T S Khurana

Answered on Jan 28, 2025

Question by Chappad - Jan 27, 2025Hindi

Land Acquired for Road Development: Tax Implications for 6000 sq ft Plot?

Ans: 01. As per details provided, you have a LTCG (Long Tern Capital Gain) of Rs.14,64,000.00 (6000*(300-56)), without Indexation..
02. It shall be covered in F/Y 2022-23 or 2023-24 depending upon the date you received compensation. You tax calculations shall be different & depend upon the f/y in which the transaction falls. Benefit of indexation will also depend up to the date of transaction.
03. Date of purchase is also required for exact calculation of LTCG.
04. Assuming, your purchase is during f/y 2005-06 (117) & Sale is during 2023-24 (348), your LTCG tentatively shall be about Rs.8.00 lakhs, after Indexation.
05. This LTCG is likely to be taxed @20% (Rs.1.60 lakhs).
06. Many other factors will effect your tax calculations, like Other Incomes, Tax Savings etc., during this f/y under reference.
07. You may adopt tax planning to save LTCGs, by investing in House Property or Capital Gain Bonds etc.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 23, 2025

Question by Damaraju - Dec 23, 2024Hindi

Should I choose old or new tax regime? - D Murali Krishna, income 12 lakhs with 2.26 lakhs capital gains

Ans: 01. In your case NEW tax regime seems to be more beneficial.
02. However, above opinion is based on the consideration that your Income (Rs.12.00 lakhs) does not include any Income from Salary & Interest from banks etc.
Moreover, Receipts from sale of shares (Rs.2,26 lakhs) cannot be considered, since its LTCG/STCG has not been identified.
In fact our opinion expressed here is just to give you some idea. No correct decisions can be taken in such a situation, where there is substantial lack of information.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 23, 2025

Asked by Anonymous - Jan 03, 2025Hindi

I am physically disabled. Kya mujhe new tax regime Mai pwd ka 75000 Jo 80 U k tehat Jo rule hai vo apply hoga agar haan to iska koi proof milega yaa mai khan se yai document collect kru

Ans: No. you won't be getting any benefit u/s 80-U, if you adopt the new tax regime.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 23, 2025

Asked by Anonymous - Jan 09, 2025Hindi

Crypto Trader: Can I Withdraw Over 1 Crore Directly Through P2P Binance?

Ans: 01. Income Tax on Crypto Currencies is 30%. It needs to be declared in your ITR & tax paid before filing your ITR.
02. TDS is deductible @ 1% of Sale proceeds, which are being transferred to your account.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 22, 2025

Question by Ratna - Dec 04, 2024Hindi

Should I Keep My Old PF Account Open?

Ans: 01. You may keep your PF Account & earn interest.
02. Interest earned on PF account is tax free, but you have to disclose the same in your ITR.
03. You may withdraw the amount & deposit the same in PPF account, with any bank or Post Office & keep earning interest. This account would be for 15 years & you can get it renewed under certian conditions.
Please note that in case of EPF Interest is not paid after 3 years, if there is no further contribution.
Most welcome for any further clarifications. Thanks

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Answered on Jan 22, 2025

Question by Yash - Jan 20, 2025Hindi

Confused about Taxable Income? Yash from Vapi Needs Advice

Ans: Sir, Your question is not clear.
When your company is earning Net Profit of Rs.10.00 Cr, how it could incur loss at the same time.
Kindly ask question with full details.
Most welcome for any further clarifications. Thanks

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Answered on Jan 22, 2025

Asked by Anonymous - Jan 21, 2025Hindi

How can I save tax if I earn less than Rs 10 lakh?

Ans: Normal Tax Savings, like :
(a). U/S 80-C (Rs.1,50,000.00 (NSC, Children Education, Tax Saver FDRs, MFs (Equity based), LIC).
(b). U/S 80-D, Medical Insurance maximum amount for Senior Citizens (Rs.50,000.00).
(c). U/S 80-CCD NPS (Rs.50,000.00).
(d). U/S 80-TTA Interest Income maximum for Senior Citizens (Rs.50,000.00), Otherwise Rs.10,000.00.
(e). U/S 80-E Education Loan Interest Paid, if applicable to you.
(f). U/S 24-B, You can enjoy deduction if you are paying EMI of Housing Loan (Maximum Limit Rs.2,00,000.00).
Hope this info will serve your purpose.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Question by Kanagaraj - Dec 24, 2024Hindi

Loan to Friend: Taxable Income in 2024?

