Samkit Maniar

Answered on Feb 06, 2025

Asked by Anonymous - Feb 06, 2025Hindi

Trading Loss: Can I Show 5.8 Lakh Loss in ITR & Carry It Forward?

Ans: Your understanding is correct as far as you receive money from your parents, it is a gift from relative and not taxable.

You can carry forward the losses depending upon type of loss that you have incurred (ie loss on equity, options, futures and timing of asset held ie more than 12 months or lesser).

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Answered on Feb 04, 2025

Asked by Anonymous - Feb 03, 2025Hindi

Transferring PSU pension to NPS: Should I wait for retirement?

Ans: Whilst this is more of a financial question, you need to answer the below two questions before coming to any conclusion -

1. What is your risk taking ability. - NPS may provide higher returns than pension trust but comes with its risks since majority of NPS invest in equity markets.

2. Safety pool vs investment return pool?

Please take assistance of a financial advisor from the panel before moving ahead.

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Answered on Feb 04, 2025

Question by SANDESH - Sep 03, 2024Hindi

Sold a house and bought a plot: Can I save capital gains tax?

Ans: Please note that capital gains exemption is available only upon acquisition of a new residential house property (if the same is within the time limit).

Purchasing a plot will not help in saving capital gains tax.

When did you acquire the house where you have the home loan running needs to be considered? Please let me know that to answer this question appropriately.

In any case you have an option to reinvest the amount in 54EC bonds to the extent of INR 50 lacs and save the capital gains to such extent. The tax will need to still be paid.

Please consult your CA once before proceeding. Thanks!

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Answered on Feb 04, 2025

Asked by Anonymous - Aug 09, 2024Hindi

Confused About New Income Tax Slabs? I'm a Salaried Person, Can You Help?

Ans: As per the Budget announced on 01 February 2025, upto 12.75 lacs there is no tax payable under new tax regime for a salaried employee.

The slabs and slab rates under new tax regime have also been revised.

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Answered on Feb 04, 2025

Asked by Anonymous - Feb 01, 2025Hindi

Is Paying More Taxes in the New Tax Regime Correct?

Ans: The new tax regime as announced in the Budget on 01 Feb 2025 lays down revised slabs and revised tax rates.

Incase you are salaried and earning 40 lacs then you will be better off in the new tax regime as compared to old tax regime. Please note that the slabs in the old tax regime have not changed. Even after claiming the deductions highlighted above, you will be benefitted under new tax regime.

Please consult your CA before proceeding.

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Answered on Feb 04, 2025

Question by Nikhil - Oct 25, 2024Hindi

Confused about grandfathered stocks and LTCG calculation?

Ans: The Income Tax Act,1961 clearly states that such grandfathering provisions apply to shares which are listed on a recognized stock exchange in India. The shares of US company though may be listed on US stock exchanges they are not listed on Indian stock exchanges and hence you may not be eligible for the grandfathering.

You may also check on your residential status and accordingly determine the capital gains tax implications (considering the double tax agreement between US and India). The taxes will also be withheld at the time of sale and appropriate tax credit need to be taken at the time of filing of your tax returns.

Please check with your CA once before proceeding.

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Answered on Nov 10, 2024

Question by Rajan - Nov 07, 2024Hindi

Worried Father: Son in the UK Selling Property in Bangalore - Tax Help Needed!

Ans: Unfortunately capital gains exemption will not be available in your case since for getting such exemption the property purchased needs to be in India.

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Answered on Sep 01, 2024

Question by K - Aug 22, 2024Hindi

Sold Ancestral Land: Will I Pay Capital Gains Tax?

Ans: Just wanted to understand, was the land in your brothers name when he passed away. If yes, then has the distribution happen as per your brothers written Will in place. If not, then as per Hindu Succession Act, it goes to Mother, Brothers wife and brothers children in equal proportions.

Only if none are present it goes to siblings unless you have taken proper NOC from Mother and Brothers wife.

Assuming this is in place, yes your portion of 15 lacs will be subjected to capital gains tax unless reinvested in 54EC bonds or residential house property (assuming conditions are satisfied).

Please consult your CA before moving ahead.

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Answered on Sep 01, 2024

Asked by Anonymous - Aug 30, 2024Hindi

How can I dissolve my Pvt Ltd company and withdraw capital tax-efficiently?

