T S Khurana

Answered on Jan 02, 2025

Question by Pravin - Nov 16, 2024Hindi

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

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

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Answered on Jan 02, 2025

Question by Prominent - Nov 15, 2024Hindi

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

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

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Answered on Jan 02, 2025

Asked by Anonymous - Nov 12, 2024Hindi

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

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

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Answered on Jan 01, 2025

Question by HEMANT - Dec 29, 2024Hindi

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

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

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Answered on Jan 01, 2025

Question by Javed - Dec 29, 2024Hindi

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

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

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Answered on Dec 31, 2024

Question by Ramanand - Dec 23, 2024Hindi

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

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

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Answered on Dec 31, 2024

Question by Vishal - Dec 14, 2024Hindi

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

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

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Answered on Dec 31, 2024

Question by Gurdevinder - Dec 09, 2024Hindi

How can I Legally Transfer Money to My Granddaughters?

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

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Answered on Dec 28, 2024

Asked by Anonymous - Dec 27, 2024Hindi

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

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

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

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

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

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Answered on Dec 25, 2024

Question by Venkatraman - Dec 04, 2024Hindi

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

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

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Answered on Dec 23, 2024

Question by Jacob - Dec 23, 2024Hindi

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

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

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

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

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

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Answered on Dec 23, 2024

Asked by Anonymous - Dec 23, 2024Hindi

Inheritance Tax Liability for Senior Citizen Gifting 1.2 Crore

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

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Answered on Dec 21, 2024

Asked by Anonymous - Nov 22, 2024Hindi

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

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

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

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

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

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Answered on Dec 21, 2024

Question by SA - Nov 11, 2024Hindi

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

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

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Answered on Dec 21, 2024

Asked by Anonymous - Dec 19, 2024Hindi

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

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

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Answered on Dec 21, 2024

Asked by Anonymous - Dec 21, 2024Hindi

Property Inherited in Mumbai - Capital Gains Tax Question?

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

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Answered on Dec 20, 2024

Asked by Anonymous - Dec 19, 2024Hindi

PNB employee: How to transfer NPS from old employer without PRAN?

Ans: I feel you should consult your previous employer or even present employer & they should readily help you to settle your problem.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 16, 2024

Question by Rahul - Dec 13, 2024Hindi

5-Year Tax-Saving Scheme for Seniors: Maximize Your Savings in Public Sector Banks (AY 2025-2026)

Ans: Its limit is Rs.1,50,000.00 u/s 80.C.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 06, 2024

Asked by Anonymous - Nov 08, 2024Hindi

IN THE YEAR 2022-23 I SOLD SOME SHARES IN LOSS. SOME 1.50 LAC LOSS WAS THERE. THIS LOSS CAN BE CLAIMED FROM LTCG TAX?

Ans: 01. Kindly mention, whether this was a STCG or LTCG.
02. You may set off STCL against any of the STCG or LTCGs. However, LTCG can be set off against LTCG only.
03. Loss can be carried forward for a period of 8 years, provided you have filled your ITRs.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 06, 2024

Asked by Anonymous - Nov 09, 2024Hindi

Can I Claim Car Expenses and Depreciation for My Individual ITR?

Ans: 01. Your question is not very clear. What I understand is :
You are Getting Salary from a Partnership Firm. You are incurring some expenses on your personal Car maintenance, which is also being depreciated & on your domestic servants also.
You are liable to pay Income Tax on your Salary from the firm, while no deduction would be allowed for Car maintenance & its depreciation etc. How ever you won't be entitle to Standard Deduction from Salary, since your salary income would be taxable under the head "Business or Profession".
Most welcome for any further clarifications. Thanks.

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Answered on Dec 06, 2024

Question by MCF - Nov 11, 2024Hindi

Will I Get Taxed on Selling Recently Purchased Agricultural Land?

Ans: You are free to sell the agriculture land & it has got nothing to do with the Sales Tax Department. Please note that now, there is no Sales Tax but GST only.
02. You have to file your ITR for the period in which you sell the land, showing whatever, LTCG or STCG is there, after paying the tax worked out in your ITR.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 06, 2024

Question by Alok - Oct 25, 2024Hindi

Sold My Flat & Started Building a House - Can I Repay My Loan & Save on Taxes?