Ans: You should get the amount back through banking channel only. You would have to pay any tax on it, since this is not your income, but just return of temporary loan without interest, to your friend.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Asked by Anonymous - Dec 24, 2024Hindi

51-Year-Old Earning 2 Lakhs Monthly from FD Interest: How Much Tax Do I Pay?

Ans: Your question is incomplete without details of :
(a). Tax Savings, if any.
(b). Other Income details including Interest earned from Saving Bank Accounts.
(c). Please also specify financial year under reference.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Asked by Anonymous - Dec 22, 2024Hindi

I have a portfolio of 10 lakh - Do I need to pay income tax?

Ans: Your portfolio may be of any amount, it is only when you sell the same it will be taxed. Keeping a portfolio does not attract any income tax.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Asked by Anonymous - Jan 10, 2025Hindi

Senior Citizen Cash Gift to Grandson: Does Sec 68 Apply?

Ans: Grandfather can gift any amount to his grandson, which shall not be taxable in the hands of grandson. As suggested Gifted amount should only be through banking channels.
IT Department can demand an explanation (u/s 68) from the grandson & he needs to explain this entry, to the satisfaction of assessing officer.
I feel, details provided in your quarry can be explained to AO without any difficulty.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Asked by Anonymous - Jan 15, 2025Hindi

Should I be worried that my Aadhaar number is linked to a different UAN?

Ans: Please visit some Aadhar Center to address your problem.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Question by Pravin - Jan 15, 2025Hindi

I'm a senior citizen with Rs. 2.70 lakh interest/dividend income and Rs. 1.10 lakh LTCG; Do I need to file ITR?

Ans: Yes. Since your income (Rs. 3.80 L) would be more than the minimum income chargeable to tax (Rs.3.00 L), you need to file your ITR.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Question by Vijay - Jan 15, 2025Hindi

How can I save tax on my income, FD & MF interest? (Salary: 22 L, FD: 60 L, MF: 25 L)

Ans: 01. Let me confirm your figures as, Salary Income Rs.22L, Interest from FDR Rs. 60L & MF Gains Rs. 25L.
02. Kindly avail normal tax savings like, u/s 80-C, Mediclaim u/s 80D, Pension Plan etc.
03. Besides above you would also be getting Standard Deduction from Salary (Rs,75,000.00), Rebate from Interest Income (Rs,10,000.00) & Exempt amount from LTCGs (Rs,1,25,000.00), if income from MFs is covered under Long Term Capital Gains.
03. You need tax planning in advance. You may shift some of your investments in Residential Property by taking some amount of loan also. Interest & repayment of loan would further add to your tax planning, besides it may give you benefit of appreciation in its value. If your income from MFs is by selling some units/shares, you may probably shift Selling of these funds by few months & shift LTCG to next financial year.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Asked by Anonymous - Jan 04, 2025Hindi

Should I be worried about taxes on my Rs. 10 lakh loan to my son?

Ans: No. You son won't be liable to pay any income tax on this transaction, since this is a loan not an income of your son. You are advised to complete this transaction through banking channels only.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 20, 2025

Question by Vishal - Dec 17, 2024Hindi

Equity Mutual Fund - Capital Gains on Full Withdrawal? (Jan 2020 - Feb 2023)

Ans: This transaction would be covered under LTCG. However, there is exemption of Rs.1,25,000.00 from LTCG & amount of your LTCG may be even less than this amount, hence no tax may be payable on this.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 17, 2025

Asked by Anonymous - Jan 02, 2025Hindi

I'm stuck! Indian Broker Refuses Withdrawal Due to Unpaid STCG Tax.