Ans: The taxation will depend upon accumulated profits the company has and taxable as dividend in the hands of shareholders and over and above any distribution of the accumulated profits it will be taxed as capital gains in the hands of the shareholder.

It would be helpful to understand the numbers ie accumulated profits, shareholding pattern, assets to be distributed to the shareholders, balance sheet, P/L etc.

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Answered on Aug 30, 2024

Question by Yogesh - Aug 28, 2024Hindi

What Investment Options Can Minimize Tax Burden for NRE Turned Resident in India?

Ans: Once you are an Indian tax resident then you will be subjected to taxes on your worldwide income.

If you are a long term investor then you can invest in Indian markets, we have experts on the panel to guide with your investments, considering India does not levy tax on any unrealised gains.

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Answered on Aug 28, 2024

Asked by Anonymous - Aug 28, 2024Hindi

45+ Man Seeking Help: Complex Family History, Inheritance, and Document Issues

Ans: It is indeed an unique situation. However, keeping that aside, first thing you may want to do is write a Will because that is one of the basic document which most people don't do but should do.

As a pre-requisite to your Will, have an asset register in place to ensure all assets are adequately captured in the Will.

This is a first step of smooth succession planning.

Further, there is a more robust succession planning tool which is a private family trust. We can discuss upon the same in detail offline please.

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1

Answered on Aug 28, 2024

Question by Srinivasan - Aug 05, 2024Hindi

Should My Wife Pay Income Tax If She Has Only Interest Income and Share Dividends Below ?2,00,000?

Ans: Your wife falls within the basic exemption limit and hence she need not file tax returns or pay income taxes. However, incase you intend to obtain any loan in the future in her name then lenders will ask for tax returns for last 2 or 3 years. Hence, bear that in mind. In any case income taxes are not required to be paid by her but return to be filed.

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Answered on Aug 28, 2024

Question by SNEHAL - Aug 07, 2024Hindi

54F Exemption for Home Loan Repayment: Reader's Query

Ans: The time limit under section 54 is that if you sell your house then you can construct your house 3 years after the sale. In your case, it is exactly opposite wherein construction is followed by sale and hence the same will not aid you for capital gains tax perspective.

Please consult your CA before moving ahead.

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Answered on Aug 28, 2024

Question by Gautam - Aug 12, 2024Hindi

Gautam, should I use indexed cost or fair market value for calculating LTCG?

Ans: You will need to reach out to property valuer and arrive at a value as on 01 st April 2001. The amount thereafter can be indexed to current levels by applying inflation index and accordingly the same can be computed.

Alternatively, if the intent is to reinvest in a residential property itself then you may directly compute capital gains using cost and not indexed cost if the amount of reinvestment is greater than capital gains amount.

Please consult your CA before moving ahead.

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Answered on Aug 28, 2024

Asked by Anonymous - Aug 19, 2024Hindi

Do I have to pay 10% surcharge if my income is 40 Lakhs but exceeds 50 Lakhs with LTCG?

Ans: Yes, you will need to see it considering all your income sources. Accordingly, if after considering all income less deductions (ie net taxable income) is greater than 50 lacs then surcharge will be applicable @ 10%.

Please consult your CA before moving ahead.

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Answered on Aug 28, 2024

Asked by Anonymous - Aug 20, 2024Hindi

Stuck with uninterested property co-owners in Odisha? How can I move forward?

Ans: Is the property inherited between 6 legal heirs? Did the person have a Will in place? Please guide on this to assist in answering the question more accurately. Thanks!

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Answered on Aug 28, 2024

Asked by Anonymous - Jul 25, 2024Hindi

35 Years Old, Earning 15LPA - How Can I Save Tax Under Old Tax Regime?

Ans: The below are the types of deductions you can claim under the old tax regime -

1. Investment in PPF/NSC/ Insurance: INR 150000
2. Mediclaim - depending upon self and / or dependents : INR 25000 / INR 50000 or INR 75000 (incase either parent is a senior citizen)
3. Interest on savings bank account interest to the extent of INR 10000
4. You can claim housing rent allowance from your salary income incase you live on rent.
5. Other deductions depend upon whether you have housing loan or education loan etc.
6. Investment in National Pension scheme : INR 50000

Please consult your CA before moving ahead.

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Answered on Aug 28, 2024

Asked by Anonymous - Aug 23, 2024Hindi

Can purchasing a house in my sister-in-law's name with my own money be considered a benami transaction?

