T S Khurana

Answered on Nov 12, 2024

Question by Kaushik - Oct 27, 2024Hindi

Dear Sir..a accident in 2020 with me..after that i have no income and I start investing my all fund witch is 6 lakhs above in mutual and stock and growth year by year 4 lalkhs/year and current is above 25 lakhs...Please tell me any problem as per income tax

Ans: You have got best results from your investment, by smartly investing in Securities.
However, you would be subject to Income Tax only when you book the profit by selling the same. As it is, your funds keep on growing & you don't sell the same. there is no Income Tax liability.
Most welcome for any further clarifications. Thanks.

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1

Answered on Nov 12, 2024

Question by Rahul - Oct 28, 2024Hindi

I purchased a residential plot of approc 8 lacs with 20 urs home finance loan and cleared it all in approx15 yrs.i sold it for approx 1.5 cr recently. What will be my tax liability as my ITR is of approx 5 lacs and my wife is non working helping me in training istitute business n files itr for last 10 yrs just for some future use if needed at all. Plz guide

Ans: 01. You tax liability cannot be worked out unless complete income & tax saving details are available.
02. If the sold property is in your name, you would be liable for tax payment & your wife is not involved in it.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 12, 2024

Question by Sagnik - Oct 30, 2024Hindi

I am 78 yrs old . I own a land with my 3 brothers who aren't alive any more. They are succeeded by their children. The property is supposed to get sold at 3 crores. So I would get 75 lakhs approx. I have two sons who are working in different companies. Can you please suggest ways to save tax on the LTCG ? I am open to include my sons and my wife in the transaction if that allows to save tax. I don't want to invest in property anymore. I am posting this question for second time. Pls answer.....

Ans: 01. You are liable to LTCG on your share of sold property.
02. Involving your sons & wife won't help from i.tax point of view.
03. If you don't want to invest in property anymore, you may purchase Capital Gain Bonds u/s 54(EC) from REC or NHAI etc., up to a maximum limit of Rs.50.00 lakhs.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 12, 2024

Asked by Anonymous - Aug 02, 2024Hindi

Sir, A Doctor maintained a dental clinic fees collection income Gross receipts rs 15 lacs profit declared 50 percentage rs:7.5 lacs f.y.23-24. Question: A Doctor account records mandatory rules 6 f (2) as per income tax act

Ans: Yes. He needs to maintain books of accounts u/s 44AA.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 12, 2024

Question by Prem - Oct 06, 2024Hindi

i have income of 2 lacs from other sources and an income of 3 lacs STGC from equities, will I get an TAX rexemption on my total income of Rs. 5 lacs or I will be taxed for STGC fully or on its portion, I am a senior citizen 7- years

Ans: 01. You should file your ITR under new tax regime to minimize your tax liability.
02. Since you have STCG so your tax liability would be there. Under Old regime, you may get a maximum tax rebate of Rs.12,500.00 only. Where as in new regime your tax liability will be comparatively less.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 08, 2024

Asked by Anonymous - Nov 05, 2024Hindi

Sir, Income tax payer construction building in individual status.some construction expenses paid through on huf status Question: Assessess huf status construction expenses show procedure in huf or individual itr returns

Ans: Your question is not clear, however, I assume that an Individual is constructing a house from his individual sources plus some payments through HUF accounts. If this is correct, then my answer is :
01. You can construct a house from your own resources. The amount which has been paid or financed by HUF, shall be treated as a loan to you. This loan is returnable (transactions through banking channels only).
02. You may file your ITR considering above. ITR of HUF will show only loan given to the member.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 08, 2024

Question by PRAVEEN - Nov 05, 2024Hindi

Sir can my wife donate her stree dhan to huf

Ans: Your wife may transfer her Stree Dhan to HUF (of which she is a member herself), BUT as a Gift & not as Donation.
Donation is meant for charitable purposes only. In this case HUF is not a charitable institution. So there can't be any donation but a Gift.
Most welcome for any further clarifications. Thanks.

Asked on - Nov 09, 2024 | Answered on Nov 12, 2024

Ok sir thanks for reply. Small doubt. Gift means is the income generated from that stree dhan taxable in my wife's hand? Is any deed necessary or stamp duty for gifted amount

Ans: 01. You have another option of giving Loan instead of Donation or Gift. This loan shall be returned in due course. Both these transactions should be through banking channels only, to ensure its acceptability by the department.
02. This transaction may carry interest also. In this case Interest paid will be treated as expense of HUF & Interest received will be treated as income in the hands of your wife. This interest income should be declared in ITR & tax, if any, should be paid.
Most welcome for any other clarification. Thanks.

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Answered on Nov 08, 2024

Question by PRAVEEN - Nov 06, 2024Hindi

Sir, can karta give interest free loan to his huf with an intention of repayment?

