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Sir, I have properties like plots, Which were purchased by my parents as agricultural land and further converted to KGP/KJP plots in the year 2001. Now I sold in FY 23-24. Then what will be the structure for capital gains. Whether 10%or12.5% or 20%? Whether they comes under long term?

I sold a flat in August 2023 and invested the capital gains in capital gain bonds by 15 March 23 and the balance capital gains I am gonna invest in a flat.. does the flat need to be oc ready or only the agreement needs to be done for capital gains. The bonds purchased of rec have to be purchased before the year end of the it year or before.. kindly advice

I have taken one overdraft loan for purchase of land, but deal was not settle. Can I invest the same amount in any NCD (monthly interest scheme). While filing the ITR ,can I show the net interest income as NCD interest received minus the interest paid to the bank for the overdraft loan ?

Khurana Sahib...Namaskar...Pl.adv.if LongTerm Capital Loss incurred against FMV under Gr.Father Clause(31Jan2018) can be adjusted against LTCG in Equity redemptions in the FY.2023-24 or Both in the same FY..???...Thx.

Sir, The pensioners need to submit / renew their life certificate annually in November or / and December. In case one is out of country during these months, what is the alternative way to submit for their life certificate to receive their monthly pension? BK Murti

As an NRI in the UK, I’m confused about the tax implications of my investments in India. I am from Delhi and my parents live there in a house that is owned by me. I am doing a Rs 1,20,000 SIP every month. How do I ensure compliance with both UK and Indian tax laws?

I am an Ordinary Resident as on 31.3.2024. I may become a Non-Resident on 31.3.2025. Both the conditions viz., 182 days stay and 360 days in 4 previous years (although 60 days stay is possible) may not be complied with. In such a situation, if I sell my property, during my brief stay in FY 24-25, what would be my Status ? will I be treated as NRI and whether 20 % TDS by buyer will be applicable ?

Can yoy please confirm..As per the Income Tax definition of relatives Gift from my side to my Father in law ( Wife father) will be treated as GIFT ( under relative) and the transfer will not be taxed .

I am purchasing a land from an ex NRE, who was working in Germany. He has purchased the land when he was NRE. Now for the last he stays in India but goes to Singapur once in while for one or two months to his son's home. Whether he will be considered as Indian or NRE? How to confirm whether he is an NRE?

I have previous stcg losses on equity and approx 200000 is still carried forward. I have sold a piece of land with a profit after 10 years of purchase. Will i get the benefit of setting off stcg losses in equity from profit of ltcg on property profit?

Hello Sir! My PF contribution (including VPF)exceeds the 2.5 lakhs limit meant for a private sector employee for tax exemption on the interest earned. Interest earned on the excess amount above 2.5 lakhs, has been taxed at 10% by the PF authorities. Do I have an additional tax liability on the interest earned (under income from other sources) as my tax bracket is 30 percent?

I invested for a 30 lac flat in to JP projects back in 2009 but these have been stuck due to IRP process. the flats are close to handover stage and i may receive an offer of possession soon by the end of the year. The issue is I have since become a British national (2022) and do not know the implication of this on possession. The flat possession was obviously delayed and I could never claim any tax benefits and even skeptical about the tax treatment if I sell. Thanks.

I closed my PPF account matured in Apr 2021 (Approx 3 lacs). My Son's PPF account matured in Apr 2024. He is minor as on Apr 2024. I closed his account as well (Approx 1.75 lacs). 1. Do i have any tax liability for my minor sons PPF account? as this is the second account maturing associated with my PAN number 2. Can my son open PPF account once he crosses 18 years and continue to invest and avail tax benefits as per govt rules?