Ans: Benami Act is a seperate act and not part of IT Act.

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1

Answered on Aug 28, 2024

Question by Vishal - Aug 27, 2024Hindi

NRI Assessee: Indexation or Non-Indexation?

Ans: Firstly, indexation is available only for long term capital asset.

The indexation benefits for "shares and debentures" are not available to NRIs.

Please check with your CA before moving ahead.

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Answered on Aug 28, 2024

Asked by Anonymous - Aug 28, 2024Hindi

British Expat Inherits Property After 15 Years: What Are the Ownership Implications?

Ans: Before answering your query, need to understand the following -

1. Date of agreement and
2. Payment made completely whilst you were Indian.

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Answered on Aug 28, 2024

Question by Ashish - Aug 28, 2024Hindi

NRI in Australia Wants to Sell Land in Agra: What Are Best Selling Strategies & Tax Implications?

Ans: Considering you are an NRI, you will need to pay taxes on sale of your land at capital gains tax rate of 20% plus applicable surcharge and cess considering land is in India.

You need to understand that such sale of agricultural land needs to be to Indian citizen and also need to bear in mind that proceeds from such sale will be credited to your NRO account in India. Accordingly, you will be able to repatriate only 1m USD per financial year.

Once taxes are paid in India, nothing is taxable in Australia (considering India Australia tax treaty available) and necessary credits ought to be available in Australia.

ITR 2 is the form you will need to file considering you will have capital gains tax. If you intend to reinvest the same in residential house property/ bonds you can do so to reduce your capital gains tax liability subject to necessary conditions being fulfilled.

Please consult your CA as well before moving ahead.

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Answered on Aug 10, 2024

Asked by Anonymous - Aug 10, 2024Hindi

Should I Pay Tax on My Equity Mutual Fund Returns?

Ans: Unless you book the same, there ought not be any tax implications ie any unrealised gains will not be subjected to income tax. Once you sell the mutual funds and book the profits then you will be taxed at 12.5% / 20% depending upon period of holding (ie long term / short term).

Please take advice from your CA before moving ahead.

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Answered on Jul 25, 2024

Question by Arnab - May 29, 2024Hindi

How can I help my mother save tax on the sale of an ancestral property?

Ans: 54EC bonds to the tune of INR 50 lacs may only be the option with her.

Before selling the ancestral property, she may plan (ie streamline) the ownership in existing 3 properties to avail a higher deduction by reinvesting in another residential house property.

Please note the amendments as laid down in budget which has removed indexation benefits from sale of properties after 23 July 2024.

Please consult your CA before moving ahead.

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1

Answered on Jul 25, 2024

Question by Pankaj - Jun 21, 2024Hindi

Bought a flat in 2018 for 2.5 cr, selling now for 5.0 cr: How much tax will I pay?

Ans: Incase you sell post 23 July 2024, your capital gains will be 2.5 crs and taxation on the same will be @ 12.5% (excluding surcharge and cess). Roughly, 31 lacs before surcharge and cess.

Please consult your CA before moving ahead.

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Answered on Jul 25, 2024

Asked by Anonymous - Jun 23, 2024Hindi

Will I get a notice if I underreport my income by 26 lakhs?

Ans: This is a very tricky question. Did you already have a business and show business income in prior years? If yes, then your chances may be less. However, interest and penalty may be levied in any case.

Please note that receiving a notice does not mean you will have to pay additional taxes but you will need to substantiate to the IT authorities.

Please consult your CA before moving ahead.

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1

Answered on Jul 25, 2024

Asked by Anonymous - Jun 24, 2024Hindi

NRI in Qatar: How to Stay Tax Compliant in India?

Ans: What would be your income from Indian investments or Indian sources be?

Also do you pay taxes in Qatar on your income generated in Qatar?

These 2 questions will be an important basis for answering your question.

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1

Answered on Jul 25, 2024

Asked by Anonymous - Jul 01, 2024Hindi

Selling Property in India as an NRI: Legal and Tax Requirements

Ans: I am not a legal expert. However, you need to be aware of capital gains taxes on selling your house property. Further, if it is a residential house property which is held for more than 2 years then you also qualify for a deduction on your gains that you make.

Please note recent budget changes in India on 23 July 2024 will be applicable and you may not get the indexation benefits on the property.

As an NRI, you can only take out USD 1M from your NRO account per financial year.