Ans: 01. You may pay off the housing loan & claim exemption u/s 54, BUT construction of house should be completed with in a period of 3 years from the date of sale of Flat (September,2024).
Most welcome for any further clarifications. Thanks.

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Answered on Dec 06, 2024

Question by - Oct 24, 2024Hindi

New Flat Owner Asks: When Can I Sell for Long-Term Capital Gain?

Ans: 01. You have purchased the Flat in 2011.
02. SC has ordered you to pay Maintainence Charges of Rs.35.00 lakhs for the last 12 years. This means that SC has also accepted your ownership over the Flat for 12 years.
03. You may sell this flat if you want & it will generate LTCG, since it is owned by you for more than 2 years.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 13, 2024 | Answered on Dec 16, 2024

The maintenance portion of Rs 35 lakh is only Rs 1 lakh and it is equal to 20 month maintenance only, So if i keep the flat for 4 months after registry will i get benifit of LTCG

Ans: Please ensure at least 2 years ownership ( valid Documentary proof) over he flat before you sell it, to ensure that its gain is covered in LTCG.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 05, 2024

Asked by Anonymous - Oct 02, 2024Hindi

Sold plot in June '24: When to show LTCG in ITR?

Ans: You have to show your LTCG for plot sold in June-2024, in the ITR to be filed for F/Y-2024-25 (A/Y-2025-26).
Most welcome for any further clarifications. Thanks.

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Answered on Dec 05, 2024

Asked by Anonymous - Sep 17, 2024Hindi

Friend Loan Tax Deduction: 5 Lakhs for New House

Ans: 01. There seems no problem, if you avail a loan of Rs.5.00 lakhs from a family friend, by cheque or other banking channels, there will be no Tax Deduction nor any tax would be payable on it, since it is not your income but a valid loan. It is advisable, if you pay some interest on this amount also, may be at the time of repayment of loan.
02. Please ensure to repay, this amount (Basic+Interest, if any), using only banking channels, after some time.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 05, 2024

Asked by Anonymous - Aug 31, 2024Hindi

Confused Seller: Can I Use My LTCG to Pay Off Another Flat's Home Loan?

Ans: 01. You can pay off your home loan from the amount received by selling a Flat or spend the amount in any manner, there is no bar.
02. But you have to pay tax on LTCG generated by selling the Flat.
03. If you repay the home loan of another Flat, this Flat should have been purchased with in time limit of "ONE YEAR BEFORE THE SALE OF OTHER FLAT". This time line is important, to avail the tax benefit. Beyond that limit you cannot claim any exemption of any payment of home loan.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 05, 2024

Asked by Anonymous - Dec 01, 2024Hindi

How Much Tax Will I Pay Selling My Inherited House for 9 Crore?

Ans: 01. In this case you would be subjected to LTCG (Long Term Capital Gains) tax. You have provided partial details, as such, exact working cannot be given. However, its Rates have been mentioned as under :
(A). Under present provisions of Income Tax Act, you may opt any of the options (in case of Long Term Capital Gains), as under :
A.01. Tax Rate 12.50% without indexation or
A.02. Tax Rate of 20% with 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 Dec 04, 2024

Question by an - Dec 03, 2024Hindi

NRI Renting to Bank Employee: What TDS Certificates to Claim in ITR?

Ans: 01 Bank shall provide you Form 16 of your TDS deductions. Moreover, data regarding TDS Deducted would also be available on site (Form 26AS, AIS, TIS). You are entitled to claim this TDS in your ITRs filed for the period.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 04, 2024

Question by jigar - Dec 03, 2024Hindi

Will my wife and child inherit my 50% share of the flat after my death?

Ans: 01. Your 50% share in the Flat can be claimed by your Wife & Child, in case of any misfortune happening.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 04, 2024

Question by SALIL - Dec 03, 2024Hindi

Long-time contractor's name removed and reinstated: Will it impact my pension?

Ans: 01. Pension benefits are more when you have a Regular Service, without any break. If they have considered this health leave, the service should continue. You need to sort out this issue with the management for your long term benefits.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by Chandran - Aug 28, 2024Hindi

Lost Password to Tax Filing of Deceased Relatives Pension. How to Proceed?