Ans: Yes. Karta or any other member of the HUF may give Interest Free Loan to HUF, which is repaid after some time. However, both transactions should be through banking channels.
Most welcome for any further clarifications. Thanks.

Asked on - Nov 09, 2024 | Answered on Nov 12, 2024

Ok thank you very much sir for valuable information. I will arrange repayment in monthly installments and i hope repayment amount is not taxable again in karta hand as it doesnt contain interest part.

Ans: Your opinion is right sir. Repayment of loan amount is not income & hence not taxable.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 05, 2024

Question by Kamal - Sep 28, 2024Hindi

I had filef my ITR for 23-24 (AY) in July 23. At the time of filing return, I paid the tsx dur (about 84000) and then submittef the return. The chsllan form was generatef by computer and mimor head was given as 300. I rcd a demand notice asking for this tax smount. At firdt, Deptt said copy of challan is not available but when I gave them a copy , they now ssy that minor head no. 300 is not given correct, it should be 400 and that I should get the challan amended. My point is was it not a self assessment when I paid tax before submitting the return. If so, what can I do. I cant amend the challan online now and it may involve personal visits and harassment. CA is asking fee of Rs 10000 for getting it done. Kindly advise.

Ans: 01. First of all, please confirm from your Form-26AS, whether this amount is being reflected there. I hope you have correctly mentioned your PAN & Assessment year correctly on the challan.
02. Minor Head 300 is for Self Assessment Tax & 400 is for Tax payment on demand.
03. You may try to change this minor head on Challan, within 30 days from the date of challan. For this process login to IT Site, go to services (Challan Corrections) & try to rectify.
In case you are not in a position to do the same, then please visit your Assessing Officer & request him to help you in making the corrections.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 05, 2024

Asked by Anonymous - Sep 28, 2024Hindi

I am 56 yrs old Investor investing in equity and FnO through my account, wife's account and HUF account. This FY all accounts have STCG and LTCG which are quite on the higher side. The usual PPF, Insurance, bought computers, other expenses have been done. Yet the tax outgo is quite high. I and my wife both yet own a residential home. will buying a house offset the LTCG. My wife account has STCG only. Kindly give detailed response. Regards

Ans: 01. Purchase of a Residential house can have effect on your tax liability in case of LTCGs.
02. In case of STCGs deductions u/s 80-C can help reduce tax liability. It seems you have already made tax savings in this account.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 05, 2024

Asked by Anonymous - Nov 02, 2024Hindi

Sir , I am a working man ( 52 age) in Govt. project , salary- 75k /m . I invested in MF / ULIP / Term Insurance / LIC etc Also invested in Stock market too and also investing in Crytocurrency ( CoinDX) . all total my corpus is almost 6000K . Now My question is that I submitted the retorn almost 49000/- as ITR , but didn't gt any refund .. My query is now how can i get refund of my TDS ? Pls suggest your valuable advise so that I will get refund my ITR . Thank you and expecting your good response.

Ans: 01. Have you got intimation u/s 143(1) informing you, whether there is a Demand by the department or it has processed your ITR with Refund ?
The process of Refund will start only after that.
02. You are also requested to check, whether you have filed ITR with all complete details & these details are also supported by Form 26AS/AIS/TIS of the department.
03. If you have not received any intimation (Ref.point 01 above), you are requested to confirm from your site, whether your ITR has been processed or not. You can also request the department for re-issue Intimation u/s 143(1), in case assessment is complete.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 05, 2024

Question by Verky - Oct 23, 2024Hindi

Greetings, Received Income tax Intimation u/s 143(1) with respect to the return of income filed by for the Assessment year 2022-23 regarding demand notice of payment for sec 234b There was no Advance tax paid for the mentioned period FY 2021-22, And the ITR was filed on 31-12-2023. As such for calculation of 234B, the number of months from Apr 1st 2022 was calculated as 21 and the amount to be paid on the Assessed tax 103600 was calculated as (103600*1%)*21 which was filed as 21,756 But the demand notice mentions the amount as 32,116 (which seems to be calculated as 31 months) Was my calculation of 234B considering 21 months (01-04-2022 -> 31-12-2023) correct, in which case should I ask for a rectification for reprocessing ? Pls Advice. Thanks Verky

Ans: 01. Please note that in your case, provisions of Advance Tax are also applicable. Under these provisions, you have to pay tax quarterly during the financial year. It seems you have ignored those provisions. The demand raised seems to relate with advance tax payable.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 04, 2024

Question by Sushil - Jul 02, 2024Hindi

Upto which date, updation of Form 26AS , TIS and AIS continues so that ITR can be filed after they are frozen.