Please consult your CA before moving ahead.

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1

Answered on Jul 25, 2024

Asked by Anonymous - Jul 02, 2024Hindi

Freelancer in IT: 44AD or 44ADA for FY 23-24?

Ans: Section 44AD applies to businesses except for professional services whereas section 44ADA is exclusively for specified professionals. Considering you are a freelancer you are more likely to fall under section 44ADA.

Please consult your CA before moving ahead.

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Answered on Jul 25, 2024

Question by Yogalakshmi - Jul 02, 2024Hindi

Investing in Zerodha Stock: Tax Implications and Claiming Benefits?

Ans: Can you please elaborate your question? Did you mean that you have opened a zerodha account and invested in a particular stock or you have received ESOP from Zerodha?

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Answered on Jul 25, 2024

Asked by Anonymous - Jul 02, 2024Hindi

Senior Citizen Asks: How Much Tax Do I Owe on My Investments?

Ans: Since short term capital gains is below the overall basic exemption limit, there will be no taxes payable.

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Answered on Jul 25, 2024

Asked by Anonymous - Jul 08, 2024Hindi

52-Year-Old Co-Applicant: Can I Claim Tax Benefit on Education Loan for Son's Foreign Studies?

Ans: The only dilemma is whether higher education defined includes foreign education or not. Conservative view says it should not and aggressive view states it should. Practically many clients are claiming such deduction in their ITR.

Please take a call in discussion with your CA before going ahead with this. If you are going ahead and claiming it as a deduction you will be eligible for half of the interest payable on loan since you are a co-applicant.

Please consult your CA before moving ahead.

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Answered on Jul 25, 2024

Asked by Anonymous - Jul 08, 2024Hindi

Do I Have to Pay Tax With a Monthly Income of Rs 59,000 and Expenses of Rs 15,000?

Ans: To answer it a little in detail will require breakup between dividends, salary and rents please.

Asked on - Aug 04, 2024 | Answered on Aug 28, 2024

Salary 44k,rents 12k remaining dividend

Ans: Do you invest in your LIC, Mediclaim or have a PPF account?

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Answered on Jul 25, 2024

Question by Aman - Jul 09, 2024Hindi

Sold Flat in 2024 with Home Loan: Which Year's ITR Should I Report It In?

Ans: At the outset, it seems that your house was sold in March 2024 considering majority of payment was made towards the same. Accordingly, it ought to be part of your FY 2023 - 24 ITR.

Please seek assistance from your CA before moving ahead.

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Answered on Jul 25, 2024

Question by Cdpo - Jul 09, 2024Hindi

Should I Mention Gift Receipt for Term Deposits?

Ans: You can say inheritance received from father and also attach your fathers death certificate.

Parallely, also ensure that from your fathers login, it is communicated that he is not around so that IT is aware of the same.

Please seek assistance from your CA on the same.

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Answered on Jul 25, 2024

Question by Avion - Jul 16, 2024Hindi

Retired couple seeks advice on capital gains tax on commercial real estate sale

Ans: Yes, seems correct treatment done. You can go ahead with submitting your returns respectively.

Please note that Long term losses can only be set off against long term gains, if that's the case then you can.

Please consult your CA before moving ahead.

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Answered on Jul 25, 2024

Question by ishvinder - Jul 17, 2024Hindi

Repurchased Property in 2024: Filing ITR?

Ans: If the amount is reinvested into a residential property before the date of filing the ITR then you will be eligible to claim deduction.

Please check whether such expenses can be claimed or not from your CA. If yes, you can claim it in this year's ITR itself. These expenses ought to be available but please double check it.

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Answered on Jul 25, 2024

Question by aniruddha - Jul 25, 2024Hindi

Will Shares Sold in April 2024 Be Taxed at 12.5%?

Ans: It's prospective amendment and not retrospective meaning any sale after 23 July 2024 will attract 12.5% long term capital gains.

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Answered on Jul 25, 2024

Question by Hemil - Jul 25, 2024Hindi

PPF Maturity: Should I Repay Housing Loan or Look at Other Investment Options?

Ans: It depends upon your other sources of income. You can extend the PPF account by 5 years because income is exempt from tax hence if that is doable then it may be done. Otherwise, paying of loan and clearing your liability asap could be considered.

There are mutual funds which give good returns over a 10 to 15 year period, you can invest in them as well. Our expert panel can guide you on the same.

