Need Expert Advice?Our Gurus Can Help

Sir, Now my son is in UK for the last one year. He want to sell a property in Bangalore purchased 15 years back at Rs.30 lacks, and wants to sell it at 120 lacks and purchase a property in UK. In which way we can get exemption from capital gain tax. regards. p v rajan

Sir, We sold the Agriculture Land in a Village that was in my late Brother's name. We got around Rs.60 lakhs. The money is divided in four parts Rs.15 lakh. 1 portion gave to my Brother's wife, 1 portion to my Mother, another one to my Sister & last I kept Rs.15 lakh. Now my portion of Rs.15 lakh will attract any Long term Capital Gain Tax? How to save this amount by an investment? My Mother's 15 lakh is also with me since she is 82 year old. How I should invest this too? Please advise me. Thanks K Pramod Karnataka

If I dissolve or close my Pvt limited company How can I get the share capital and reserve of my Pvt limited company by paying minimum tax or no tax if possible ?

Where should NRE turned resident invest money so as to minimize / no tax burden?

I have a unique life story. When I was four months old, I was adopted by my relatives. As a result, all my official documents, including certificates, list my adoptive parents. Currently I am 45+. Both of my adoptive parents have passed away 15-20 years ago. I have nothing from my adoptive family. Later in life, when I was 15, I reconnected with my biological parents, but I didn't initially consider them as my parents. Unfortunately, my biological father passed away few years back. I have siblings from my biological parents, but I can't claim any inheritance from them due to a lack of proof of paternity. Other hand, I was the only one to assist my biological father financially, helping with my sister's marriage and property purchases. However, those properties are in my biological parents' names. Due to my complex situation, I've been unable to obtain essential documents from govt like a residential certificate and my child's caste certificate. I'm seeking advice on how to address this issue to ensure a smooth future for my child. My life was completely disrupted by the lack of care from both my adoptive and biological families at early stage. Over time, I've built a successful career by myself. Currently I have a teenage daughter. I have purchased properties like lands and flats. All of these properties are either in my wife's name or jointly owned by us. I'm requesting legal guidance on how to address this situation so that my child and me will not face any difficulties in the future.

My wife has only interest income and stag from shares but total income is less than ?200000. Should she pay income tax.

I had contructed one house property in 2017 by taking home loan. In 2024 I have sold another house property, Can I avail benefit of 54F exemption to repay loan amount

Please advise me on LTCG for the house property purchased by my father in 1975 for Rs.44,616/ area is 676 sq ft or 62.79 sq.mtr. I have cold the property this year August 2024 for the consideration of Rs.1.20 cr. How do I compute LTCG? How to calculate fair market value? I wish to avail indexation benefit and also reinvert in house property. Thanks Gautam H

Is 10% additional surcharge applicable if your taxable income is 40 Lakh (after deductions) but exceeds 50 lakh if you add LTCG to it?

I have a property at my village There are 06 legal Heirs ..They are not interested to go for a partition.How can I get advise on the same and steps to do so ..Suggest the online lawyers available in Odisha

What are the changes in income tax announced in the budget in 2024? I am 35, earning a salary of 15LPA. How can I save tax in old tax regime?

Sir, Mr.A assessess purchase of house in name of sister in law ( name:B). payment made by A .A and family live in house Question: Above transaction benami treatment in it act

Hi sir can nri assessee take benefit of indexation/non indexation whichever beneficial to him or is it available only to resident assessee

I am going to finally get possession of my flat after waiting patiently for 15 years, however I am now a British national. Please help with advice on how to get ownership of this property- does it make the process complicated?

Hello , Hope you are well. I am an NRI (Aus) since 2018. I have Bigha agricultural land back in my home town (Agra) . What is the best way to sell it & what are my tax implications. I file my ITR in india as well. thanks Ashish

Kindly advise on taxability of the returns on / growth of Equity Mutual Funds

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