Ans: 01. First of all, Collect Form 16 from the bank & calculate your tax liability for the period under reference.
02. Pay the tax due, which does not require any login etc.
03. Penalty of Rs.5,000.00, will have to be paid. However, you may defer the same till filling of ITR.
04. If phone number is still active, you may try to generate password by using the option of "FORGOT PASSWORD."
05. Ultimately, Representative Assessee, shall be will fill the return by getting it approved by IT -Department. This may require certain formalities to be completed at your end.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by Kiran - Nov 30, 2024Hindi

Misissued PAN Card: How to rectify and avoid tax return filing issues?

Ans: 01. File your ITRs regularly against old PAN. You can EVC through your bank accounts also, where old pan has been mentioned. Alternatively, you may forward ITR-V duly signed to Bangalore, after filing your ITR.
02. You may try the Option of visiting Aadhar Facilitation Center & request them to change your PAN linking with aadhar, by replacing your PAN number.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Asked by Anonymous - Nov 30, 2024Hindi

Where to Start Your New Life: Finding the Perfect Country and City for You

Ans: What is your question ? Please be specific for reply.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by Sivasatyanarayana - Dec 03, 2024Hindi

Forgot PF Account Details: How Can I Withdraw My PF Money?

Ans: Please visit or contact your old employer or PF Commissioner to settle your problem. You can always claim your dues, without any hitch. However, it may cost you a couple of visits to the office.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by Pranav - Dec 02, 2024Hindi

Indian Expat in Saudi Arabia: Tax on Savings Account Transfers?

Ans: No. This is not your income, hence it is not taxable in India.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by Vishesh - Dec 02, 2024Hindi

Got a Refund, Now Owe Taxes? Confused Teacher Needs Help!

Ans: Whatever is reflected in 26AS, you can always pay as much tax as you want, without any problem.
Please check your revised ITR again & then proceed to pay tax. This would ensure correct picture.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Question by sreekanta` - Dec 02, 2024Hindi

Loan woes and tax trouble: How can I help my brother?

Ans: 01. Please refer to the notice you received from IT department. Act accordingly.
02. Henceforth, file your Income Tax Returns on regular basis, whether income is more or less.
ADDITIONAL INPUT :
This is a case of WRONG PLANNING & UN-NECESSARILY AVOIDING TAX LIABILITY. Needs corrective measures.
03. Cheque bounce case should also be filed. Please note that Cheque bounce in case of sale of property may lead to cancellation of Sale Deed, if cheque numbers have been mentioned in the Registered Deed.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 03, 2024

Asked by Anonymous - Jun 14, 2024Hindi

20-Year-Old Starting First Job: How to Maximize Savings and Reach a 1 Crore Investment Goal?

Ans: 01. Income Tax bracket, which you have mentioned would attract Income Tax.
02. You may plan your tax by Investing in Tax Saving Schemes u/s 80-C ( LIC, Tax savings FDRs, some Post Office Schemes, PF, NSC etc.), Mediclaim Policy, Pension Schemes etc. Besides, if you take a housing loan for purchase or Construction of house - its Interest Paid & Repayment of Principal). some exemption would also be available for Education Loan etc.
It depends upon you, how you plan your future. You may choose the tax saving options accordingly.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 02, 2024

Question by yashpal - Aug 22, 2024Hindi

Senior citizen: Tax on LTCG exceeding Rs. 1.25 lakh?

Ans: 01. If your total income does not increase Rs.5.00 lakhs, you won't have to pay tax, since tax rebate u/s 87 would be available to you.
02. You total Income is Rs.5.40 (1.20+1.20+3.00) lakhs. If exemption of Rs.1.25 lakhs from LTCG has not been considered in above calculations, there will be no tax. Otherwise Tax liability would be there.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 02, 2024

Question by RG - Nov 30, 2024Hindi

How Do I Stop Unwanted Emails in My Rediffmail Account?

Ans: You may un-subscribe the source from where you are receiving the mails.
Most welcome for any further clarifications. Thanks.