Ans: 01. Income of STCG is taxed in the year, in which it is earned. So accumulated Profit should not be for a longer duration. It has to be taxed in your hand, as & when, you file your ITR.
02. Tax rate of STCG is not more than 20% in any case. However, it could also be slab rate in many cases. Your question does not provide details to confirm the same.
03. Your stock broker is not supposed to give you instructions, instead should advice you. You are not obliged to act on his advice & you are free to take your own decisions. He cannot withhold your payment in normal circumstances.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 17, 2025

Question by Velji - Dec 12, 2024Hindi

Should I Pay Tax on Land Gifted to Me on My Wedding?

Ans: No. It is a gift from your uncle at the time of your marriage & not Income.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 17, 2025

Asked by Anonymous - Jan 17, 2025Hindi

New Dad Looking for College Savings Plans After Pay Raise

Ans: 01. PPF (Public Provident Fund) account could be a good option for such planning. Moreover, you could also explore the other options like, NSC, Mutual Funds through SIP (once you start getting enhanced salary) etc.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 10, 2025Hindi

State-hopping for Supplies: How Do GST and ITC Work for Me?

Ans: 01. All purchases, may be from different states, should have your GST number on it, so that your GST paid is reflected in GSTR-2B.
02. While filing your GST Returns, you can off set your GST liability with the ITC, as reflected in GSTR-2B.
03. Most welcome for any further clarifications. Thanks

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 11, 2025Hindi

Will I face Capital Gain Tax on selling my flat bought in 1999?

Ans: 01. Yes. This transaction would be subject to Capital Gain Tax.
02. Under present provisions of Income Tax Act, you may opt any of the options (in case of Long Term Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
03. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
04. Most welcome for any further clarifications. Thanks

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Answered on Jan 13, 2025

Question by Nilima - Jan 12, 2025Hindi

Can my mother's investment income from my funds be clubbed with my father's retired income?

Ans: No. Such income cannot be clubbed with the income of her husband, since the amount was not transferred by her husband to her account.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 13, 2025Hindi

Can I Reinvest in Equities After a Loss and Still Claim Tax Deductions?

Ans: Wash Sale Rule says that the Shares or Securities, which you first sold in crash market & then repurchased the same/similar securities, your transaction of sold shares will not be treated as a Sale for Income Tax purpose.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 12, 2025Hindi

Non-Earning Housewife's FD Interest - Taxable in Husband's Name?

Ans: Under normal circumstances, Interest Income form bank deposits is not clubbed with the income of her husband, unless the amount of deposit has been transferred by her husband to her without any consideration.
Separate ITR needs to be filed in her case & you can claim TDS in her account.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 12, 2025Hindi

Should I Make Early Non-Refundable Withdrawals from My PF+VPF? (Central Govt Employee, 60 Lakhs)

Ans: You are entitle to withdraw partial amount (%age depending on the purpose of with drawl) from your PF/VPF account for specific purposes like, Marriage of Children, Purchase/Construction of House, Medical Emergency in the family or Child Education etc., from time to time.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 13, 2025

Asked by Anonymous - Jan 12, 2025Hindi

Can I Sell My Kerala Plot to Build a House in Mysore?

Ans: You would be eligible for exemption u/s 54 in this case, provided you complete the construction on plot in Mysore, with in three years from the date of sale of plot in Kerala. If complete amount of LTCG is invested in construction the house at Mysore, no tax would be payable.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 10, 2025

Question by Prashant - Jan 10, 2025Hindi

Retired after 34 years - How to calculate average salary?

Ans: I am not sure for what purpose you want to calculate average salary of 60 months. I feel it is not required any where. However, if you still wants to calculate the same, you will have to add 60 month's salary & then divide it by 60 to get the exact figure (as worked out by you as Rs.15,000.00).
Most welcome for any further clarifications. Thanks.

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Answered on Jan 10, 2025

Asked by Anonymous - Jan 07, 2025Hindi

Do I have to declare Motilal Oswal Nasdaq 100 (MON100) ETF as a foreign asset in my ITR?

Ans: You have invested in Mutual Funds of an Indian company, who deals in foreign investments. You don't have any foreign bank account or investment in any foreign company, as such you need not bother. Your CA seems correct in this respect.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 10, 2025

Asked by Anonymous - Jan 09, 2025Hindi

Can I gift 40 lakhs to daughter to buy a house, what are tax implications?

