Need Expert Advice?Our Gurus Can Help
T S Khurana
Tax Expert
477 Answers | 29 FollowersFollow
A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.
Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.
A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.
A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Answered on May 24, 2025
I am 55 years old and suffering from Cancer, this month I missed credit card and personal loan EMIs due to my ill health despite being a loyal customer of the banks for more than 10-15 years. I get 200 calls from each bank along with threatening WhatsApp messages. A couple of banks sent abusive Collection Agents to my house, who created quite a scene at my door. Despite requesting the banks to give a few days for payment, their threatening and abusive behavior is increasing day by day. Fear of losing my life not because of this dreadful disease but because of the threats from the banks. Please guide me.
Ans: 01. You should consult an Advocate for this purpose.
02. In my personal opinion, You should write to the concerned Banks (Speed Post or letter acknowledged by bank), expressing your intention to clear your liability & explaining your position & requesting them some time to take care of your liability towards bank.
03. If they don't co-operate with you, write/tell them to file a case against you, instead of creating non-sense, when you are suffering from a life threatening disease. This is a civil case & not a criminal case & I feel you would be getting reasonable time, while the case is processed.
However, an Advocate's opinion in such matters is a better option for future course of action.
In the mean while, please don;t panic but concentrate on your treatment. In such cases, court has the jurisdiction to decide and that takes time normally (which you require).
Wish you all the best & speedy recovery. Most welcome for any further clarifications. Thanks.
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02. In my personal opinion, You should write to the concerned Banks (Speed Post or letter acknowledged by bank), expressing your intention to clear your liability & explaining your position & requesting them some time to take care of your liability towards bank.
03. If they don't co-operate with you, write/tell them to file a case against you, instead of creating non-sense, when you are suffering from a life threatening disease. This is a civil case & not a criminal case & I feel you would be getting reasonable time, while the case is processed.
However, an Advocate's opinion in such matters is a better option for future course of action.
In the mean while, please don;t panic but concentrate on your treatment. In such cases, court has the jurisdiction to decide and that takes time normally (which you require).
Wish you all the best & speedy recovery. Most welcome for any further clarifications. Thanks.
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Answered on May 22, 2025
If I invest capital gain received through stock by buying a house property can I get tax exemption
Ans: You will have to Invest FULL SALE AMOUNT in buying a House Property to get Exemption (u/s 54F), Investment of only Capital Gain will not serve the purpose. Kindly note that if you invest less amount in house property, then you may be entitled to proportionate benefit & not full exemption.
This is again subject to the condition that your Capital Gain is Long Term Capital Gain & not Short Term Capital Gain.
Most welcome for any further clarifications. Thanks.
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This is again subject to the condition that your Capital Gain is Long Term Capital Gain & not Short Term Capital Gain.
Most welcome for any further clarifications. Thanks.
Answered on May 22, 2025
If father sales the plot and gift the money to his son or daughter in law. They purchase the house from that money. Did father has to pay ltcg tax or it will be set off as son or daughter in law has purchased home.
Please assist
Ans: This question has already been replied yesterday (21.05.2025). However, it is being repeated again for your convenience.
We advice that Father Purchases the House in the name of his son. Payment for purchase of house should go directly from father's account. This will ensure that Father gets the benefit u/s 54 for LTCGs.
If father gifts the money to his son or daughter-in-law, the transaction is complete (as Gift made to a relative) & no question of any LTCG benefit.
Most welcome for any further clarifications. Thanks.
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We advice that Father Purchases the House in the name of his son. Payment for purchase of house should go directly from father's account. This will ensure that Father gets the benefit u/s 54 for LTCGs.
If father gifts the money to his son or daughter-in-law, the transaction is complete (as Gift made to a relative) & no question of any LTCG benefit.
Most welcome for any further clarifications. Thanks.
Answered on May 21, 2025
If father sales the plot and gift the money to his son or daughter in law. They purchase the house from that money. Did father has to pay ltcg tax or it will be set off as son or daughter in law has purchased home.
Please assist
Ans: We advice that Father Purchases the House in the name of his son. Payment for purchase of house should go directly from father's account. This will ensure that Father gets the benefit u/s 54 for LTCGs.
If father gifts the money to his son or daughter-in-law, the transaction is complete (as Gift made to a relative) & no question of any LTCG benefit.
Most welcome for any further clarifications. Thanks.
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If father gifts the money to his son or daughter-in-law, the transaction is complete (as Gift made to a relative) & no question of any LTCG benefit.
Most welcome for any further clarifications. Thanks.