My father is planning to sell one residential property and the proceeds of the sale plus loan that will be drawn by me (i.e. his son) would be consideration for purchasing of new property that would be under my name (I.e. his son). Will my father be able to claim deduction under sec 54 or should the new residential property be under his name only or can the new residential property can be under joint name? As per one of case laws this was allowed as deduction refer below summary: regards the name under whom the property is purchased, it can be seen that the son of the assessee is a direct relation and as per the Hon’ble Delhi High Court decision in case of CIT(A) Vs. Kamal Vahal 351 ITR 4 where the assessee purchased a new house in name of his wife, the claim under Section 54 is held valid. Thus, the exemption could not be denied if the entire investment had come out of the proceeds of an old property. Thus, the order of the CIT(A) is not justified in light of the decision in case of Kamal Vahal,” the Tribunal said Can you please confirm if my father can claim this exemption

1) Any other Income / Investment areas to recover / adjust / take benefit in tax for Speculation / Intra Day Loss of Equity in same / future years ? 2) if one has Short term Capital loss (Prev. year carry forwarded & of Same year) Example - 2 lacs can it be deducted / adjusted against Long term Capital Gain...Example 3 lacs Profit in same Fin. year So there will not be any tax as up to 1 lacs LT is Free ? Pl reply & if yes for how many years this benefit can be taken ?

Had filed ITR 1 for AY 2024-25 (FY 2023-24) but it got rejected in processing due to incorrect filing. The reason is that apart from salary and bank interest income, there is a transaction of Rs 1,934/- income thru sale of digital assets (crypto currency) which has TDS of Rs 19.34/-. The IT website is asking to file revised ITR in the correct applicable form. Which IT return form is applicable in this case & how to resolve this as the amount involved is very small. There is no other source of income & no further transactions done since last year in the crypto currency apps. Pls help

Dear Sir, I was private employee till 2020 and had NPS account (All citizens scheme) and was contributing from 2012. Now from 2020 onwards joined government organisation and the account was shifted from all citizens to central government sector. Now my doubt or query is Can I withdraw the amount that I have contributed when I was in all citizens scheme. Waiting for your kind reply and suggestions.

I bought a Flat in JOINT ownership with my brother, in 2013. A RERA case was filed by me and I had won the case. I will get the refund/recovery of full invested amount along with interest from Builder through RERA. This amount will be divided in 50:50 proportion between my brother and me. Please let me know if this amount be considered as capital gain tax and if so, what will be the tax liability? and how can we mitigate it? I come under 30% tax bracket and my brother has nil tax liability.

Hi, I had made an investment in purchase of an office block at Rs.97,50,000/- in Navi Mumbai in February 2017, when the market value was Rs.74,00,000/- and I sold it for Rs.1,10,00,000/- in Februay 2024, when market value was Rs.90,00,000/- The expenses incurred in stamp duty & registration while buying it was Rs.6,50,000/- & Rs.4,00,000/- on improvement. While filing my ITR2, I have filled-in the relevant information under "CG" and the system is now showing that I have made a profit of - (minus) ~Rs.30,00,000/-, apparently considering the 7-year indexation. IncomeTax system is allowing me to to carry forward this loss (CFL) to next year. My question is: Can I use this minus tax liability for my LTCG during next year? I must also mention here that I had earned a rental income of Rs.52,00,000/- during these 7 years on which I have paid taxes each year. Grateful for your confirmaton.

Sir , I have decided to sell my residential property by executing agreement on 29th June 2024 , still waiting for registration to complete am I entitled for indexing or not for LTCG tax calculation.

Hello, all my Tax deposited is showing up in form16 and 26AS but same is not showing up in pre filled ITR filing page. When i check further i found that last quarter deposited amount not rereflecting. When i am adding last quarter it is matching with form16 and 26as. Can i edit auto fill ITR and submit.

Hello in 2022 my grand father passed away I got 7lakhs from his post office acc and I withdrew 2.4lakhs from his bank account but I dint filed itr that year and I filed my itr this year. Will there be difficulties in future with that amount and was it taxable?

Hi I am an NRI and sold my house in India on the 2nd of July 2024, does that make me eligible to claim the indexation benefit?