Ans: You can make a Gift to your daughter of any amount, without attracting any Income Tax implications for both of you. Please ensure to route this transaction through banking channels only. Much better, if you prepare a gift deed also.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 08, 2025

Question by Sanjay - Jan 02, 2025Hindi

I have short term capital gains from shares of 4.92 lakhs and interest from savings account of 0.12 lakhs in my HUF account for FY 2023-2024. What will be my tax liability.

Ans: Based on the data mentioned above, your Tax liability shall be less in Old Tax Regime (about Rs.25,000.00 without Interest etc.) as compared to new tax regime. You should file your ITR accordingly.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 08, 2025

Question by Ajay - Dec 31, 2024Hindi

I got advance payment of 14L in march 2022 for the sale of land but registration of land happens in April 2022 . In e campaign 14L was marked as feedback required how should i file itr for it

Ans: 01. You should have filed your ITR for F/Y 2021-22, without declaring Rs.14.00 lakhs (received as advance), as Income for the year. Please ensure, that you don't claim TDS (if any deducted on this amount). Declare your total Income in F/Y 2022-23 ITR, working out Capital Gains clearly.
Most welcome for any further clarifications. Thanks.

Asked on - Jan 08, 2025 | Answered on Jan 10, 2025

Is their any chance notice will come for 21-22

Ans: You may get notice from the department & in reply you will have to clarify your position, clearly stating that this amount is not your income for the year but income of subsequent/next year. TDS should also be claimed in next year while declaring income under the head LTCGs.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 08, 2025

Asked by Anonymous - Jan 06, 2025Hindi

Should I Sell My Rental Property in Bangalore and Move to Mysore?

Ans: Your thinking needs re-consideration, due to following factors :
01. You have a monthly income of Rs.1,00,000.00. You should first pay your loan taken from the relatives, may be in installments, over a period of 1-2 years. Then, besides paying EMI on Bank Loan of Rs.10.00 lakhs, you should pay some extra amount to clear your loan as early as possible. You would be quite comfortable after payment of your loans.
02. You already have a rental income property, it won't be advisable to sell it & then find a rental income property in another city.
Most welcome for any further clarifications. Thanks.

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1

Answered on Jan 08, 2025

Question by Malay - Jan 07, 2025Hindi

Sold My Flat for Rs. 31 Lakh After Buying It for Rs. 15 Lakh in 2010 - LTCG Tax Implications?

Ans: 01. Yes, you would be subject to LTCGs while filing the ITR.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 08, 2025

Question by Rajesh - Jan 07, 2025Hindi

How to minimize taxes on my new flat purchase? (LTCG 5.5L, STCG 3.5L, Hanging Portfolio 1.65CR)

Ans: 01. Details provided in your quarry are not sufficient for a proper reply.
Kindly mention dates of Purchase of Flat, Details of LTCG (Sale & Purchase dates with amount). Please also mention, LTCG if from which item (House Property, Agricultural Land, Industrial/ Commercial Property or from Securities. Bifurcation of Your EMI also needs to be done in Interest & Principal Repayment etc.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 02, 2025

Question by Pravin - Nov 16, 2024Hindi

I'm a long-term Reliance Industries investor: How will LTCG be calculated if I sell 300 shares?

Ans: 01. Cost of 300 RIL Shares being sold now, shall be your Cost, at which you purchased first lot of 500 shares. This info should be available with you.
02. Cost of bonus shares, shall be treated as nil/zero to workout Capital Gains, when you sell those shares. You may adopt the principle of FIFO (First in First out), to trace the cost of shares.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 02, 2025

Question by Prominent - Nov 15, 2024Hindi

I have a Income tax demand of 60,150/- for a.y 21-22 along with certain interest they adjusted the demand amount with my current year refund amount 49000/- i.e assessment year 24-25. Moreover I have paid an interest amount 18,000/- with an additional challan regarding the demand of 21-22. Currently I had filed a rectification request for 21-22 and it got processed with no demand due and it is showing 49000/- which was previously adjusted will be refunded, but what about the 18,000/- which i paid additionally how to get back that amount.