Answered on May 20, 2025
Asked by Anonymous - May 18, 2025
Calculate my tax liability for FY 2025-26. Income is generated by POST office time deposit/recurring deposit and savings account interest income. Also through Bank fixed deposit and savings account interest income.....all these amounts to 1150000/-. LTCG on MF redemption is 100000/-. I don't work thus no salary. No other source of income.
Ans: 01. Exemption of Rs.1,25,000.00 on LTCG on Securities/MFs is available, if these are Equity based MFs. The amount of exemption is Rs.1,25,000.00 only.
02. You would be entitled to Rebate u/s 87, only when your taxable income is under Rs.12,00,000.00.
03. If your income exceeds this limit, you would be entitled to marginal relief only.
Most welcome for any further clarifications. Thanks.
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02. You would be entitled to Rebate u/s 87, only when your taxable income is under Rs.12,00,000.00.
03. If your income exceeds this limit, you would be entitled to marginal relief only.
Most welcome for any further clarifications. Thanks.
Answered on May 20, 2025
Asked by Anonymous - May 19, 2025
Sir I am a NRI, can money gifted by my parents to me via gift deed be transferred to my NRE account, money source is from rural land sale and there will be no capital gains tax payable. If and which tax or TCS is to be paid by my parents for the transfer of funds to me, can they
claim it back ?
Ans: Gift received from your parents can not be transferred to your NRE account. It can be received in your NRO account. No tax or TCS is payable by your parents, since the gift money is being transferred in you Indian NRO account & the same is not being Repatriated.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Asked by Anonymous - Dec 01, 2024
A friend of mine in his mid 80s, sold off his house and other investments in 2021 and has paid capital gains tax on the proceeds with proper filing of IT returns. The sum of Rs 4 crore he has parked in FDs and given his age moved to assisted living senior accommodation. His only son is overseas, an NRI for sevaral years and the son has no assets or interests/income in India. My friend wishes to transfer the proceeds of his house sale to his son and keep just sufficient funds for his limited expenses and sunset years. As per the Forex LRS, he can transfer 1.5 crores (up to 250K USD), but this will attract a TCS of 20% now. Is this a tax on foreign remittance? Or, can he file returns in June and claim the TCS back since the capital gains tax has already been paid on the sale of house two years back? It is not clear if the FM has introduced a new tax on Foreign Remittance or it is just a TCS that can be claimed as tax on income/capital gains was already paid to Govt. Please advise.
Ans: It is just TCS (Tax Collected at Source). While filing ITR, you may claim a Refund, if there is no tax liability.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Asked by Anonymous - Dec 10, 2024
Answered on May 17, 2025
My income projection for 25-26 is as below. Pension + interest = Rs 11 lakh LTCG Equity MF = Rs 2 lakh LTCG Debt MF = Rs 3 lakh Debt MF held since 2020 Will I get S87A rebate For the FY 25-26 ?
Thank you for your reply
Ans: Since your total income is exceeding Rs.12.00 (L) for the F/Y 2025-26, you are not eligible for Rebate u/s 87A.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Sir, NRI daughter had LTCG income in FY23-24 and IT returns was filed in ITR-2 as per rules. In FY24-25 there is no taxable income and there is no LTCG also. In such a case, filing may not be required but she would like to file just to keep the records straight.
My query is which ITR form is to be used in this case? In case if ITR-2 is not required, is there anything wrong in using ITR-2 itself?
Ans: You may file ITR of your daughter in Form No ITR-2. Hope you won't face any problem in this connection.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Capital gain tax: 2025-26
2009-10 purchase value 9317170
2025-26 sale value 21130000
What would be the capital gain tax and income tax if any?
Pension amount 560000
Ans: You have the Option to pay LTCG either 12.50% without Indexation OR 20% with Indexation. In your case, you may go for the option of 20% with Indexation, which may result in loss.
02. Your total tax liability shall depend upon some other factors also. However, we have suggested you to calculate LTCG only, which shall minimise your LTCG liability.
Most welcome for any further clarifications. Thanks.
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02. Your total tax liability shall depend upon some other factors also. However, we have suggested you to calculate LTCG only, which shall minimise your LTCG liability.
Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Asked by Anonymous - Feb 22, 2025
Property purchased in the year 1998 for rs.150000, Sale Agreement made in year 2005 for Rs. 440000, and paid in year 2005, but sale deed done in year 2024, what is the tax liability now?
Ans: Kindly clarify following points, so that I may be in a position to respond your correctly :
01. Payment of Rs.4.40 (L) received in 2004 was in cash or through banking channels ? Whether the same was declared in your ITR for the same period ?
