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Answered on Apr 12, 2025

Question by Thasari - Mar 08, 2025Hindi

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My wife inherited a flat, now selling it: How can Palanichamy reduce the tax burden?

Ans: On the basis of limited information, we can only suggest following :
01. In this case LTCG will depend upon the Cost of Flat being sold. It is parental property built in 1975. You should get a valuation Certificate from an Architect, declaring its value as on 01.04.2001. This shall be taken as Cost as on 01.04.2001, for working out LTCG.
02. Tax liability can be worked out with Indexation (20%) or without Indexation (12.50%). You may choose the option, where tax liability is minimum.
03. You can plan your LTCG Tax, by Investing the amount in Capital Gain Bonds or purchase a new residential property, within specified time limits.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 10, 2025

Asked by Anonymous - Apr 07, 2025Hindi

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Can I use capital gains to pay off another home loan and avoid capital gains tax?

Ans: Kindly confirm, when the house was purchased, at what Cost & how much share you have it it ?
Most welcome for any further clarifications. Thanks.

Asked on - Apr 10, 2025 | Answered on Apr 11, 2025

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Both the houses are in my and my wife name .Capital gain I have calculated as 50 lakh

Ans: You are entitled for exemption only, if you purchase a New House within one year before or two years after, selling the property. In case of Construction, time limit is one year before or three years after selling the property.
Hope this makes your point clear.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 09, 2025

Question by Imran - Mar 29, 2025Hindi

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New CTC 17LPA - Which Tax Regime?

Ans: Calculate tax liability in both Regimes & select the one, which is more beneficial to you. However, broadly speaking, New Tax Regime may be more suitable in your case.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 09, 2025

Asked by Anonymous - Apr 07, 2025Hindi

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Help! I Transferred Money to My HUF Account. Can I Take it Back?

Ans: There is no problem, if you have transferred some amount to your HUF account. Any income generated by HUF shall be taxable in the hands of HUF only.
However, you have the option to take back the amount, if you feel. In this case it shall be treated as loan given & taken back from HUF.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 09, 2025

Question by SUBHASISH - Apr 03, 2025Hindi

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How to Show Wife's Income of 6Lakh from Mother and 1.9Lakh from Tuition and Calculate Tax Liability?

Ans: 01. In reference to F/Y 2024-25 :
Funds (Rs.6.00 (L) received from her mother is not an Income but Gift, so not taxable. Similarly amount received from her husband Rs.1.65 (L) is again not a Income, hence not taxable.
Her only taxable income is Rs.1.90 (L) for which you would be filing her ITR. There should not be any tax liability in this case.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 09, 2025

Asked by Anonymous - Apr 08, 2025Hindi

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Should I Be Worried That My Company Didn't Deposit My TDS?

Ans: This seems too early to file ITR for A/Y 2025-26 (F/Y 2024-25), with correct data relating to TDS & Income etc. How ever, if you have filed ITR, wait for some time & Revise the same in the month of June,2025 with correct data as uploaded by the department.
Most welcome for any further clarifications. Thanks.

Asked on - Apr 09, 2025 | Answered on Apr 10, 2025

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Sorry. My apologies. The ITR of my son KARTIK PANDEY was filed for the AY 2014-25 on 31 July 2024 and intimation order u/s 143(1) is dtd 16 October 2024. Rs. 6000/- as per the notice was duly deposited. Pardon me, once again, as I am 69+ in age.

Ans: No need to offer apology. Mistakes are part of our life.
I understand the ITR was filed for A/y 2024-25 on 31.07.2024. You cannot file a Revised ITR now. Under the present situation, just ignore the excess payment & be careful in future. Allow some time for data updation on Income Tax site, before filing ITR.
Wish you good health & all the best. Thanks.

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Answered on Apr 08, 2025

Question by Padmanaban - Mar 17, 2025Hindi

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Why Am I Denied Full Sec 87A Benefits as a Super Senior Citizen?

Ans: You are getting exemption up to Rs.5.00 (L) under old tax regime. Under old tax regime 87A exemption is available when your income is up to Rs.5.00 (L) only.
You may file your ITR under New Tax Regime (F/Y 2025-26) & you won't have to pay any tax up to Rs.12.00 (L) income.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 08, 2025

Question by Khushi - Mar 11, 2025Hindi

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How much capital gain tax will I pay on the sale of my three floors?