Ans: Normally with in 2 months from the date of end of quarter or year. However, this period may vary from time to time.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 04, 2024

Question by Atul - Sep 03, 2024Hindi

am 56 yrs old and own a Flat on my single name in Jaipur. My wife also own a small flat on her single name in Greater Noida. We are planning to buy a flat in Gurgaon for self use after our retirement. The likely possession of the under constructed flat is after 4 years from today. If we both sell our flats and invest the complete amounts in our new flat on Joint name of Self and wife, can be both awail the benefits of capital gain exemption.

Ans: You would be entitled to exemption u/s 54, provided :
01. Purchased property is residential & in preferably, in joint names of both of you.
02. Time line is important. There should not be a gap of more than 2 years, between Sale of both Flats & purchase of new flat.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 04, 2024

Asked by Anonymous - Oct 20, 2024Hindi

I bought 1 house in 2018 on loan. I bought another house in 2023 on loan. I sold my house that i bought in 2018 and repaid my loan on that house. Also i paid second house loan from the remaining proceeds. Still i have to pay tax on income from capital gains?

Ans: Taxability of LTCG depends upon following two factors :
01. There should not be a gap of more than one year, from the date of Purchase of your house in 2023 & of Sale of 2018 house. In both cases date of Registration should be considered.
02. If condition "01" above is fulfilled, then amount of Loan repaid on Purchased house, can be claimed as deduction.
Most welcome for any further clarifications.
Thanks.

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Answered on Nov 04, 2024

Question by Gopi - Oct 21, 2024Hindi

Hello, I am male aged 32. After divorce I got married to my wife (she also divorced). I love her much and same she love too me.We living happily. She used to share past life tragedy and informed if i am planning occupy her parents' property she will leave me. She will leave me.i informed her I am not such a person. I want make her believe that I am not into his property and I am seeking on love from her Could anyone guide me is there any legal documents I am not into her property with signature

Ans: 01 The best way is to suggest her & her parents, that they make a Registered Will, in favor of anybody they want. You may sign the same document as a witness, so that every body believes your intentions.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 04, 2024

Asked by Anonymous - Oct 16, 2024Hindi

Hello, I would like to know Crypto currency taxation slabs and rules

Ans: 01. Crypto Currency or Virtual Digital Assets are taxed @ 30% + SC + HEC.
02. Tax Rate remains the same whether it is reported under any head of Income, i.e., Capital Gains or Business Income or Other Income.
03. Ant loss under this head cnanot be set-off against under other heads of Income or even other transactions, under the same head of Income.
04. If reported under Capital Gains, benefit of Indexation is not allowed.
05. Except Cost of Purchase, no other expenditure is allowed as deduction, like Cost of Improvement or Transfer expenses etc.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 02, 2024

Question by Sampath - Aug 07, 2024Hindi

Dear Sir, We have inherited a property in Bangalore. The property was in my Mother's name who attained lotus feet last November. This is a bit complicated situation. 1) The actual payment for the property was done in 1998. 2) The property registration in My Mother's name was done in 2016. The value of purchase in 1998 was 6 Lacs. Renovation and modest addition is approx. 6 Lacs. 3) The property in now co owned by self and Brother. 4) We have a sister who has signed release deed. 5) The current market rate is approx. 1.7 Cr. My question is, 1) If we sell, can we ask the buyer to make separate payments to the two of us? 2) We intend to pay our Sister (resident of Australia) some portion of the recievables. Can we ask buyer to make separate payment to her? 3) We have an existing home loan which we intend to close using the money. 4) How will the LTCG role out in this situation? Also as of today there is an amendment that we can chose either 20% with indexation or 12.5 without indexation. Which is the right one to chose? Request your valuable guidance, please.

Ans: I offer my following suggestions for your points of concern :
01. The Buyer will make payment to the owner of property. Has property been transferred in favor of both of you ?
If Yes, then he shall make payment to both of you, separately, as desired by you.
02. The buyer should not make any direct payment to your sister.
After receiving the sale proceeds, both of you, may Gift some amount to your sister. It will be a separate transaction. Please note that your sister will not have any income tax implications, in case of gift from brothers.
03. You are free to use the sale proceeds of property in any way, even for re-payment of housing loan.
04. You need to work out LTCG in both ways, i.e., 20% with Indexation & 12.50% without Indexation. You may choose the option, in which you tax liability is minimum.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 02, 2024

Asked by Anonymous - Oct 31, 2024Hindi

Hi, I am an NRI based in Dubai. I want to purchase equities and derivatives in the US markets. I currently have an account with IBKR which I use to buy Ireland domiciled ETF's. What tax liabilities do I have to the US Income Tax department if I buy and sell equities, derivates in US market ?

Ans: As per details provided, you are NRI intend to make Investments in USA and presently have investments in Ireland.
Since there is no income, earned or received in India, you are not subject to Indian Income Tax. Please refer to Income tax provisions of USA in this connection.
Most welcome for any further clarifications regarding Indian Income Tax Rules. Thanks.