02. What is the amount for which Sale Deed was registered in 2024 & its date ?
03. Whether any further payment was received in 2024 ?
04. Please note that officially you have sold the property in 2024 (the year in which sale deed was registered). LTCG shall be worked accordingly. Payment received in 2005, may be treated as advance payment against the sale of property. Your tax liability shall be for the F/Y 2024-25 (assuming that sale was registered after 01.04.2024).
Most welcome for any further clarifications. Thanks.
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01. Payment of Rs.4.40 (L) received in 2004 was in cash or through banking channels ? Whether the same was declared in your ITR for the same period ?
02. What is the amount for which Sale Deed was registered in 2024 & its date ?
03. Whether any further payment was received in 2024 ?
04. Please note that officially you have sold the property in 2024 (the year in which sale deed was registered). LTCG shall be worked accordingly. Payment received in 2005, may be treated as advance payment against the sale of property. Your tax liability shall be for the F/Y 2024-25 (assuming that sale was registered after 01.04.2024).
Most welcome for any further clarifications. Thanks.
Answered on May 17, 2025
Asked by Anonymous - Mar 30, 2025
Sir, i have FD approx 19 lakh . my earnings are well under the 7 lakh per annum . Can i claim refund when filling ITR, for the tax deducted on the interest on my FD whenever they renew or mature as the interest earned when added to my annual income, i suppose will not come under tax bracket . Kindly provide your valuable opinion .
Ans: 01. I suppose your question is related to F/Y 2024-25.
02. While filing your ITR, if your tax liability is less than the TDS deducted (plus self assessment tax paid, if any), you can claim Refund, for the difference (excess paid/credited Income Tax).
Most welcome for any further clarifications. Thanks.
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02. While filing your ITR, if your tax liability is less than the TDS deducted (plus self assessment tax paid, if any), you can claim Refund, for the difference (excess paid/credited Income Tax).
Most welcome for any further clarifications. Thanks.
Answered on May 14, 2025
My mother has sold a residential property and wants to share its proceeds with me and my sister and my father ? Is it possible for all three of us to invest in residential property in our respective name and save LTCG ?
Ans: 01. To get Exemption u/s 54 from LTCG, your mother can invest in a Residential House, with in time limits.
02. Maximum 2 houses can be purchased/constructed, if LTCG is up to Rs.200.00 (L). This opportunity is available only once in a life time.
03. She may purchase the houses in her name or in the name of her spouse or her children (My opinion is based on the decisions of the ITAT).
04. Please also note that only your mother can purchase the residential property & get exemption. The property may be registered in the name of her spouse/children, BUT payment should be made directly by her.
However, if she transfer the amount to all three of you & you purchase the property, exemption will not be available.
You can review your tax planning in light of above details.
Most welcome for any further clarifications. Thanks.
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02. Maximum 2 houses can be purchased/constructed, if LTCG is up to Rs.200.00 (L). This opportunity is available only once in a life time.
03. She may purchase the houses in her name or in the name of her spouse or her children (My opinion is based on the decisions of the ITAT).
04. Please also note that only your mother can purchase the residential property & get exemption. The property may be registered in the name of her spouse/children, BUT payment should be made directly by her.
However, if she transfer the amount to all three of you & you purchase the property, exemption will not be available.
You can review your tax planning in light of above details.
Most welcome for any further clarifications. Thanks.
Answered on May 13, 2025
Answered on May 03, 2025
Asked by Anonymous - Apr 30, 2025
Hi,I have lost job last year at the age of 53. I am currently not working anywhere. I have received Retrenchment Compensation from employer. Can I claim exemption from tax under Section 10(10B) .I am not sure if employer has shown it as retrenchment or not. Please suggest if I can show received amount as Retrenchment Compensation & claim income tax benefit.
Ans: 01. Please confirm :
(a). whether your employer has shown this amount as RETRENCHMENT COMPENSATION or as SALARY ?
(b). Whether any TDS has been deducted on this amount or not ?
02. Kindly note that Retrenchment Compensation is Exempt, subject to certain conditions, like your length of Service, actual Amount Received & subject to maximum limit of Rs.5.00 (L) etc.
Most welcome for any further clarifications. Thanks.
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(a). whether your employer has shown this amount as RETRENCHMENT COMPENSATION or as SALARY ?
(b). Whether any TDS has been deducted on this amount or not ?
02. Kindly note that Retrenchment Compensation is Exempt, subject to certain conditions, like your length of Service, actual Amount Received & subject to maximum limit of Rs.5.00 (L) etc.
Most welcome for any further clarifications. Thanks.