Ans: Kindly confirm, when was 3rd floor constructed ? What is the source of amount invested ?
Most welcome for any further clarifications. Thanks.

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Answered on Apr 05, 2025

Question by Jacob - Dec 23, 2024Hindi

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How Much Income Tax Will I Pay on My ₹15 Lakh Salary?

Ans: Accurate picture can't be drawn from the info you are providing. What is the source of Income, under each head of income so that deductions and exemptions are considered. Tax savings if any, will also effect the calculations. Age of the assessee will also matter, while making calculations.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 04, 2025

Question by Abhishek - Mar 26, 2025Hindi

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Married Couple Selling Jointly Owned Flat: How to Split Sale Proceeds and Capital Gains Tax?

Ans: I understand that your are going to sell the Flat in F/y 2025-26.
02. Since the Flat was jointly owned by both of you, its Sale Proceeds are likely to be received by both of you. TDS, if any, shall also be deducted against PAN number of both of you.
03. You should file separate ITRs, declaring LTCG, Claiming TDS & pay tax accordingly.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 04, 2025

Asked by Anonymous - Mar 25, 2025Hindi

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Indian Wife Receives 30 Lakhs from Brother: Tax Implications?

Ans: 01. Please clarify, whether the sold property was in favour of your wife ?
02. If not, then it is not your wife's income. Her brother is liable to pay tax on the sold property. This amount shall not be taxable for your wife.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 04, 2025

Question by ABHISHEK - Mar 26, 2025Hindi

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Should I switch to the new tax regime with zero tax for income up to 12 lakhs?

Ans: Limit of Rs.12.00 (L) is effective from 01.04.2025 only (F/Y 2025-26), under New Tax Regime. Please calculate your tax liability under both Regimes & adopt the one, which is most suitable in your case.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 04, 2025

Asked by Anonymous - Mar 27, 2025Hindi

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Can I Claim Refund for FD Interest Tax?

Ans: If your total income is Rs.7.00 (L) for the year, you should file your ITR & Claim Refund of your TDS. You are sure to get refund, subject to your any other incomes or tax savings etc.
Most welcome for any further clarifications. Thanks.

Asked on - Apr 04, 2025 | Answered on Apr 05, 2025

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thanks

Ans: So nice of you. Thanks.

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Answered on Apr 04, 2025

Question by Seshu - Mar 28, 2025Hindi

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Retiring Soon? I Have Rs 20 Lakhs in PF. How Can I Get a Good Monthly Pension?

Ans: It may be suitable to invest this small amount (Rs.20.00 (L) either in Mutual Funds or in Post Office Monthly Income Scheme (Nil Risk investment). MFs may offer you better Returns, but it will involve some risk also. LIC also offers some investment opportunities for senior citizens, which you may consider.
Most welcome for any further clarifications. Thanks.

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Answered on Apr 04, 2025

Asked by Anonymous - Apr 01, 2025Hindi

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Self-Employed Tax Deductions: Freelancer's Guide to Reducing Tax Liability

Ans: I suppose your question relates to F/Y 2025-26, since latest budget is with reference to this period only.
If your total Income, including income from Freelance business is up to Rs.12.00 (L), you will not have to pay any tax, under New Tax Regime. Your tax as worked out shall be covered under Tax Rebate. I feel this info shall serve your purpose.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 24, 2025

Asked by Anonymous - Dec 23, 2024Hindi

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As an employee of a company under liquidation, where can I seek recourse for unpaid salaries?

Ans: You are best advised to approach an Advocate & seek his guidance to secure your money. Alternatively, you may seek advice from a Company Secretary in this case.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 24, 2025

Question by ANAND - Dec 11, 2024Hindi

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Central Govt. Employee Seeks PF Withdrawal Advice: What's the Process?

Ans: Kindly visit PF website to withdraw the amount. It may require certain formalities to be completed for this purpose.
You may also visit your old employer and/or PF office, who would be happy to guide you in this regards.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 24, 2025

Question by Minal - Dec 14, 2024Hindi

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How Does Joint FD Taxation Work for Married Couples?