Ans: Based on the limited information provided in the question, my comments are as under :
A. It seems ITD has rectified your assessment order, with NO DEMAND (after adjustment of Rs.18,000.00 paid by you) for the a/y 21-22.
B. Rs.49,000.00 which was adjusted from your Refund due for the a/y 24-25, shall be returned now.
Hope you understand the sequence.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 02, 2025

Asked by Anonymous - Nov 12, 2024Hindi

Selling My Flat for 1 Cr in 2024: Capital Gain Tax & CGAS Account?

Ans: 01. You are entitled for exemption u/s 54 for the LTCG, which you would be investing in new Flat. Kindly ensure to purchase the new flat within a period of 2 years (gap between the registration of both flats) from the sale of flat. this is a condition to avail exemption.
02. You won't need to open CGAS, if you purchase the new flat by 31st July-2025. If this is not possible, then you must have invested/paid against purchase of flat more than Rs.40.00 lakhs as part payment of flat. Otherwise, you will have to open CGAS account & keep the amount of capital gain only, in that account.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 01, 2025

Question by HEMANT - Dec 29, 2024Hindi

Cooperative Bank Not Supported by EPFO: What Should I Do?

Ans: Kindly keep in touch with your employer to sort out this issue. He should manage to deposit your PF with EPFO.
Most welcome for any further clarifications. Thanks.

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Answered on Jan 01, 2025

Question by Javed - Dec 29, 2024Hindi

Should I pay income tax on Rs. 6,50,000 short-term capital gain in India for FY 2024-25?

Ans: Yes. You will have to pay Income Tax on Short Term Capital Gains. In this case first 2.50 lakhs shall be covered under basic tax limit (under Old Regime) & on balance of Rs.4.00 lakhs, you will have to pay tax @ 20%.
In case of new tax regime basic exemption limit will be Rs.3.00 lakhs & on balance Rs.3.50 lakhs you will pay tax @ 20%. Cess shall be extra in both cases..
Most welcome for any further clarifications. Thanks.

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Answered on Dec 31, 2024

Question by Ramanand - Dec 23, 2024Hindi

Grandparent of NRI daughter: Paying US university fees & gifting money - How to avoid tax?

Ans: 01. it is advisable for you to gift the amount to your son or daughter-in-law (Father or Mother of the student). There would not be any income tax complications for you. Please adopt banking channels for this transaction.
02. They in turn should pay the fees of their daughter studying in USA.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 31, 2024

Question by Vishal - Dec 14, 2024Hindi

Should I Worry About LTCG on Partial Withdrawal from Axis Bluechip Fund?

Ans: 01. Kindly generate or get Capital Gain statement from the company in which you have invested the amount. It shall show the LTCG, based on the period of your investment. LTCG rate is 12.50%.
02. Since you are withdrawing only Rs.1.00. lakh only & LTCG is exempt up to Rs.1.25 lakhs, there shall be no Income Tax in this case (F/Y 2024.25).
Most welcome for any further clarifications. Thanks.

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Answered on Dec 31, 2024

Question by Gurdevinder - Dec 09, 2024Hindi

How can I Legally Transfer Money to My Granddaughters?

Ans: You may Gift any amount to your Grand Daughter through banking channels (Cheque, DD, Online transfer etc.). It shall not attract any Income Tax payment.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 28, 2024

Asked by Anonymous - Dec 27, 2024Hindi

Question from son-in-law; Transferring father-in-law's property to wife; Alternatives to will?

Ans: Besides Gift, he can transfer his property to his daughter, through transfer/sale deed. In many states like Punjab, property can be transferred within family, without payment of any Registration fee.
Income Tax is not involved in such transactions.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 29, 2024 | Answered on Dec 31, 2024

Property is located in Maharashtra. He wants to gift the property to her daughter. What is the gift deed process and the charges/taxes applicable?

Ans: 01. Gift Deed should bear complete details of the Donner (Name, Age, Aadhar & PAN no., Address etc.) & Donne. Both should sign the deed. It must be signed by at least two witnesses.
02. In Maharashtra Stamp Duty seems to be around 3% (in case of family members), of the value of property. Besides, you may have to pay 1% as Registration fee.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 25, 2024

Question by Venkatraman - Dec 04, 2024Hindi

Pune resident seeking help: Enhanced pension stuck due to fire at employer's office

Ans: You might be having some old Salary Slips, bank entries regarding Salary payments & old PF Statements to prove your point. You may approach to your employer to certify this information & approach PF authorities with these documents. May be they can help you in such a matter.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 23, 2024

Question by Jacob - Dec 23, 2024Hindi

I got a notice from INCOME TAX dept. that my annual information states that I had an income of 15,00,500 for the F.Y 2023 -24 and I need to file returns for it. My question is do I need to pay the tax after filing the returns or was the tax deducted when I withdrew my investment? My investment was in crypto.