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Answered on Oct 30, 2024

Question by KP - Oct 19, 2024Hindi

Hello Sir, could you please help me understand? If I sell a property, can I split the money and invest in more than one property within 3 years of the sale and avoid paying tax?

Ans: You can invest in maximum of two properties only to avail tax exemption, subject to the following conditions :
01. LTCG does not exceed Rs.200.00 lakhs,
02. This is a ONCE IN LIFETIME benefit, which shall not be available in future.
Most welcome for any further clarifications. Thanks.

Asked on - Nov 01, 2024 | Answered on Nov 02, 2024

Thank you Sir for your answers, I will ach as suggested.

Ans: Thanks.

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Answered on Oct 30, 2024

Question by Visu - Oct 20, 2024Hindi

I am 60, minimalist, free from financial and family commitments. Self dependent and with self discipline. Maintaining good health with no ailments. My average medical expenses per year is zero. I have mediclaim policy for last 20 years with no claim, the present mediclaim coverage including top up value is ?.25 lacs. Do I really need medical insurance or can I reduce the coverage by suspending the top up policy.

Ans: 01. You may not go for further Mediclaim coverage, since Rs.25.00 lakhs is a reasonable good amount for medical treatment.
02. Keeping in view the rising cost of Medical treatment, you should not reduce your coverage.
Most welcome for any further clarifications. Thanks.

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1

Answered on Oct 30, 2024

Asked by Anonymous - Oct 22, 2024Hindi

I am 78 yrs old . I own a land with my 3 brothers who aren't alive any more. They are succeeded by their children. The property is supposed to get sold at 3 crores. So I would get 75 lakhs approx. I have two sons who are working in different companies. Can you please suggest ways to save tax on the LTCG ? I am open to include my sons and my wife in the transaction if that allows to save tax. I don't want to invest in property anymore.

Ans: 01. You are liable to LTCG on your share of sold property.
02. Involving your sons & wife won't help from i.tax point of view.
03. If you don't want to invest in property anymore, you may purchase Capital Gain Bonds u/s 54(EC) from REC or NHAI etc., up to a maximum limit of Rs.50.00 lakhs.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 30, 2024

Question by Megha - Oct 21, 2024Hindi

Dear Khuranaji, I am plaintiff in a court case over inheritance of properties owned by my deceased parent. The court case is about to go to trial stage. Other party(my close blood relation) is interested to do an out-of-court settlement. I would like to know what would be the tax implications on me upon accepting some X amount from the other party as part of the settlement so that it can help me arrive at a figure from my end. Currently I am not working but do have income from FDs etc. Thanks & regards, Anonymous

Ans: In this case it is a family settlement over inherited property.
Any amount, which you get out of family settlement will not be taxable under Income Tax. It is because, this is not your income but share of property of your parents.
It is advisable to avoid court cases, since it takes too long to settle & then the same can be challenged in higher courts.
Most welcome for any further clarifications. Thanks.

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1

Answered on Oct 30, 2024

Question by Sunil - Oct 01, 2024Hindi

Hi, I am purchasing a new flat for which I am taking a home loan. At the same time, I have a flat which I want to sell. Once the flat is sold I will use the proceeds to repay the home loan. Am I exempted from LTCG and till whattime I can sell this flat? What will be considered as date of purchase, as the registration will be immediately while possession is after 3 years.

Ans: Kindly ensure that there should not be a gap of more than one year from the date of Registration of Flat you are purchasing & the date of Sale of Flat (which you intend/want to sell). This is a condition, if you want to avail exemption u/s 54.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 30, 2024

Asked by Anonymous - Oct 27, 2024Hindi

My father bought a property in the year 2010 in 12lakhs . After his death in 2024, me and my mother sold the property at 40 lakhs through legal heir certificate. My question is do we both need to file ITR or if is it ok if any one of us does it? My mother is a housewife . She has never filed ITR

Ans: Both of you are supposed to file ITR separately, declaring LTCG (50% in each case). Your mother has ever filed an ITR or not, does not matter.
Most welcome for any further clarification. Thanks.

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Answered on Oct 30, 2024

Question by Vikas - Oct 28, 2024Hindi

Hi, my and my daughter (minor) PPF accounts with post office are maturing on 22nd Feb 2024. Question 1 : Can we withdraw funds on 1st April 2025? Question 2 : Can the maturity proceeds for my daughter turning 18 years on 4th April 2025 be paid to my account as her guardian if i apply to withdraw the funds before 4th April 2025?