Ans: 01. Mr.A would be liable for tax payment on Rs.8.50 (L) interest earned on FDR of Rs.50.00 (L) during the period 2022-23, 2023-24 & 2024-25. The Interest shall be declared & tax paid for each year under reference.
02. When Mr.A deposits the amount in FDR in favour of his wife, Interest earned on it shall be clubbed with the Income of her husband u/s 64 if I.T.Act.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 24, 2025

Question by Prasad - Feb 27, 2025Hindi

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Property Sale: Tax Implications - 70 Lakh Gain, 20-Year Holding?

Ans: You have probably missed mentioning area of the Flat sold & date of Sale of Flat. I can't make any comments, in absence of this information.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 22, 2025

Question by Abhijit - Mar 20, 2025Hindi

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How Can I Invest My Lump Sum Money In A Tax-Efficient Way?

Ans: It may be more appropriate, if you have two MF Accounts, one in your name & the other in your mother's name. You can handle both accounts your self, may be online.
It is likely to economize you tax payments.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 22, 2025 | Answered on Mar 24, 2025

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Thank you..

Ans: Most Welcome. Thanks.

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Answered on Mar 22, 2025

Question by ABHISHEK - Mar 21, 2025Hindi

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Should I withdraw from PPF to invest in Bajaj Finance for 5-7 years?

Ans: While shifting your investments, please be aware that you are going to add Risk Factor to your Portfolio. Enhanced Returns may kindly be weighed against RISK FACTOR you are going to add.
Whether to invest for Long Term or Short Term, depends on your future requirements. Kindly review your financial commitments with the liquidity required, so that you may meet your all commitments in time.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 22, 2025

Question by Abi - Mar 22, 2025Hindi

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Tax Advice: Do I Still Need to Pay Income Tax After Investing in ELSS?

Ans: 01. You are entitled to deduction u/s 80C of Rs.0.30 (L), invested in ELSS, on normal income, where special rate of tax is not applicable.
02. Please note that LTCG & STCG are taxable under Special Rate of Tax.
These details may help you to calculate your tax liability more accurately.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 20, 2025

Question by Leela - Dec 04, 2024Hindi

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I invested 50 lakhs with a 48% monthly return. How do I save the interest from income tax?

Ans: This transaction seems incorrect. Kindly review your question & post again.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 20, 2025

Question by Dinesh - Nov 29, 2024Hindi

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Family Property Transfer: Can I Get a Home Loan for My Granddaughter?

Ans: You (Grand Daughter) simply approach her bankers for a loan to purchase a property & get the loan. Make payment while Sale Deed is executed, as suggested in your question.
However, in such a case, Grand Father will have to file his ITR & declare LTCG, which shall be calculated on the amount received from Grand Daughter.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 20, 2025

Question by Ganga - Mar 13, 2025Hindi

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Friend Loaned 15 Lakh in Parts, Received as Lump Sum: Tax Implications?

Ans: This seems to be a case of Interest free Loan received back. This is not your income & as such no tax implications.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 20, 2025

Question by Raj - Mar 13, 2025Hindi

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Tax Implications of Selling Debt Mutual Fund for Plot Purchase?

Ans: You may avail exemption u/s 54-F & invest in residential house property, subject to the following conditions :
01. You will have to invest total amount of Rs.75.00 (L).
02. You will have to construct the plot with in a period of 3 years from the date of Sale of MFs.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 20, 2025 | Answered on Mar 22, 2025

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Hi sir Father purchased 2 flat total of Rs 2 lac in june 1985 Now both flat will sell on April 2025 @ 24 -24 each total of Rs 48 lac How capital gain be calculated What will be his tax liability

Ans: 01. Under present provisions of Income Tax Act, you may opt any of the options (in case of Long Term Capital Gains), as under :
02. (01). Tax Rate 12.50% without indexation or
03. (02). Tax Rate of 20% with Indexation (Indexation from 01.04.2001).
04. You may take a Certificate from an Architect of the value of Flats, as on 01.04.2001 & adopt this as Cost of Flats for calculation of LTCGs.
05. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 23, 2025 | Answered on Apr 04, 2025

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Sir if I get Certificate of Rs 5 lac each flat.. Then what will be the tax? Pls calculate Waiting for reply

Ans: In such a case, your tax liability shall be reduced considerably. Taking Rs.5.00 (L) as Cost on 01.04.2001, your tax payable shall be less with Indexation. It is difficult to provide you exact calculation of tax, since many other factors are involved, like Income from Other Sources, Tax Savings & Other Deductions etc.
I suggest you to proceed with valuation of flat at Rs.5.00 (L).
Most welcome for any further clarifications. Thanks.

