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My mother will be selling an ancestral property which will be in her name in a month or two through mutation , She already has 3 flats in her name jointly with my father. is there a way she can save tax on it?

I bought a flat in 2018 for 2.5 cr now I want to sll at 5.0 cr due to some debts How much of TAX I will pay

Hello, I have bank statements worth 50-60 lakhs online transactions through business now i am planning to pay taxes for two years showing 34 lakhs of income. What are the chances that i will receive a notice

As an NRI living in Qatar, I need to understand the tax regulations affecting my income and investments in India. What should I be aware of to stay compliant?

I live in Texas and I'm planning to sell a property I own in Mumbai. What are the legal requirements for selling property in India as an NRI and are there any specific taxes I need to be aware of?

Hi Samkit, 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

Just now I'm being entered inside tax. I've invested in Zerodha stock. Will it come under other income source? Also how can I get a claim since it's an investment.

As an indian senior citizen of 73 yrs old, invested in equities & earned, rs 490000 as(short term capoital gains for the year 2023-24) & having no other income apart from this,pl tell me what will be my nexemption limit, & for the rest at what rate ,I would pay capital gains tax.

Hi, I m Thiyagarajan. I m 52 years old. I hv applied education loan of 20 lakhs for my son's higher education in foreign country. I m the co applicant. Can I avail the income tax benefit for the interest payable for the loan

Sir im a salaried person unmarried, my overall income including (dividend,rents,salary) is Rs 59000 per month my expense will be 15000 per month did i have to pay tax

Dear Sir, I had purchased a flat on a home loan in 2018. Last year I decided to sell the flat and as such, I received a booking advance of 4 lakh in March 2024. Further, the buyer settled the pending home loan (32 Lakh) through direct transaction to my loan account in March 2024. The registry for the flat was made in April 2024 and I received a final amount of 8 lakh upon registry (in April 2024). My doubt is- whether the transaction should be mentioned in the ITR of FY 2023-24 OR that of FY 2024-25...

Hello sir, In Fy year 2022-23 , i have received rs 23 lakhs after my father `s death from his time deposits and i have invested this amount in term deposits in bank. In my income tax department`s user ID under AIS tab, department seeks asking me about feedback , under TIS i:e Purchase of time deposits, should i give optional feedback source is reciept of gift , which isn`t taxable?

Hi Samkit, 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.

I sold my house in march 2024 and repurchased property in may 2024. How should i file the ITR? Should i claim the stampduty and registration expenses this year or next year?

shares I sold after 1 year during april 2024 till budget day, will those also attract 12.5 pc tax on gains? is retrospective application allowed?

Hi Samkit, I have a PPF account which is going to get expired by March 2025. The maturity amount would be in range of 12L. I also have a housing loan for 17 years tenure of which 1 year passed by, Should I repay the loan or there are any investment strategy options you would suggest

I have short term capital gain of Rs. 400000/- from equity. I have no other income. How will it be taxed.

Hi, I did NSC in 2021 and maturity is after 5 years i.e. 2026. But in FY 23-24 AIS, interest accrued of it is shown. Why do I see interest amount in AIS before maturity of NSC. Is it taxable before maturity?

Hi, I've paid the tax for exercising ESOP shares allocated to me, in the fin year 2023-24. How can I claim the tax paid as part of exemption during fining Income tax?

Sub: Section 54F tax benefit for under construction apartment . Hello sir, Could you help 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: I sold stocks(Sept 2024) and invested LTGC to finance remaining 40 percent of apartment cost through instalments (before this FY Mar 2024). 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 ? 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 ?

my father bought agriculture land in mangaon (maharashtra) in 1963, which i sold it for 50 lakhs, what will be the amount of capital gains>

Hi need guidance over Home Loan. I have booked a house of 1.25 Cr.and have 25 lakhs available for Down payment. Which is best scheme we should select here as with 3 years fixed EMI with Bajaj finance Or HDFC/ICICI Bank 8.5% RoI, we have 3.5 years in possession and expecting baby in few months.