Ans: 01. Yes. You may withdraw the amount from PPF Account in April,2025.
02. It is advisable to withdraw the amount from your daughter's account after 04.04.2025 (the date when she gets maturity). In this case amount will straight go to her account.
03. If however, you want to withdraw the amount after maturity of PPF Account, BUT before she attains majority, then the amount shall go to a saving account in her name, with your guardianship.
Most welcome for any further clarification. Thanks.

Asked on - Nov 11, 2024 | Answered on Nov 12, 2024

Thanks for your answer. I made a mistake in my question. The PPF account with post office is maturing on 22 February 2025 and not 22 Feb 2024. In this case, can i withdraw the amount before the end of financial year 31st March 2025? Thanks I understand from your answer above that maturity proceeds for my daughter either before attaining 18 years or after attaining 18 years will go to bank account in her name.

Ans: Change of date shall not effect my suggestion. You would be withdrawing the amount after maturity of PPF Account, but before your daughter get major. Your this doubt has already been replied in my previous response.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 26, 2024

Asked by Anonymous - Oct 06, 2024Hindi

I will be selling my land and thus there will be ltcg of abt 20 lacs. By calculation of 12.5%, the tax will be 2.5 lacs. 1. I am a sr. Citizen of 70+. At what time am I supposed to deposit this tax with Govt? 2. How can I save the tax? Thnx

Ans: 01. Being a Senior Citizen, you may deposit this tax till the last date of filing of ITR (Most likely it would be 31st July, of the assessment year).
02. It would be better, if you deposit the tax earlier, after sale of Asset, so that interest payment is avoided.
03. You can save LTCG tax, by investing in Residential house property within time limits or by purchasing Capital Gain Bonds for this purpose.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 26, 2024

Asked by Anonymous - Oct 23, 2024Hindi

Can a officer assigned in faceless scrutiny in income tax contact thru his means for favour

Ans: Normally not. If he does so, it would be an illegal act.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 18, 2024

Question by Chandran - Oct 07, 2024Hindi

After a period of hospitalization, a Pensioner with taxable salary expired before filing the ITR. As per a regd Will, the heir took initiatives and as a preliminary act, the death certificate was submitted in the bank and the pension was stopped. Now to clear the formalities, the bank is asking for legal heir certificate(LHC) from the revenue dept. The revenue department is asking for the original registered Will in order to issue the LHC. The Will is in the above bank locker and the Bank will not allow to open and take out the original Will unless the LHC is produced. The Bank has also declined to provide the Form16 and Form 16A which would have helped in filing the already belated ITR for FY23-24. In short, the apparent heir is trapped in a "Chakravyuh". Is there any way out? Please advise.

Ans: 01. Please find your father's tax details from Income Tax site (AIS, TIS & Form 26AS). Add the details which you have from his bank accounts & other relevent documents available with the family.
Compute his Income Tax liability & pay tax on his behalf.
This will clear your tax liability.
You also need to file his ITR, as a representative assessee. However, this may require certain formalities, if you can complete. Otherwise, wait for the registered will & then proceed.
02. You can get a copy of Registered WILL of your father, from the Registrar's Office, where it was Registered. You can then proceed further to process/settle your other issues.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 18, 2024

Asked by Anonymous - Jul 12, 2024Hindi

Dear Sir, I am running a proprietor firm registered under GST and trading in Office stationery. I have a query. When I supply items to registered gst clients, I add my profit amount to the cost price of the item and then add required gst amount to it. This is normal and clear to me. But, recently, I got to sell items to a school which does not have gst number and does not come under ambit of gst. So, I have to supply items with zero gst added to the final product price. In such a transaction, how I will calculate my profit margin and what will be tax implication for my firm. Pls advise. Thanks.

Ans: Any material supplied to Un-Registered Dealer (in this case School), is liable to pay GST, which you add in your Bill/Invoice.
Your bill should be with GST as applicable. School is obliged to pay you inclusive of GST.
School is not under the ambit of GST means, any supplies from school to the children is not subject to GST.
How to adjust your profit is your internal matter & has noting to do with GST.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 18, 2024

Asked by Anonymous - Oct 17, 2024Hindi

Sir, It assessess Gift from uncle residential property jewellery and cash approximate value rs 1 crores received Question: Above Gift transaction taxability for it purpose

Ans: Gift from Uncle in blood relations, is not subject to Income Tax.
Most welcome for any further clarifications. Thanks.

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1

Answered on Oct 17, 2024

Question by Suryanarayana - Oct 06, 2024Hindi

I am retired at 58years not getting pension, as my employer is not cooperating, what's the procedure to get my EPS

Ans: You may contact the concerned Commissioner of EPF of your state. He should help you to settle your case.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 17, 2024

Asked by Anonymous - Sep 24, 2024Hindi

Sir I give a plot in jda 2019 jan take position on March 2022.but without completions certificate i sale the flat and purchase a new flat within 6 month. What tax will be?