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Answered on Mar 20, 2025

Asked by Anonymous - Mar 20, 2025Hindi

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Can my father's cash deposit through CDM affect my tax-free income status?

Ans: 01. What I could understand from your question is that, you are earning some amount from STCGs by trading in Stock Market. Kindly note that STCG is taxable & is not Tax Free. STCG can be adjusted against your basic exemption limit of Rs.3.00 (L), provided you have no other income from any source.
02. Amount being transferred by your father in your bank account is on which account ? Is it his regular business Sale amount, received on-line in your account ? If this is the case, then this amount should be shown in your father's ITR as business Receipts, received in his son's bank account. In such a case, it shall not be treated your income.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 20, 2025 | Answered on Mar 22, 2025

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If I create a current account of mine and diposit cash and online transaction in that account after that I transfer it to my father account it could be any problem?

Ans: Why do you want to open an Current Account in your name, collect payment of your father's business in it & then transfer the same to your father's account ?
Better still is to open an account of your father's firm (if not already available), collect the sale proceeds in it & the matter finishes. No need to transfer any amount to anybody.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 22, 2025 | Answered on Mar 22, 2025

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My father doesn't have any knowledge of bank account i manage the money and investment so my father is not in income tax slab if I open current account in my father's name after that I transfer the money in my saving account so it will exampt this is the purpose please suggest me

Ans: Your questions need some more clarity, for proper response.
Who is running the business ? Is it your father or you ? If it is your father then my reply of today stands final.
If you are running the business, please confirm this & we shall make our suggestion accordingly.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 22, 2025 | Answered on Mar 22, 2025

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My father run the business and income give me as a gift

Ans: Then ITR shall be filed by your father only. Bank accounts related to business should in in your father's name only. You may handle his banking activities online or even offline, is not a problem.
He may however, transfer any amount to your account, which will not be taxable. Hope this clears all your doubts.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 19, 2025

Asked by Anonymous - Mar 18, 2025Hindi

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Inherited Land Sale: Calculating Indexation Cost & Capital Gains Tax in 2023?

Ans: 01. Please see when your grandfather purchased the land & at what Cost ?
02. If land was purchased after 01.04.2001, then consider the actual cost. Its indexation can be adopted as per I.T.Act.
03. If land was purchased before 01.04.2001, then you may take a Certificate form the Architect, regarding its cost. In this case Indexation may be considered from 01.04.2001.
04. You may plan your Taxes by Investing the amount of LTCG in purchase or Construction of a Residential house, with in specified time limit. You also have the option to invest in Capital Gain Bonds & save tax.
05. Making a deposit in Capital Gain Account Scheme is a temporary action. There after you will have to plan your investments, as suggested in para no.04 above.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 19, 2025 | Answered on Mar 20, 2025

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This has cleared most of my doubts. Immense thanks to you, Khurana sir, for your detailed advice.

Ans: So nice of you. Thanks.

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Answered on Mar 19, 2025

Question by NARENDER - Mar 18, 2025Hindi

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Can I merge my old EPF certificate with my current UAN?

Ans: Since you have withdrawn all the amount form your account in 2008, a Certificate regarding your Pension Contribution (issued before 2008) is of no use now.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 18, 2025

Asked by Anonymous - Mar 18, 2025Hindi

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Should I Continue Investing in PPF at 70+ with 15% Assets?

Ans: There in no harm in continuing with your PPF accounts, if you don't require liquid funds. PPF offers best Interest Rates.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 13, 2025

Asked by Anonymous - Mar 12, 2025Hindi

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Seeking fulfillment: Can I help fellow senior citizens in Chennai?