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 Sir.

Hi..I am working as an 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 Sir.

which regime -- new or old -- is better now for salaried taxpayers?

I sold my ESOPS/ESPP shares given by an US MNC recently in June 2023. I bought a residential home in OCT 2022, within an year prior to sale. Can I compensate long term gains from this sale with my house purchased?

This side Sudip. I have two income sources are salary and business. Which ITR from should I file during return filing? Will my total income after adding business and salary? How combined income tax will be calculated in this case if I have surtain business loss.

Under new budget if I sell my house I am not entitled to indexation. Also if I have purchased my house before 2000 this rule will apply

Hello Sir, I Sanjeev Kumar from Himachal Pradesh, working in pharmaceutical sector, my current CTC is 12.0 lac per annual and below are my saving 1. LIC ------------ Rs 51000 Annually 2. PPF --------------- Rs 1.5 lac Annually 3. NPS --------------- Rs 50000 Annually 4. Room rent ------- Rs 120000 Annually No medi claim, or house loan I Would like to now which tax regime, will be beneficial to me to save more tax. Would like to hear from you soon.

Hi Sir, 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 tax actually we are saving with the home loans versus how much interest we are paying to the house loan. Is it a good idea of closing home loans early or saving the money with SIP and closing the home loan later

Purchased a flat out of sales proceeds òf a house in 2021-22,but the flat got reggistered now only. To get capital gain benefits i had reported the amount of purchase and sale both . Now this years registry amount is reflecting in my in my ITAX.and i have to show in my ITR . HOW DO I DO IT.

Hi I have commercial property in SRA scheme which I intend to dispose off and use the funds to develop our other commercial property. What would be the tax liability in such scenario

Hi Sir, I am employed with a 11LPA job. I do not have a history of saving but have started a 7000 rupees SIP recently (almost 60% in index and 30% in midcap and rest in hybrid). I inherit my father's Chennai property worth over 8cr by today's market value. As the property is too old, demolishing it and reconstructing requires a huge loan and a 20 year EMI commitment which i am not interested. I just wanted to know if i can sell the property (have to lose 20% as capital gain) and create an income generating scheme

I am 73 years old. Retired from private firm. currently trading in stock market. total income below 2.00 lacs and investment is Rs.4.00 lacs in last 5 years. Do I need to file ITR? if yes then Which?

Dear Sir/Madam I seek your help with regards to my following grievance. I am the holder of NCDs of SREI Ltd.The company went into liquidation and as a final settlement I am being paid the NCDs amount as given hereunder.The investment amount was Rs 100000/-,face value was Rs 1000 each NCD ,the issue date was 16/03/2018 and maturity date was 16/03/2023.I shall feel obliged,if you will please suggest me,how to calculate the LONG TERM CAPITAL LOSS for income tax purpose for the financial year 2023-24. DETAILS OF PAYMENT OF NCD NCD REPORT (Secured) NCD Holders DINESH KUMAR Admitted Claim (Rs) 1,15,266.70 SIFL Equity Final (No. of Shares) @ FV : Rs 10/- 0.00 Final OCD Allotment (Rs) 34,000.00 Tranche 1 Cash Payout - Interim Distribution (Rs) 8,481.00 Final SR Allocation (Rs) 7,000.00 Tranche 2 Cash Payout (Rs) 2,334.00 ISIN INE872A07UR3 ------------------Thanking you and waiting for your valuable support. Dinesh Kumar Back of Rani Mahal,Rani Bag colony , Dhampur(up) 12/07/2024

Respected Sir, I invested in ICICI PRUD MF Rs. 40000 on 30-11-2005, and purchased NFO units (NAV=10, No. Of Units= 3911.980) after a gap of nearly 18 Years, in the month of August 2023, I made redemption request for all units for all units, and received Rs. 416799 with TDS deducted Rs. 6925. While Filing current IT RETURN, you are requested to guide me under which income head i have to show this said amount, and whether i have to pay tax liability on whole amount , any exemption therein. Regards

If i sell my plot and use this money from plot selling to construct house at other site , is that amount taxable ? Is there time limit for construction of house once plot is sold ?