Ans: 01. You purchased a Flat in January-2019 from JDA & took its possession in March-2022. Now, you would be selling the same, anytime after September-2024.
02. You would also purchase another Flat within 6 months of sale of first flat.
03. Yes. you can claim exemption on LTCG from the sale of first flat, against purchase of second flat. Purchase Cost of new flat should not be less than the LTCG from first flat.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 17, 2024

Asked by Anonymous - Oct 06, 2024Hindi

A father had sold an ancestral land few years ago and gave the money between his sons (both are above 18). This was considered as a gift. Now, father is asking the money back from his son. Are the sons required to return the money in this case?

Ans: Sons become owner of money when they received the Gift. Now, it is on them, whether to return the gift money or not.
Legally father cannot force them to return the gift BUT MORALLY, they should return the money and also take a good care of their father.
Most welcome for any further clarification. Thanks.

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Answered on Oct 17, 2024

Question by Rajesh - Oct 11, 2024Hindi

Hi I am 58 years old and having 30 lacs in e p f and 19 lacs in m f. of monthly 10 k sip. I am tax payer of 30% tax slab. Now we need 15 lacs from my investment. Please advise from where I withdraw the amount from m f or e p f.

Ans: I feel MF could be a good option in comparison to EPF. EPF keeps on giving you a stable & good Interest to take care of your retirement. You may withdraw the amount from MFs and again reinvest at any time in future, when you can afford.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 15, 2024

Question by HMP - Oct 13, 2024Hindi

Sir, Please give comparison between IT slab of Rs. 3 laks now common for General Citizens Vs Senior Citizens of 60+ years.

Ans: Kindly note the following difference :
01. IT Slab of Rs.3.00 lakhs for Senior Citizens is under OLD Tax Regime.
02. IT Slab of Rs.3.00 lakhs for General Citizens is under NEW Tax Regime.
Please note that under new regime, basic exemption limit of Rs.3.00 lakhs is for all Resident Individuals, irrespective of age.
Most welcome for any further clarifications. Thanks.

Asked on - Oct 15, 2024 | Answered on Oct 18, 2024

Any Standard deduction available for Senior Citizen of 60+ under new or old IT system.

Ans: 01. There is no Standard Deduction, specifically for Senior Citizens.
02. In case of Salary Income it is Rs.75,000.00, under new regime & Rs.50,000.00 under old regime. Please note that it is for all assesses (may be Senior Citizen or otherwise below 60 years of age).
Most welcome for any other clarification. Thanks.

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Answered on Oct 15, 2024

Question by Akash - Oct 13, 2024Hindi

my house indexed cost of acqusition (price ) is 50 lakh that bought 10 years ago that i am going to sell in 90 lakh but circle rate is 30 lakh what will be tax and stamp duty rule in india

Ans: 01. LTCG in this case would be Rs.40.00 lakhs (Rs.90.00 minus Rs.50.00 lakhs) & LTCG tax would be @ 20%.
02. Stamp Duty rule is a State subject & varies from state to state. Please verify the same from concerned registration authority of the state, where deed is likely to be registered.
03. With effect from 23.07.2024 you can also opt for LTCG with an alternative tax rate of 12.50%, without Indexation. Please check calculations under both options & decide.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 15, 2024

Question by PRAVEEN - Oct 15, 2024Hindi

Sir, i got huf pan. But heard that corpus building is tedious task as any gift amount above 50,000 is taxable. For huf basic exemption limit is 3 lacs in new tax regime. So, can i take 3 lacs gift from my father and show under huf exemption limit in itr as income? Thanks in advance. Any reply is highly appreciated.

Ans: 01. Your father can gift you Rs.3,00,000.00 without any tax implications.
02. You may in turn, gift the same amount to HUF, again without any tax implications. It has no connection with the Income or Basic Tax Exemption Limit of HUF.
MOst welcome for any further clarifications. Thanks.

Asked on - Oct 25, 2024 | Answered on Nov 04, 2024

Thanks for your reply sir. Understood that karta can donate any amount to huf but any income generated by that amount will be taxable in hands of karta. Then no use of gifting amount. Thats why my plan is to take gift from other persons upto max 3 lacs per annum and show it as income in itr. As basic exemption limit is 3 lacs, no tax to be paid. Like that in 2 to 3 year 10 lakhs corpus will be created. Then i can generate income by investing in stocks, fds

Ans: 01. You are justified in concluding that any amount donated by karta, will be subject to clubbing provisions u/s 64 of Income Tax Act.
02. Any gift from other sources (other than relative) is exempt up to a maximum of Rs.50,000.00 in a year. You may proceed in the way you have suggested.
Most welcome for any other clarifications. Thanks.