My father died in FY 24-25 a 3 months back. A home in which I am living is in the name of my late mother and my late father and my wife. My queries are : 1. Now, only my wife is alive so, Is there any need to transfer the property in my wife's name ? 2. There is income from the rent of 2 separate floors, how this rent now to be shown and in whose ITR. Me and my wife also file ITR 2 currently. 3. My Father was getting the pension and filling the ITR for the same. Do I need to file his ITR as a legal heir or as a representative. 4. What need to be done to get his legal heir status. I am having 2 married sisters also. If you can reply serial wise I shall be obliged. Kindly state any other advise wherever required. Regards.....

How to avoid paying tax on short term capital gains on property

I would like to seek your advice on tax-saving options. My yearly income is approximately ?35 lakhs. Every month, ?28,000 is deducted for PF. I have medical insurance with a premium of ?50,000 and I contribute to NPS over 12 months. Additionally, I have a home loan with an annual interest payment of ?2 lakhs. Could you please suggest some ways to save on taxes? Thank you for your assistance.

because of NEW TAX REGIME, the tax payer is less focussing on savings or investments where 80C investments are no more required and pay even lesser taxes compared to old regime. In such a situation, is it not motivating the tax payer to more consumerism than to make investments. Will this attitude is good for the future senior citizens?

I was NRI for last 20 years and enjoyed interest on tax free FDs. I came back in end January 2024. I am filing ITR and will be filing ITR for 2023-2024. My question is for filing return for 2024-2025, should I consider entire income from FDs from April 2024 or should I consider income from interest starting from July 2024 to March 2025. I have not yet converted NRE account to Resident account.

Sir, My son has following income, Net salary 87845 as per form 16, FD +Dividends - 54576, LTCG 237494, deductions 51080 so total income of 329005. He has carried forward capital loss of 110000. Is it possible to set off capital loss of 110000 in future years instead of fy 23 24 as he is already below taxable limit? please help. Thanks in advance

Can an apartment be bought in joint name ( father +son OR father in law + daughter in law) where in father pays it via his LTCG and son or daughter in law are co- owner and take loan for the same apartment . ( as apartment value exceeds LTCG)

Profits gained on shares but lost on cyber crime online shares trading. The trading firm is not existed now. Do I still pay taxes for the money earned through shares in genuine brokerage firm

Hi Mahesh, Could you help me to understand, If below scenario is valid to get tax benefit. Please read all below four points before answering questions. Point1: Sale agreement date of apartment = Jan 2023. Point2: 60 percent of apartment cost(with self + home loan) paid to builder till now (July 2024). Point3: Suppose, I sold stocks(Sept 2024) and invested LTGC to finance remaining 40 percent of apartment cost through instalments (before this FY end Mar 2025). Point4: Expected possession date of apartment = Oct 2025 (Actual home registration date). Question1. Am I eligible to claim this LTCG tax benefit under section 54F in above scenario for FY24 -25? Question2. If I am eligible for LTCG tax benefit , Do we need to put LTGC amount in capital gain account till possession of property? Or capital gain account is not needed , as LTGC amount is already invested to finance the remaining 40 percent of apartment cost in this FY24 -25 ? Question3: If I am eligible for LTCG tax benefit , Can I use LTCG amount for prepayment of home loan in this FY24 -25 and get Section 54F tax benefit ? Questions4: If only option remain is to save in capital gain account for tax benefit in FY24 -25. I really want to avoid to save LTCG in capital gain account. In this case, Suppose, I sold stocks(After current FY e.g. Apr 2025) and use LTCG amount for prepayment of home loan. Can I get tax benefit in this case for F**Y25 -26(**Assuming possession date of apartment = Oct 2025)

Sir, it assessess cash Gift from family like father rs:10 lacs dt:10-4-24 after cash Gift from father rs:5 lacs dt:20-06-24 through on bank channel. Question: Assessess cash Gift from family members how many times one finical year allowed in it act.

sir,A individual assessess running a nursing home and fees Gross receipts rs:51 lacs net profit rs:7,65,000/- precentage of profit 15 precentage f.y.23-24 Question: Individual assessess itr filed tax audit or normal return.