My son was doing intern ship in saplab while studying BCA. There EPS deducted and after that he was working for Newfold digitals there he didnt mention his earlier epf account (unknowingly). In Newfold they considered him as new employee and that time EPFO cancelled EPS and they have not deducted. Now It is becoming difficult to withdraw pf. What to do? Any suggestion from your end

I have a Total Gross Income of 7,69,882? After claiming standard deduction (50k) & professional tax (2.4k) .... Along with 80C (1.5 Lakhs), 80CCD(2B) 50k .... Taxable Income comes to 5,16,882. I am filing ITR for FY 23-24 so no option to invest or something. So what are my options to make it below 5 lakh. After some research I found somethings that are applicable to me but not sure whether i can claim them. Any suggestions would be helpful: 1.> 80D we can claim preventive health checkup upto 5000 that is done in cash. Also I have a health insurance of 1999 so that makes it 6999. But for 5000 can i claim without any receipt? For 1999 I got receipt. Or if not 7000 can i claim a total of 5000(1999 + 3000) though for 300p also i don't have receipt. 2.> Food coupon/ allowance can be claimed under 10(14) (i) upto 26,400. But my employer deducts the food contribution from salary shown in payslip. So can I claim this ? Total amount is 10000 3.>. Also we can claim Internet Allowance under 10(14) (ii) but my employer gives internet allowance named as Other Allowance in payslip. So can I claim that . Its total 6000. Also I donot have bills of broadband. Please suggest if I can claim any of the 3 mentioned or anything other than theses that i can claim

sir, I have taken leave encashment in last financial year, while filling the income tax return how can i claim for tax exemption.

Namaskar Interest certificate issued by bank shows interest paid and tax deducted against say 1 senior citizen savings scheme 2 normal savings SB account 3 Fìxed Deposit (term deposit) for say 5years with a maturity value at the end of 5 yrs. Against sl no. 1 and 2 money is credited in account and naturally tax is to be paid. For sl.no. 3 where no money has been credited although said amount paid and tax deducted am I to a) consider said amount paid and TDS in the ITR? b) Is the same maturity amount as mentioned in the certificate will be paid or again tax will be deducted on maturity ? c) If same amount is paid whether that amount will be taxable in that related FY? Regards

I have invested more than two crores in mutual fund.Will I have to submit audit report.

I am getting 5+ cr after selling the property. 50L + 50L will be deposited in bonds. I don't want to invest in residential property. I am considering paying approximately 85L capital gain tax and reinvesting the rest of the money. What are my options and what should be my realistic expectation for returns and recovery of capital gain tax? This money is surplus money, I have my finances managed by other deposits etc

I have taken home loan from SBI 61 Lakh for under construction apartment in Bengaluru. I would request your expert opinion on the preclosure of loan from sale of my old apartment. So can i close / reduce from the sale of property? Or any better suggestions...

I have to file ITR-2 for reporting LTCG from MFs. Am confused as i am filing ITR2 for the 1st time. Whats scrip-wise reporting? Whats the use of .csv file? Pl explain with example, if possible. Thanks n warm regards.

Need education loan for 4 lakhs please help me

Hello, My retired parents are planning to sell their house in an old property of almost 50 years. They haven’t filed their taxes in the last 10 years which I found about recently. How do they go about doing this and for how many years.? They have some minimal returns on some investments but no pension

Dear Sir I have received 4 flats from Developer in exchange of giving our house for redevelopment. Now I want to sell one of my flat which according to deal will 51 lakhs. The purchaser is only able to give me 6 lakhs in cash & rest 45 lakhs he will arrange in loan from bank. hence kindly advise me will the amount I receive be taxable. Also note as we have received my flats against redevelopment there is no valuation mentioned on Registration papers. Kindly advise will I have to pay tax on 45 lakhs

which are reliable to sources to invest in E-Gold marking per month.