Asked on - Nov 05, 2024 | Answered on Nov 08, 2024

Sir thanks for valuable reply. My friend also told that karta can give interest free loan with an intention of repayment. Is this true? Can i give loan like that through loan agreement. Did my huf have to show loan amount in itr under any section. And my final doubt is if my huf repays loan amount to me, did i have to show it in my itr as it is only principle received without any interest.

Ans: 01. Karta may give loan (with Interest or Interest Free) to HUF, which shall be returned after some time, but through banking channels only.
02. In case of Interest on this loan, the Interest part can be claimed as expenses (deduction) from the Income generated by HUF.
03. These transactions need to be disclosed in both ITRs (of Karta & HUF's).
Hope this clears all your doubts. However, most welcome for any further clarifications. Thanks.

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Answered on Oct 15, 2024

Question by Umesh - Oct 15, 2024Hindi

Sir, My annual income in I T return after deduction is only 1.5 lakhs due to bank intrest. Now i sold 300 shares which we purchased way back in 1996. LTCG is rs.3 lakhs after waiver of rs 1.25 lacs. With this my annual income is still below taxable limit as per I T norms Do I have to pay any LTCG tax ?

Ans: 01. As per details provided of the Income, your total Income is not below Taxable Limits & you shall pay tax, as per calculations.
02. However, you should also check tax calculations as per new regime. This is not possible for me, since you have mentioned your annual income after deductions.
Most welcome for any further clarifications. Thanks.
02.

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Answered on Oct 11, 2024

Asked by Anonymous - Oct 11, 2024Hindi

Hi , i own some ESPP shares and would like to sell. I hold them for more than 5 years. I wanted to know if after selling can i offset the tax liability by investing the proceeds in real estate ?

Ans: 01. You can offset your LTCG tax liability by investing the proceeds in Residential house property.
Exemption u/s 54-F is available only, if you construct a residential house, with in specified time (3 Years). Alternatively, you can also purchase a constructed house, 1 year before or 2 year after earning LTCG.
Most welcome for any further clarification. Thanks.

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Answered on Oct 11, 2024

Question by Rohit - Oct 11, 2024Hindi

How much profit as part of LTCG is tax exempted in 1 year . Is Pricipal amount also taxed?

Ans: 01. LTCG is exempt to the extent of Rs.1,25,000.00 only from the F/Y 2024-25, BUT in case this LTCG is from Sale of Securities.
02. LTCGs from any other source is taxable, without any exemption.
03. From Principal amount, if you mean amount invested, then it is not taxed, because it is not your income but investment.
Most welcome for any further clarification. Thanks.

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Answered on Oct 11, 2024

Asked by Anonymous - Aug 09, 2024Hindi

Sir, I have purchased a flat for 3L in 1998. I want to sell it at 27L. I purchased a house in gated community for 45L through loan through installment during period 2011-19. In 2019, sale deed (conveyance deed) was handed over by society. Can I repay the outstanding home loan partially from the flat sale. Will it attract LTCG tax. If yes, How to reduce the tax. Buyer has intention of taking loan upto 20L. Please guide.

Ans: 01. You are selling the Flat in 2024, which you purchased in 1998. LTCG on it shall be due in 2024 only.
02. Since you purchased a flat during the period 2011-19 in installments, i.e., before one year from the date of sale of flat in 2024, you are not entitled to exemption u/s 54.
03. You can repay your loan from the amount you received from sale of flat, but it will not entitle you for any exemption.
04 Buyer may take a loan or not, it is none of your business & has not tax liability for you.
05. To reduce your tax liability, you may invest in purchase/construction of residential property, with in specified time limits or invest in Capital Gains Bonds Scheme of NHAI or REC etc.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 11, 2024

Asked by Anonymous - Aug 09, 2024Hindi

Hi I transferred some money to my wife and in her d mat account purchase share, now LTCG how pay in her account, can I show transferred money as gift to her, If I want want to purchase land to save tax, in which name we need to purchase, please advise

Ans: 01. Yes. You can show the amount transferred to wife's account as Gift, BUT in that case LTCG of wife will be clubbed with husband's income u/s 64.
02. In this case it is advisable to treat amount transferred to wife as a LOAN. All LTCG tax liability will be in wife's account.
03. Amount of loan may be received back from wife, after some time, may be with token interest.
04. Exemption u/s 54-F is available only, if you construct the residential house on purchased land, with in specified time (3 Years). Alternatively, you can also purchase a constructed house, 1 year before or 2 year after earning LTCG. However, in this case property shall be purchased in the name of your wife.
Most welcome for any further clarification. Thanks.

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Answered on Oct 05, 2024

Asked by Anonymous - Sep 28, 2024Hindi

Sir, It assessess Mr .A leased land to Mr.B for year 2020 to 2024 leased period and Mr.B leased land construction for year 2021 .but Mr.A land leased building selling to Mr.C year 2024 . Question: Above transaction capital gains tax applicable person in it act.