Ans: You are most welcome for the social service, even at reasonable rates. However, any receipts from such activity is taxable in normal way.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 13, 2025 | Answered on Mar 24, 2025

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My income is less only. Already i am below tax paying category. Further the new income tax slabs upto. 10 lacs relaxation. will not fall on it. Any enquiry let me know. Thanks Gurus

Ans: If your Income (F/Y 2025-26) remains less than Rs.4.00 (L), you may not file your ITR. However, if your Income Crosses this limit, you will have to file your ITR, may be without payment of Tax.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 13, 2025

Asked by Anonymous - Mar 13, 2025Hindi

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Can I Set Short-Term Loss from Listed Shares Against Long-Term Gain from Unlisted Shares?

Ans: Short Term Capital Loss can be set off against Capital Gains, may be short term or long term. However, it is must to file ITR of Loss within time limit, to avail this benefit.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 13, 2025

Question by nageswararao - Mar 13, 2025Hindi

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Inherited Property Dispute: Taxes and Rights

Ans: 01. Your brother sold a disputed Property & executed a Sale Deed in 2005 (assumed after March), against receipt of Rs.35.00 (L). This amount was taxable in the assessment year 2006-07, after working out Capital Gain (may be Long/Short term).
02. All those members, who received share from the amount of Rs.35.00 (L), should have filed their ITRs in A/Y 2006-07, declaring their Capital Gain, after paying due tax.
03. There is nothing to be done at present in the current financial/assessment year.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 12, 2025

Asked by Anonymous - Feb 17, 2025Hindi

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New Flat for Land: What Tax Implications for Landowner?

Ans: Landowner is liable to pay Income Tax for the portion he is surrendering to the builder. Sale Consideration will be considered as value of developed area on stamp duty rate, you have retained after its Redevelopment.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 12, 2025

Question by Raj - Feb 18, 2025Hindi

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Mumbai redevelopment: Tax implications on surrendering 400 sq ft?

Ans: Yes. You are liable to pay Income Tax for the portion you are surrendering to the builder. Sale Consideration will be considered as value of developed area on stamp duty rate, you have retained after its Redevelopment.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 12, 2025

Asked by Anonymous - Feb 27, 2025Hindi

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Canadian Resident Seeking Rs 40 Lakhs from India for Property Down Payment: Tax Implications?

Ans: 01. When your father sells a plot in India, he would be subject to Capital Gain Tax (may be Long Term or Short Term), under the I.T.Act.
02. TCS will be collected/deducted, when your father transfer you money.
03. TCS deducted can be claimed back by filing his ITR. Amount of TCS shall be refunded after adjustment of due taxes in his ITR.
04. Please note that both these transactions should be done in the same financial year.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 05, 2025

Asked by Anonymous - Feb 23, 2025Hindi

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Taxpayer with Sec 44ADA income seeks advice on scrutiny selection for FY 24-25

Ans: To add Clarity to your Question, It is assumed as under (Figs. Rs.in Lakhs) :
(a). F/Y 23-24 Gross Income Rs.20.00 Profit Declared Rs.10.00 (50.00%);
(b). F/Y 24-25 Gross Income Rs.16.00 Profit Declared Rs.10.00 (62.50%).
If you are asking me, if there could be a Scrutiny of the case by IT Department ?
Yes. Your case may be selected for scrutiny, in routine. There is no special reason that your case may be selected for scrutiny.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 05, 2025

Asked by Anonymous - Feb 03, 2025Hindi

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Should I extend my NRI account as an RNOR in India, even though I don't plan to travel abroad again?

Ans: We can't express our opinion on the basis of incomplete info provided.
Please confirm, which NRI Account you have opened with Indian Bank ?
Is it NRE Account, NRO Account, FCNR Account or RFC Account. Conditions/ Restrictions are different in all these accounts.
However, best is to consult your bank to find out solution to your problem.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 04, 2025

Question by BHARAT - Feb 09, 2025Hindi

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Can I Claim Deductions Against STCG and LTCG With ELSS Investment?