Ans: You are liable to pay tax on your total income during the year minus TDS, if already deducted. You have to check from the ITD's site in Form 26AS, whether any TDS has been deducted or not.
You may also contact the person/company, who has credited the amount in your account, to confirm, if they have deducted TDS or not.
02. You have to first pay tax and then file your ITR.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 24, 2024 | Answered on Dec 25, 2024

Thank you for the reply Mr. Khurana How much will be the tax amount for my income of Rs. 1500500?

Ans: I can't work out your tax liability in absence of correct & complete data, about your taxable income from all sources & Your tax savings (if any). It will again vary, if you are Senior citizen.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 23, 2024

Asked by Anonymous - Dec 23, 2024Hindi

Inheritance Tax Liability for Senior Citizen Gifting 1.2 Crore

Ans: 01. When you are selling ancestral land for 3 crores, you are liable to pay LTCG (considering it as Long Term Capital Asset) on this amount. Your tax LTCG shall be Rs.3.00 crores minus its cost.
02. Any amount gifted to your sisters won't make you eligible for any sort of deduction or reduction in LTCG tax.
03. Go for tax planning by investing this Gain in any residential property and/or buy Capital Gain Bonds. Your tax advisor may be helpful in this case.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 21, 2024

Asked by Anonymous - Nov 22, 2024Hindi

How much tax will I pay on Rs. 9 lakh income and Rs. 1 lakh short-term capital gains in 2024-25?

Ans: 01. Considering your Income of Rs.9.00 lakhs as business income & Rs.1.00 lakh as STCG on securities, without any tax savings, your tax liability would be around Rs.62,400.00 in New tax regime. If we opt for the old tax regime, your tax liability would be much more than this.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 26, 2024 | Answered on Dec 28, 2024

Thank you sir - And sorry for my delay reply! Could you please help me understand Rs.62,400/- tax segregation on Business Income and on Securities?

Ans: Broadly, STCG Tax would be around Rs.20,000.00 (Rs.1.00 lakh@20%) & Business Income Tax Rs.40,000.00 (Rs.4.00 lakhs @5% + Rs.2.00 lakhs @ 10%). Besides this Cess would be around Rs.2,400.00.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 21, 2024

Question by SA - Nov 11, 2024Hindi

Should I Sell My Inherited Property? A 55-Year-Old Married Man with a Daughter Seeks Tax Advice

Ans: 01. In this case, you would be subjected to LTCG (Long Term Capital Gain) tax.
02. To work out LTCG, you should reduce its Cost from the Sale proceeds (Rs.165.00 lakhs).
of property, which was costed to your mother.
03. However, following details may help you to assess your tax liability.
Under present provisions of Income Tax Act, you may opt any of the options (Long Term
Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
04. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
05. To avoid tax, you may invest in purchase of some house property. Exemption available would be minimum of Cost of new house property or the LTCG, which ever is less.
06. You have the option to purchase Capital Gain Bonds of NHAI etc., for tax saving.
07. Most welcome for any further clarifications. Thanks.

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Answered on Dec 21, 2024

Asked by Anonymous - Dec 19, 2024Hindi

How can I withdraw my PF amount from a company I left in 2011?

Ans: Kindly keep in touch with your previous employer (present owner of the company), in this connection. There should not be any problem in getting your PF amount, except certain formalities/ forms to be submitted.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 21, 2024

Asked by Anonymous - Dec 21, 2024Hindi

Property Inherited in Mumbai - Capital Gains Tax Question?

Ans: 01. In absence of exact figures, it is not possible to calculate your Capital Gains Tax. However, following details may help you to assess your tax liability.
02. Under present provisions of Income Tax Act, you may opt any of the options (Long Term
Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
03. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
04. Most welcome for any further clarifications. Thanks.

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