mother's name, transferred funds from my account and created 525000 Senior Citizen Fixed deposit in her name for her future security. She don't have any income. I am business man and filing ITR's from last 12 years. What are the tax implications.

I have recently inherited my father shares after his death. In case I sell them what would their tax treatment.. ie will I have to pay tax on full sale value or can I deduct the purchase cost of these shares which my father had paid??

DEAR SIR. I'M KUMAR. I HAD PURCHASED A PLOT MEASURING 200 SQ YARDS IN 2005 IN HYDERABAD. DUE TO UNAVOIDABLE REASONS I COULD NOT COME TO HYDERABAD AND PLOT WAS REGISTERED ON MY MOTHER'S NAME. THEREAFTER IT WAS TRANSFERRED TO MY NAME AS GIFT DEED FROM MY MOTHER. 1. DO I HAVE TO PAY ANY PROPERTY TAX OR ANY TAX FOR THIS VACANT PLOT. 2. MY MOTHER IS NO MORE. IS THE GIFT DEED VALID. 3. CAN I SELL THIS PLOT. IF YES, DO I HAVE TO PAY ANY TAX

Is monthly annuity(effective after attaining 60 yrs age) under pension plan "Jeevan Suraksha" from LIC can be considered under Rs 50000 standard deduction

Dear Mihir, My income is 13.66 lac per annum. My company has been deducting TDS to an extent of 2 lac . I fail to understand the reason. My house rent & electricity bill is getting paid by the company. House rent is shown as rent allowance in the pay slip & electricity bill is paid upon furnishing the bill every month. They say that these are perquisites and are taxable. I have not been told before about the same. Please guide me. This is what they are showing...Please help me in saving this tax...I am clue less about this. Please find your Tax Calculation Sheet below.  Income Tax Computations With Rent/Without Perquisites With out Rent/With Perquisites Gross Salary (includes Employer contribution to NPS **) 1415198 1320496 Exemptions U/s 10   House Rent Allowance 101999 0 Gross Salary after Section 10 Exemptions 1313199 1320496 Deduction U/s 16 Standard Deduction (Sec 16 ia) 50000 50000 Professional Tax (Sec 16 iii) 2400 2400 Gross Total Income 1260799 1268096 Deductions under chapter VI-A     Investments  ( Sec 80C) 150000 150000     Contribution to NPS (Sec 80CCD (1b) 10000 10000     Medical Insurance Premium (Sec 80D) 15000 15000     Total 175000 175000 Net taxable income 1085800 1093100 Tax on Total Income ( as per applicable slabs)     Income Liable to Tax at Normal Rate 138240 140429     Short Term Capital Gains (Charged @ 15%) 0 0     Long Term Capital Gains (Charged  @ 20%) 0 0     Long Term Capital Gains (Charged @ 10%) 0 0     Winnings from Lottery (Charged @ 30%) 0 0 Total Tax Due 138240 140429 Surcharge on Tax 0 0 Education Cess @4% 5530 5617 Total Tax Due 143770 146046 Less Tax Deducted Till Date- Employer 51000 51000          Other TDS deduction    0 0 Balance Tax to be deducted 92770 95046 Remaining months in the Year 2 2 Tax Per Month 46385 47523 Old Regime Old Regime

My wife has an estimated income of Rs. 450000 by way of bank/post office interest.She has no savings this FY ( FY 2022-23) to get the benefit of 80C . She is a senior citizen aged 70 years. Does her income attract income tax ? What investment should she do to avoid tax ? .Dose she eligible for deduction of Bank deposit interest of 50000 under 80TTB ?

Hello, i am an advocate by profession, but my income is meagre. I work in a company and draw monthly salary. What itr shall use for submitting tax return

Sir, I had invested Rs. 14 lac on name of my wife in PM vay vandna yojna. Whether I will have to show interest income in my return? Form no. 26AS of my wife will show above income. How to indicate in my wife's return that said income is already shown in husband's return?

Sir, my son is in USA . He left India in 2019 for study purpose and now he is working there and hold H1b visa over there. His Pan and Aadhar is not linked so far , so my question is " is it necessary to link PAN with AADHAR ? please guide for the same .

I want to purchase a flat worth 2.5 Cr. I intend to book and register the flat first through my savings. Later, I will sell my existing flat worth 1 Cr and raise the balance amount through sale of equity held for the long term. I do not want to take a housing loan. Please guide how best I can plan and use section 54 for saving LTCG tax on sale of my house as well as on sale of equity? Please also specify the time limits if any . Kindly note that I just own the above mentioned one flat and do not have any other property in my name.