Answered on Apr 30, 2025
Some sites say Form 15H is allowed if the income is below the basic exemption limit (Rs. 4L), while others say it's permitted if the tax liability is nil. Parents ve opt for new tax regime, and their income is greater than Rs. 4L and less than Rs. 12L. Can they submit Form 15H to the bank?
Ans: A Senior Citizen may file Form-15H (u/s 197A), if his tax payable during the year under reference is Nil.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on Apr 30, 2025
My daughter marriage was held on 13/02 and we received gift in cash approx 6 lac , how can i deposit in my saving account
Ans: 01. Marriage Gifts are EXEMPT. However, these are Exempt to the Couple and not to their parents.
02. There are so many cash expenses/payments during marriage. You may meet these obligations from the Cash Gifts received.
03. You may deposit the balance cash (gifts) in bank account of your daughter.
Most welcome for any further clarifications. Thanks.
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02. There are so many cash expenses/payments during marriage. You may meet these obligations from the Cash Gifts received.
03. You may deposit the balance cash (gifts) in bank account of your daughter.
Most welcome for any further clarifications. Thanks.
Answered on Apr 29, 2025
Please provide detailed information about whether the second owner’s PAN card can be used to avail House Rent Allowance (HRA) benefits in the context of a jointly-owned flat.
Ans: PAN Card requirement is applicable in case Rent Paid is Rs.1,00,000.00 yearly or more. Moreover, PAN Card of Co-owner shall also serve your purpose
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on Apr 29, 2025
I am an NRI getting around 60 Lakhs yearly interest on my NRE deposits which at present is tax free. When I become a Resident Indian then how much tax I would have to pay for the 60 Lakhs yearly interest.
Ans: When you become an Indian Citizen, you would be subject to TDS (Tax Deduction at source) provisions. Rate of TDS at present is 10% with valid PAN or 20% without PAN. However, this TDS shall be adjustable with your actual Income Tax Liability.
Income Tax Calculations depend on many factors & additional information, which is not available in your details. This info/factors would be Financial Year, Your Other Income from all other sources, Tax Savings-if any & Your age etc.etc.
Most welcome for any further clarifications. Thanks.
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Income Tax Calculations depend on many factors & additional information, which is not available in your details. This info/factors would be Financial Year, Your Other Income from all other sources, Tax Savings-if any & Your age etc.etc.
Most welcome for any further clarifications. Thanks.
Answered on Apr 29, 2025
Asked by Anonymous - Apr 14, 2025
Answered on Apr 29, 2025
I purchased a flat in Pune @ 42 Lakhs and selling the same @ 31 Lakhs. Can I claim any Tax benefit on the loss incurred
Rajan
Ans: 01. If this is a LTC Loss, then it can be adjusted against LTCG (if any).
02. If it is STC Loss, it can be adjusted with STCG/LTCG, if any.
03. If there is no LTCG or STCG during the year, this loss can be carried forward, for any adjustments against these heads in future up to 8 years.
04. Please note that ITR Filing in time is mandatory for carry forward of loss.
Most welcome for any further clarifications. Thanks.
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02. If it is STC Loss, it can be adjusted with STCG/LTCG, if any.
03. If there is no LTCG or STCG during the year, this loss can be carried forward, for any adjustments against these heads in future up to 8 years.
04. Please note that ITR Filing in time is mandatory for carry forward of loss.
Most welcome for any further clarifications. Thanks.
Answered on Apr 26, 2025
What are the ways in which a son can avoid Income tax while receiving an amount from his father, while his father sells is own land in India?
Ans: Whatever tax is payable, the same is payable by his father & not by son.
If the son gets any amount from his father, it is a Gift & not Income for the son.
Most welcome for any further clarifications. Thanks.
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If the son gets any amount from his father, it is a Gift & not Income for the son.
Most welcome for any further clarifications. Thanks.
Answered on Apr 26, 2025
Asked by Anonymous - Apr 26, 2025
Hi, my salary is 24 lakh per year and i will get 3-4 lakh bonus. Which income tax regime is suitable for me?
Ans: I can't make any comments, based on this limited information. Complete details are required for any tax calculations, like Income from Other sources, Tax Savings if any etc.
I suggest you to work out your ITR calculations, based on both regimes & choose the best one, suitable for you.
Most welcome for any further clarifications. Thanks.
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I suggest you to work out your ITR calculations, based on both regimes & choose the best one, suitable for you.
Most welcome for any further clarifications. Thanks.