Ans: 01. Kindly note that Tax Rebate u/s 87A is not available if your taxable income exceeds Rs.5,00,000.00, in old tax regime also. I feel in this case taxable income would be more under different heads like Pension & Interest Income etc.
02. Deduction u/s 80-C would be available, if you invest in ELSS. This will effect your other income Like Salary/Pension, STCG & Income from Interest etc.
Most welcome for any further clarification. Thanks.

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Answered on Mar 04, 2025

Question by Ramesh - Feb 13, 2025Hindi

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How to Minimize Tax After Selling a Flat in India?

Ans: 01. Based on available information, you may opt for LTCG with Indexation.
02. CG Tax Saving Bonds may be purchased for Rs.30.00 lakh. It may reduce your tax payment significantly.
03. Please ensure to : (a) Purchase of Bonds with in 6 months from the date of sale of property & (b) Filling of your ITRs in time.
Most welcome for any further clarification. Thanks.

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 26, 2025Hindi

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New Land Buyer: How Much Money Do I Have in My IT File?

Ans: No such information would be available in your IT Return or IT File. Your Funds in Bank Accounts would confirm how much money you have & you may Plan your Land Purchase accordingly.
Most welcome for any further clarification. Thanks.

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 26, 2025Hindi

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Retired couple seeks advice on tax-saving investments after selling property

Ans: 01. Based on available information, you may opt for LTCG with Indexation.
02. CG Tax Saving Bonds may be purchased for Rs.35.00 lakh each. It may reduce your tax payment significantly.
03. Please ensure to : (a) Purchase of Bonds with in 6 months from the date of sale of property & (b) Filling of your ITRs in time.
Most welcome for any further clarification. Thanks.

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Answered on Mar 04, 2025

Question by Raj - Mar 04, 2025Hindi

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Can I show 2 lakhs purchase value of 3 floors in income tax?

Ans: 01. As per details provided in the question, your Cost for all the three Flats is Rs.2,00,000.00 only. This is due to lack of documentary evidence about Cost of Construction (Bills & Source of Finance etc.).
02. LTCG tax may be comparativly less, if you opt for LTCG calculation without Indexation.
03. I would suggest you to get a Certificate of an Architect, who would certify the cost of your property as on 01.04.2001. You may treat this as your Cost for 3 flats and work out your tax details.
Most welcome for any further clarification. Thanks.

Asked on - Mar 05, 2025 | Answered on Mar 05, 2025

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Sir if I follow new rule that my 2 lac property sold @ 30 lac....mean flat 28 lac profit from sale of 3 individual flat, And also I have ka capital gain account amount Rs 20 lac.... Can a buy a residential house for Rs 48 lac And above And club my 28 lac profit + 20 lac capital gain account in that property... As my father has No other property

Ans: As stated above, if your LTCG is Rs.28.00 lakhs & you Invest Rs.48.00 lakhs in Purchase of Residential house, with in 2 years from the date of Sale of property, there would be no LTCG.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 05, 2025 | Answered on Mar 06, 2025

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Sir I am asking that father already opened capital gain account for rs 20 lac last year.... Now he has 3 flat left to sell, if he sell all three flat to 3 different person, means 3 registry will made.. In this 3 flat we will get approxy 10 lac capital gain in each flat.. Means 30 lac.. So can I buy 1 residential flat for 30lac( sold 3 flat) + 20 lac (will break capital gain account) total 50 lac.... Kya mai sare gain ko 1 flat purcahse mai laga sakta hun to save all tax

Ans: 01. The basic question is from which source amount of Rs.20.00 lakh has come, which was deposited in Capital Gain Account ?
02. Yes. You can sell multiple flats & purchase one residential house property. You would be eligible for exemption u/s 54.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 06, 2025 | Answered on Mar 07, 2025

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Ans of 01) Property sold in march 24...and opened capital gain account for Rs 20 lac which was my capital gain after indexation... And file ITR showing capital gain account opend Now in April 2025 I will sold 3 other flat to 3 diff person, each flat generate 10 lac capital gain... Means total 30 lac.... I will buy a flat worth Rs 50 lac And use 30 lac as April 25 capital gain, And Break capital gain account for Rs 20 lac So total 50 lac Can I do so? Is it justify?