Ans: 01. LTCG shall be worked out for "A", based on the Sale amount & its Cost. If he pays any amount to "B" for construction of building, it shall be added in to "A"s cost.
02. In case of "B" Tax Liability shall be, of the total amount he receives, either from "A" or sub-lease holder minus his cost, what ever it is.
Hope this clarifies. However, most welcome for any further details. Thanks.

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Answered on Oct 05, 2024

Asked by Anonymous - Sep 28, 2024Hindi

Sir, A person (landowner) land leased to another person (tenant) leased period from 2010 to 2030.but tenant leased land construction building year:2015 and landowner selling of leased land along with construction building to another person year 2024. Tenant leased period due for 6 years Question: Above mentioned selling transaction capital gains tax applicable for landowner or tenant in it act

Ans: 01. LTCG shall be worked out for Landowner, based on the Sale amount & its Cost. If he pays any amount to the tenant (lease holder), whose lease period is still 6 years left, shall also be included in the cost to the landowner.
02. In case of Tenant (lease holder) Tax Liability shall be, of the total amount he receives, either from Landowner or sub-lease holder minus his cost, what ever it is.
03. This situation has many legal issues, Like Whether Tenant was authorized to Sub-lease the property & that to for construction purpose, without any written approval from the landowner .
Legal status of the tenant is also questionable, if he does not had the authority to sub-lease the property. Lease agreement may stand terminated, if the tenant does not full fill its conditions. These aspects need a legal opinion. However, tax ability shall remain on the basis of above 2 points only.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 05, 2024

Asked by Anonymous - Oct 03, 2024Hindi

I was allotted free shares as if nonud shares. If I sell, what is the capital gain tax on it? At what rate? Thank you.

Ans: 01. Cost of shares sold would be treated as zero, since you have not paid any amount to acquire these shares. Keeping cost as zero, Capital Gain shall be worked out (Long Term is assumed). Tax rate in this case should be 12.50%.
Most welcome for any further clarifications. Thanks.

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Answered on Oct 05, 2024

Asked by Anonymous - Oct 04, 2024Hindi

Hello Sir, i am 42 years old, got duped due to online scams and lost about 20 lakhs, currently earning 110000 per month, to clear the debt took PL and I have a housing loan as well of 14 lakhs which is already 3 years passed. i am doing a sip of 2k and now its about 1.87 lakhs and my PF is about 9 lakhs, doing bajaj policy 3k and 2k market like policy.. apart from these I don't have any other savings. my goal is to clear my debts soon. any suggestions on how to do that. let me know if there are any questions that you need.

Ans: 01. You first try to settle your PL (Personal Loan), because its rate of Interest is high, as compared with Housing Loan. Second reason is that you get certain exemption against re-payment of housing loan.
02. You may further discontinue you SIP and funds in it may be utilized for payment of loan.
03. Kindly review your investment in Bajaj Policy & other market like policy, to further arrange funds for repayment of P/Loan.
Hope this will ease your situation. However, Most welcome for any further clarifications. Thanks.

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Answered on Oct 05, 2024

Question by Vdn - Oct 04, 2024Hindi

If i sell my site this year bought in 1989, hw much capital gain tax i have to pay

Ans: 01. Any gain arising from sale of site shall be Long Term Capital Gain.
02. You may opt any of the options (in case of Long Term Capital Gains), as under :
(01). Tax Rate 12.50% without indexation OR
(02). Tax Rate of 20% in case of Indexation.
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.

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Answered on Oct 04, 2024

Asked by Anonymous - Oct 01, 2024Hindi

If a sister transfer her self acquired property to his brother with release deed (transfer in blood relation). and the brother transfer it to his son release deed (transfer in blood relation). Then after few years (8-9 years) the sister wish to claim back her property and somehow his brother agrees, will the son loose his rights on that property?

Ans: Property once gifted through release deed, cannot be taken/claimed back, as a matter of right. Presently, brother's Son is the owner of Gifted property. He only is the deciding factor. If he agrees, he may gift the same property back to his father or father's sister.
Most welcome for any further clarification. Thanks.

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Answered on Oct 04, 2024

Asked by Anonymous - Oct 04, 2024Hindi

My daughter is an NRI in Dubai she had bought an residential apartment Now she wants to transfer the same to me ie her father Would like to know what is the best way to transfer Gift deed or any other option Would stamp duty be applicable Property is around two CR and in gurgaon

Ans: Your daughter can Gift the property to you. Gift deed should be executed, so that property is transferred in your favor. Applicability of Stamp Duty is a state matter & the same varies from state to state, you may refer to Haryana Govt. rules for this purpose.
Most welcome for any further clarification. Thanks.

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