Answered on Apr 24, 2025
SIR, if huf gets interest free loan from karta, and that amount is kept idle in HUF sb ac, and that amounts earns interest from sb ac of HUF, to whos income will that interest will be added, katra or huf ac
Ans: Since it is Loan (may be Interest free) from Karta to HUF, any Interest Income on this amount (Lying in Savings account of HUF), shall be treated as Income of HUF. Had it been GIFT, the treatment would be different.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on Apr 24, 2025
Asked by Anonymous - Apr 24, 2025
Hi, I have recently withdrawn my PF amount after being jobless for about an year. I am 54 & don't see further job prospects. Can i invest this amount in senior citizen saving scheme. I heard that earlier entry is possible in this scheme. Any other suggestions to invest PF so that i can get monthly income. Many thanks in advance.
Ans: Early Entry in the scheme is for Retired Defence Services Employees or In case your have taken VRS etc.
In your case I would suggest you to Invest the amount Mutual Funds. This may give you reasonable return and Liquidity also. If the amount for Investment if reasonable, you should go for Real Estate Investment. Real Estate Investment should be in such a property, where you can utilise the same also. Like Residential House where you may reside also or any Commercial Shop etc., where you can start your small business also. In this way, you would be using the property your self & also getting the benefit of its appreciation.
Most welcome for any further clarifications. Thanks.
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In your case I would suggest you to Invest the amount Mutual Funds. This may give you reasonable return and Liquidity also. If the amount for Investment if reasonable, you should go for Real Estate Investment. Real Estate Investment should be in such a property, where you can utilise the same also. Like Residential House where you may reside also or any Commercial Shop etc., where you can start your small business also. In this way, you would be using the property your self & also getting the benefit of its appreciation.
Most welcome for any further clarifications. Thanks.
Answered on Apr 23, 2025
What happens if due to delay from a remitting entity Form-26AS, AIS and TIS get updated after I have filed the return for the Financial Year? Kindly advise what the repercussions are and what options I have to rectify the filed return.
Ans: You have got the option to Revise your already filed ITR, till 31st December of the relevant assessment year & make the corrections.
Most welcome for any further clarifications. Thanks.
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Most welcome for any further clarifications. Thanks.
Answered on Apr 21, 2025
Asked by Anonymous - Apr 17, 2025Hindi
Listen 
ITR filing confusion: Working professional in an NGO with investments seeks tax advice
Ans: 01. Your information for tax calculation is not complete. How ever, I can tell you broadly that based on your Salary Income of Rs.4.80 (L), no tax would be payable. 02. As for as your Stocks & MF Investments are concerned, unless you sell some stocks or MFs, theses are not taxable (since there is no income in your hands).
03. You should file your ITR on regular basis, to avoid any complications later on.
Most welcome for any further clarifications. Thanks.
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03. You should file your ITR on regular basis, to avoid any complications later on.
Most welcome for any further clarifications. Thanks.
Answered on Apr 12, 2025
Listen
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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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.
Answered on Apr 10, 2025
Asked by Anonymous - Apr 07, 2025Hindi
Listen 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.
Most welcome for any further clarifications. Thanks.
Asked on - Apr 10, 2025 | Answered on Apr 11, 2025
ListenBoth 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.
Hope this makes your point clear.
Most welcome for any further clarifications. Thanks.
Answered on Apr 09, 2025
Listen
Answered on Apr 09, 2025
Asked by Anonymous - Apr 07, 2025Hindi
Listen 
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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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.
Answered on Apr 09, 2025
Listen
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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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.
Answered on Apr 09, 2025
Asked by Anonymous - Apr 08, 2025Hindi
Listen 
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.
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Most welcome for any further clarifications. Thanks.
1
Answered on Apr 08, 2025
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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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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.
Answered on Apr 08, 2025
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Answered on Apr 05, 2025
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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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Most welcome for any further clarifications. Thanks.
Answered on Apr 04, 2025
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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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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.
Answered on Apr 04, 2025
Asked by Anonymous - Mar 25, 2025Hindi
Listen 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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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.
Answered on Apr 04, 2025
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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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Most welcome for any further clarifications. Thanks.
Answered on Apr 04, 2025
Asked by Anonymous - Mar 27, 2025Hindi
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Answered on Apr 04, 2025
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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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Most welcome for any further clarifications. Thanks.
Answered on Apr 04, 2025
Asked by Anonymous - Apr 01, 2025Hindi
Listen 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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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.
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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Most welcome for any further clarifications. Thanks.
Answered on Mar 24, 2025
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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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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.
Answered on Mar 24, 2025
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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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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.
Answered on Mar 24, 2025
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Answered on Mar 22, 2025
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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.
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It is likely to economize you tax payments.
Most welcome for any further clarifications. Thanks.
Answered on Mar 22, 2025
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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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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.
Answered on Mar 22, 2025
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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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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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