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Answered on Dec 02, 2024

Question by S - Nov 30, 2024Hindi

Purchased a Flat in 2013 for 27 Lakhs, Reselling for 34 Lakhs: Capital Gains Tax and Loan Deposit Queries

Ans: 01. As per details provided by you, there is a LTCG of Rs.7.00 lakhs. LTCG can be calculated in either of the 2 following methods :
(a). Rs.7.00 lakhs @ 12.50% Rs.0.87 lakhs., OR
(b). Rs.27.00 lakhs indexed (at Rs.363/220) as Rs.49.00 lakhs. There would not be any LTCG tax, instead it would be a loss, (No Tax).
02. You should go for the second option above & file your ITR, declaring full facts of the transaction.
03. You may spend the Sale proceeds, in any way you like.
Most welcome for any further clarifications. Thanks.

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1

Answered on Dec 02, 2024

Question by Shivani - Dec 01, 2024Hindi

Can I avoid paying tax when selling my flat and plot to build a house?

Ans: You may sell your Flat 7 and residential plot & construct a new house. You would be eligible for exemption u/s 54 for the amount of either of the following :
(a). LTCG on Sale of Properties or
(b). Amount spent on construction of house.
Besides time line is very important. Construction of house should be complete with in a period of 3 years from the sale of properties.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 02, 2024 | Answered on Dec 03, 2024

SO, if i sell the house and plot build a house within 3 years of selling then I can get tax benefits on selling of both the plot as well as the flat? I am utilising the entire money which i got from selling the plot and the flat in construction of my new house

Ans: Yes. You would be entitled for exemption. Kindly watch timeline.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Oct 20, 2024Hindi

Selling and Buying a Flat with Changing Owner Sequence: Tax Implications?

Ans: LTCG generated by Selling the Flat would be admissible for exemption u/s 54, if you purchase another Residential Property in joint names of both of you (irrespective of first or second holder), with in time limits.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Question by Mathew - Oct 19, 2024Hindi

Property Sale Windfall: Taxes, Investments, and Black Money Advice for 8 Crore Profit

Ans: 01. This transaction would generate LTCG of big amount. You may calculate your LTCG with 12.50% without Indexation or 20.00% with Indexation. You can choose the better option.
02. The best way seems to Invest this amount in House Property, in which case your both Cash & Bank amounts will be absorbed. Besides Regular Income from this property (like Rental income etc.), Capital appreciation would give you substantial push. Another justification of this Investment would be to save big on LTCG tax.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Oct 15, 2024Hindi

325k Annual Income - How Much Tax Do I Pay?

Ans: Based on the data provided above, there shall be no Income Tax payable.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Nov 25, 2024Hindi

New Indexation Rule for Capital Gains: What Does It Mean for Me?

Ans: Under present provisions of Income Tax Act, 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% with Indexation.
You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
This is subject to the condition that the property is sold after 23.07.2024 & purchased before 23.07.2024 only. This is applicable to Resident citizens only.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Nov 25, 2024Hindi

How Do I Calculate Capital Gains Tax on a Property Acquired in Parts?

Ans: Please make your question clear to be replied properly.
Sorry for inconvenience.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Sep 09, 2024Hindi

Should I book a flat now for capital gains in 3 years?

Ans: I hope you are asking for exemption u/s 54/54F only.
To avail exemption you need to purchase a Residential property with in 2 years from date of Sale of asset/property. It would be better, if you can Register this Flat in your favor with in 2 years.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 30, 2024

Asked by Anonymous - Jul 21, 2024Hindi

Housewife living abroad: Do I need to submit IT?

Ans: 01. Since she has sold plot in India, there must be some Capital Gains, which are subject to Income Tax. So she needs to file her ITR in India.
Most welcome for any further clarifications. Thanks.

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Answered on Nov 29, 2024

Question by Afrid - Sep 16, 2024Hindi

10,000 Rupee Claim for 1 Lakh Deposit - Will I Get Full Refund?

Ans: It is not possible to suggest you any solution to your problem, with this half-baked information.
We don't know. Where your parents Invested, When they Invested, the Reasons for which, they cannot withdraw their money & How Government has stepped in to help you to settle your accounts ?
Kindly come out with full facts, if you need any suggestions.
Most welcome for any further clarifications. Thanks.

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