Ans: Seems O.K. LTCG on sale of 3 flats shall get exemption u/s 54, when you purchase a new flat for Rs.50.00 (L).
Most welcome for any further clarifications. Thanks.

Asked on - Mar 09, 2025 | Answered on Mar 12, 2025

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Sell of 3 flat in next FY will generate 30 lac capital gain + 20 lac already in capital gain account So can I use all 50 lac to purchase 50 lac residential house?

Ans: Yes. You can purchase a Flat Costing Rs.50.00 (L) & avail exemption u/s 54, PROVIDED your purchase of new flat of Rs.50.00 (L) is within 2 years from the date of Sale of all sold flats.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 12, 2025 | Answered on Mar 13, 2025

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My father had 6 flats... He sold 1 flat in March 2024 whose indexation capital gain was 25 lakhs... We opened a capital gain account for that, then he bought 1 plot for 70 lakhs in July, sold the 2nd flat on July 24... took bonds for its capital gain, sold the 3rd property in February 2025 whose indexation capital gain will be 14 lakhs... Now the balance 3 flats will be sold in April 25 whose capital gain will be around 40 lakhs... How can I save tax... Can purchasing a plot reduce my tax in any way and what else can I do so that the tax on all the properties become zero.. Also want to withdrwal money from capital gain account(25 lac) Pls reply

Ans: 01. Your case is too complicated and details being provided are piece mail, which create confusion.
02. List out details of all sold properties with date, Amounts, Cost & Capital Gain, worked out by you. It should also include, what action you have taken for Tax Savings or to avail exemption u/s 54.
03. Based on the above table & Complete Information, we may be in a position to help you out.
04. Kindly ensure, that you don't miss any information, while forwarding the data.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 13, 2025 | Answered on Mar 17, 2025

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Sir mere father ke pass total 6 residential flats the... Now he is stating selling all flats 1 flat sell karke jo capital gain bana tha uska maine 54ec bonds le liye.... Baat khatam 2nd flat unhone March 24 mai sell kiya tha jiska maine capital gain account open karke usme 25 lac( after indexation) dal diye... 3rd flat just Feb 25 mai sell kiya hai.. Us par capital gain amount jo aa raha hai vo 14 lac aa raha hai(after indexation) Rest 3 flats ki Registry april 25 mai hogi.. Jo unhone 1985 mai 2 lac ka liya tha.... In sabke beech unhone ek plot buy kiya tha july 24 mai @ 1.5 cr ka So mai aisa kya karun jo unka Tax nil ho jaye as well as capital gain mai jo 25 lac hain vo bhi free ho jayen

Ans: 01. I suppose the plot purchased in July-2024 for Rs.1.5 (Cr). This amount should have been paid officially, through banking channels & is confirmed on Registered Deed executed during purchase of plot.
02. Now this Plot needs to be constructed with in a period of three years, from the date of Sale of all Flats. Date of purchase should be considered from the date of Flat sold first of all.
03. Don,t forget to take completion certificate from the authorities, with in specified time limit.
04. This shall make you eligible to claim exemption i/s 54.
Most welcome for any further clarifications. Thanks.

Asked on - Mar 15, 2025 | Answered on Mar 17, 2025

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Father bought ist and 2nd floor @ 2 lac only in 1986, he made construction of 3rd floor... We don't have bills etc of construction Now in April 2025 all 3 flat will sell @ 24 lac each total amount 72 lac How I can Show this excecution in Income Tax... Also what will be my Tax liability

Ans: Your question has already been replied as above. Please don't repeat the same.
Wish you all the best. Thanks.

Asked on - Mar 17, 2025 | Answered on Mar 18, 2025

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No sir I don't want to construct that plot... Now What should I do now?

Ans: 01. If you don't construct the plot within specified time, you would not be eligible for exemption u/s 54.
02. Alternately, you may purchase Capital Gain Bonds & get exemption u/s 54EC. However, there is a upper limit of Rs.50.00 (L), for which you can claim exemption.
Most welcome for any further clarifications. Thanks.

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Answered on Mar 03, 2025

Question by SANNAT - Feb 28, 2025Hindi

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Capital Gains Tax Deadline: Can I Still Invest in CGAS After April 29th?