I worked in a company for 3.5 years then took a sabbatical for 2 years. Then worked in another company for 2 years.. So total PF contributed for more than 60 months - will it be considered tax free if I withdraw it once I leave the job.

I have recently sold my land property and the buyer party has transferred rs 7 lakhs to my account as advance amount via a sale agreement. Is the amount going to be taxable as income?

I was availing benefits under 80 C by investing in pension schemes of SBI Life, LIC and Axis. I am opting new tax slabs and do not require 80C deductions. Is it advisable to stop further instalments in the pension plus schemes

I have sold MF units which is hold more than 3 years. The capital gain is less than Rs 30,000. What is the tax implication? Do I need to file ITR-2 for redemption instead of regular filing of ITR-1?

how can i save tax on 25 lakhs package

allowable deductions under NTR

i am senior citizen what is tax benefit for ass year 2023-24 salary imcone

I want to sell my parental property (land), which was bought at 1984 for 16000/-. However now cost is around 5 cr. It was gifted to mother from her father. How much tax we will have to pay? Any option to save tax?

I am retired and live on pension and interest incomes. Very recently, I have sold off a nine year old car of mine, which was purchased entirely with cheque and bank loan. I sold the car and received entire sale proceeds in my bank account by NEFT. Is the amount going to be taxable as additional income? I paid tax once on the money while purchasing the car.

My brother is an NRI & has been investing in Insurance policies since they offer tax free returns which can be taken to the country they reside in. I hv been hearing, since budget that after 1April, all new investments in insurance policies by NRIs will be taxable & the returns will be given in future after deduction of tds @30%. Is this true & how this can be dealt with?

my income is 66 lacs, which tax regime is suitable

I am getting around 3lakh as reimbursed t as part of CTC towards car related expenses. In new tax regime will i get it tax free on submitting bills

In continuation with my earlier two queries,need your answer on the last line last answer by you. "If the amount is not utilised by the above said time period of 3 years, amount will be taxable."Sir this tax is capital gains tax or CGAS account tax rate (and at what rate)?

Hi my CTC is 45 lakhs. I am a private employee. In old tax regime , I have been claiming 480000 under HRA and EPF of 150000 under 80 c Is new tax regime beneficial to me ?

My annual package is 30 Lac with 50k monthly home loan emi and 2 lax kids tution fee Which regime is better for me

sir any idea how the cap of 5 lacs premium for taxability in next fin year be checked ? I mean how will govt or IRDA will know if i have bought more premium policies ? as per new budget. what if i buy small small policies where premium strays below 5 lacs each time

Is INTEREST IN PPF ACCOUNT EXEMPTED IN NEW TAX REGIME

I'm a salaried person with CTC close to Rs. 40L & my investments are much above the exempted tax benefit. Which one will be beneficial for me, is the new tax regime or the old regime?

what about senior cirtizens regarding old and new tax regime in the budget. any concession or it is as is?

I opted for new tax regime for FY 20-21 and moved back to new tax regime for FY 21-22 since i bought a house. Can I opt for new tax regime again now or have to continue with the old tax regime.

Dear Sir, My mother is a tenant under the old "Pagdi" system of one building which is no longer standing . Now if and when this building gets redeveloped , my mother plans to sell her Tenancy rights to the Developer at the then prevailing rates instead of a apartment in the new building. My question is : in that case the amount she receives from the Developer will get taxed as Capital Gains or the normal Income tax slab rates? Thanks in advance, sir. Sumit Ganguly

how can I claim loss on delisting of DHFL Shares. Which I have not sold .Loss incurred Rs.3.5 lakhs

Sir in new tax regime 7 lacs + 1 lac LTCG so Total 8 lac is free?

Hi, my name is Abbas Ahmad. I entered into sale agreement of my property inherited from my mother on 9.2.22 with a deadline for the buyers to get registered on their name as 9.9.2022. I received advance amount of 10 lacs and 22 lac 50 k in two time via RTGS. With that total 32 lac 50 k, I purchased 6 open plots in ventures( 3 on my wife’s name & 3 on my name) @280000/- each. The remaining part payment is yet to receive from them. Technically the said agreement has become null and void as per the conditions in the agreement since they failed to get registered within the deadline. My questions is that the plots which are on my wife’s name are considered for Long Term asset tax exemption. Please clarify.-Regards Awaiting for reply

For retired person , which is better new tax regime or old. Mainly income from investments viz, mutual fund Capital gain, FD interest, EPF pension.

Sir, I have a CTC of 29 L deductions include ( 1.5 Lakhs +50000 Nps +home loan intrest 100000 .I am planning to close my home loan . I have currently opted for old regime, please let me that going forward which regime would be useful for me.