Hi, i gifted a house to my sister thru registered gift deed on 2017. Now she wants to gift it back to me. I intend to sell it later and use the finfs to purcase another property. Please advise if the sale outcomes are tax free in this case and how do we calculate tax on it.

My Gross income 29L , which would be the better IT Tax Regime (Old/New)

Dear Sir, I am 48 and only earning member. MY MONTHLY RARNING IS 1.3 L PER Month and having home loan of 28k per month and outstanding home loan of 16L. I have 401 k reteirement in the US. Should I take 401K to settle home loan or leave 401K for latter to dave tax and penalty.

My father was doing business and he had taken loan from two banks Bank1..Total amount Payable as on 1st May 2024..Rs 72 lakhs (loan amount+interest) Bank2..25 Lakhs as on 1stMay 2024 My father died on 15 th Feb 2024. My family has four members including my mother We have decided to sell the property purchased by my father to pay off the loans to the banks The property was purchased for Rs 8 lakhs in 2001 We are going to sell the property for Rs 98 lakhs in June 2024 Please advise whether we have to pay any Capital gain tax I

I am getting salary of Rs. 45000 per month approximately, and earning Rs.100000 approximately on FD's yearly, then how much I should invest to avoid tax? I am investing in PPF.

Sir, While filing ITR, downloading a json file and filling the form for practice and later file ITR online is allowed? Or only one time downloading/online filing is permitted? With LTCG income and adjustment for previous years' losses, the final tax amount will be known after entry of all related figures and I thought I could find out the exact tax amount due if any, in advace by this way.

We sold out father's bungalow Built in 1970 costed around 25 lacs We sold it to 96 lacs last year What will be capital gain tax ? we don't have bills of renovation as of now since sister is quarreling she is refusing to give regn copy of last year purchase even bungalows receipts she is not giving Now what to do? This 96 lacs amount is shared by 4 sister and we 2 brothers Or should I show some property investment in advance please guide me ikpl.ravi@ Gmail com

I sold a property with 90 Lakhs what should I do with this money with net long term capital gain 30 lakhs to avoid tax, should I put in bond,fd giving tax or buy property in a place with 90 lakhs and get 18k p m as rent

If i gift shares to my wife and when my wife sells these shares who is liable to pay tax. There is an mixed opition reading online articles one point is that the person receiving the shares is liable to pay capital gain tax second view is that the capital gain tax will be clubbed to the income of person gifting shares to wife ..Please clarify

Sir, A individual business person personal expenses (house hold expenses) rs:4 lacs show in account books f.y.23-24 Question: Assessess personal expenses (house hold expenses) any limit provision applicable under income tax act

I retired from PSU in July 21. I kept my PF and the PF and interest is recd now. Should I pay income tax now or can pay while filing my annual returns for the year 24 25.

Dear Sir, My wife is as a housewife. I transfer my incentive amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

Hi, we have sold one family property at @ 17 Lakhs having 3 holders. How much Capital Gain Tax will have to pay by individual and how we can save capital gain tax.

Sir, A individual doctor running a nursing home Gross receipts fees collection rs:51 lacs and net profit declared rs:7,65,000/- profit of precentage 15 precentage f.y.23-24 Question: Assessess itr returns filed tax audit or normal itr filed f.y.23-24

i have lots of saving 80c 150000 home loan 200000 which one is better new or old ITR

IF I BOUGHT PROPERTY IN THE YEAR 1980 AND SELL IN JUNE 2024. WILL I BE ABLE TO TAKE ADVANTAGE OF INDEXATION FOR SELL OF MY PROPERTY, AS IN BUDGET 2024-25 INDEXATION IS REMOVED.