Ans: 01. You can deposit Capital gain amount in Capital Gain Account Scheme with any Public Sector Bank, on or before the last date of filling of your ITR. In your case it shall be JULY-2025.
02. You may book a property (Constructed Residential House) worth Rs.40.00 lakhs, BUT it should be transferred in your name with in a period of 2 years from the date of sale of Property.
03. In absence of information about the Sale Value of property, please note that your exemption shall be limited to Rs.40.00 lakhs (amount Invested).
Most welcome for any further clarifications. Thanks.

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Answered on Feb 26, 2025

Question by Verky - Oct 23, 2024Hindi

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Should I Rectify Advance Tax Calculation for FY 2021-22?

Ans: Advance Tax payments are made in four installments. In your case it was payable in July-2021 (15%), September-2021 (30%), December-2021 (30%) & March-2022 (25%).
Since you have not paid any installments, so interest would be calculated from the above mentioned dates.
You may check interest due on above basis for your satisfaction. Hope calculations of ITD are correct, you may pay the demand.
Most welcome for any further clarifications. Thanks

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 25, 2024Hindi

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52-Year-Old Bank Manager Planning VRS: How to Manage Finances Comfortably?

Ans: 01. Your total monthly expenses on monthly basis are about Rs.1,35,000.00 (40,000+30,000+15,000+50,000).
02. Your total monthly Income post Retirement is about Rs.68,000.00 (60,000+8,000).
03. Additionally, you Interest Income from your Investments & Savings post Retirement would be around Rs.1,40,000 p.m.; (7% on Rs.240.00 lakhs (120+15+25+80).
04. Post Retirement, your expected Income exceeds expected Expenses, so nothing to bother. Please feel comfortable & enjoy your life.
Most welcome for any further clarifications. Thanks

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 29, 2024Hindi

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High Take Home, Low Investment: How Can I Save More?

Ans: 01. You have planned your income & tax savings nicely. Other options available are Medi-Claim Policy u/s 80-D (if not getting Medical benefits from your employer), Donations u/s 80-G & Interest payment on Housing Loan, if any.
02. Please calculate your tax in New Regime also & go for the option, where your tax liability is less.
03. I feel new Tax Regime, may offer less tax payment.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 26, 2025

Question by Ashish - Dec 23, 2024Hindi

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Freelancer in India with foreign income: Confused about tax refiling

Ans: 01. IT Department has every right to request you to Refile your ITR, when ever they have a doubt that some income has escaped assessment (may be Indian/ foreign income).
02. Please check your ITR to ensure that no income has been missed while filling your ITR, including Income from foreign but received in India after its conversion.
03. When you are taking care of all legal & tax provisions (GST, TDS, I.Tax & receiving money after conversion in a legal way etc.), there is nothing to bother & Re-file your ITR.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 20, 2024Hindi

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Flats in Chennai: Capital Gains Tax?

Ans: A Flat purchased for Rs.4.55 lakhs in F/Y 2004-05 & sold for Rs.50.00 lakhs during F/Y 2024-25, shall result in a LTCG of Rs.45.45 lakhs without Indexation (LTCG Tax @ 12.50% Rs.5.68 lakhs) or Rs.35.38 lakhs with Indexation (LTCG Tax @ 20% Rs.7.08 lakhs).
You may plan tax savings through investment in Residential House or in Capital Gain Bonds. Please note that this tax is only LTCGs tax & overall/Total tax payable may depend on your other income & tax savings etc.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 26, 2025

Question by Bhaskar - Feb 26, 2025Hindi

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How to Calculate Tax on Power Grid Corporation of India Investment Trust Income?

Ans: Income tax shall be calculated in a normal way, for any income earned from PGCI (Power Grid Corporation of India).
The only question is under which head it is to be shown ? This will depend upon the actual transactions. If it is Interest earned on any sort of loan or bonds or other credit instruments, it shall be reported under Income form Other Sources. If it is against any professional Services, it may be reported under the head "Business or Profession". Income of any other nature shall be reported suitably, under proper head of income in your ITR.
Most welcome for any further clarifications. Thanks.

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