It all boils down to your other source of income and whether the same will suffice to pay off the EMIs.

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Answered on Jul 24, 2024

Question by Krishna - Jul 09, 2024Hindi

Short-term capital gain of Rs 4,00,000/- from equity. How will it be taxed?

Ans: There will be no tax since the amount is below the basic exemption limit.

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Answered on Jul 24, 2024

Question by Isha - Jul 18, 2024Hindi

NSC Interest Before Maturity: Should I Be Concerned?

Ans: Every year interest accumulates and you will need to show that income in your income tax returns every year and pay necessary taxes.

Please consult your CA before moving ahead.

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Answered on Jul 24, 2024

Question by Abhinaya - Jul 19, 2024Hindi

Ex-employee, exercised ESOPs: Can the tax paid be exempted in 2023-24?

Ans: There is no exemption to this effect in your income tax return. Your Form 16 has already factored that in and accordingly TDS has been deducted. This is the way ESOP work. However, any discrepancy in this, please check with your HR.

Please consult your CA before moving ahead.

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1

Answered on Jul 24, 2024

Question by DEBASHISH - Jul 22, 2024Hindi

New Apartment Buyer: Can I Claim Section 54F Tax Benefit?

Ans: Hi Debashish, I have already answered your query. Please feel free to reach out to me incase you need any further assistance.

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Answered on Jul 24, 2024

Question by Shweta - Jul 23, 2024Hindi

Help, I sold agricultural land in Mangaon for 50 lakhs. What's the capital gains tax I need to pay?

Ans: Hi Shweta, for computation of capital gains, we will require certain details from you i.e. date of sale and purchase price. Once we have these two in place, we can guide you better.

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Answered on Jul 24, 2024

Question by YAGYESH - Jul 23, 2024Hindi

Expecting a baby and confused about home loan options? I need advice!

Ans: Firstly, many congratulations on the baby. Further, please move ahead with EMI which is cheaper over a long run, kindly read through their EMI schedule and ensure principal is repaid faster than the interest amount.

Other financial experts on the panel can guide you better on this.

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Answered on Jul 24, 2024

Asked by Anonymous - Jul 23, 2024Hindi

Am I in trouble for trading FNO and intraday as a co-operative bank employee?

Ans: You have erroneously posted twice, I have answered the query above.

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Answered on Jul 24, 2024

Asked by Anonymous - Jul 23, 2024Hindi

Cooperative Bank Assistant Manager in Odisha: Worried About Speculation Rules and Filing Taxes

Ans: It seems that the rule is applicable to Central Government employees. From the prima facie reading, it seems that it may not cover co-operative banks employees. FNO and Trading needs to be shown as business income in your returns under ITR 3/4.

Please consult your CA before moving ahead.

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Answered on Jul 24, 2024

Question by Gautam - Jul 23, 2024Hindi

New vs. Old Tax Regime: Which is Better for Salaried Taxpayers?

Ans: Depends upon the salary numbers, the eligible deductions and tax slabs that you fall under. Please note that there is no straightforward answer to this.

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Answered on Jul 24, 2024

Asked by Anonymous - Jul 23, 2024Hindi

Sold US MNC ESOPS/ESPP: Claim Long Term Capital Gain Tax Benefit with 2022 Home Purchase?

Ans: Please ensure that ESOPs are held for more than 12 months. If same is the case then you may be able to utilize the proceeds against the house purchased.

Kindly consult your CA before moving ahead.

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Answered on Jul 24, 2024

Asked by Anonymous - Jul 23, 2024Hindi

Which ITR Form Should I Use with Salary and Business Income?

Ans: Hi Sudip, just wanted to understand how are you receiving salary and carrying on a business at the same time? Is it like you are a director in a company?

Typically ITR 3 / 4 are meant for business and profession. You can depict your salary / remuneration in any of these forms only.

Please consult your CA before moving ahead.

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Answered on Jul 24, 2024

Question by Berges - Jul 23, 2024Hindi

Will Selling My Pre-2000 House Prevent Indexation Under the New Budget?

Ans: Your understanding is correct that indexation benefit is not available for sell of any long term capital assets.

Incase you have bought a house prior to 2000, you will get the fair market value as on 01 April 2001 as your cost. However, you will need to get a valuation of your property done to achieve this number from a property valuer.

Please consult your CA before moving ahead.

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