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Answered on Mar 05, 2025

Asked by Anonymous - Feb 23, 2025Hindi

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

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

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Answered on Mar 05, 2025

Asked by Anonymous - Feb 03, 2025Hindi

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

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

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Answered on Mar 04, 2025

Question by BHARAT - Feb 09, 2025Hindi

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

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

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Answered on Mar 04, 2025

Question by Ramesh - Feb 13, 2025Hindi

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How to Minimize Tax After Selling a Flat in India?

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

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 26, 2025Hindi

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

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

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Answered on Mar 04, 2025

Asked by Anonymous - Feb 26, 2025Hindi

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

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

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Answered on Mar 04, 2025

Question by Raj - Mar 04, 2025Hindi

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

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

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

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

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

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

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

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

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Answered on Mar 03, 2025

Question by SANNAT - Feb 28, 2025Hindi

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

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

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Answered on Feb 26, 2025

Question by Verky - Oct 23, 2024Hindi

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

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

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 25, 2024Hindi

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

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

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 29, 2024Hindi

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

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

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Answered on Feb 26, 2025

Question by Ashish - Dec 23, 2024Hindi

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Freelancer in India with foreign income: Confused about tax refiling

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

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Answered on Feb 26, 2025

Asked by Anonymous - Dec 20, 2024Hindi

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Flats in Chennai: Capital Gains Tax?

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

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Answered on Feb 26, 2025

Question by Bhaskar - Feb 26, 2025Hindi

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

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

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Answered on Feb 25, 2025

Question by kishor - Oct 25, 2024Hindi

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House on EMI, Old house not sold, Should I pay tax? - Confused Homeowner

Ans: If you sell your old house in January-2025 (Registered Deed), you will have to complete the purchase process (by getting it Registered in your name) of house (with 25% your share) with in 2 years from January-2025. This will enable you to claim deduction u/s 54 to save LTCG.
The exemption shall be available for Rs.55.00 lakhs (25% share in purchased property) or your LTCG on sold house, which ever is less.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Question by srinivas - Dec 26, 2024Hindi

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How can I withdraw PF from Capgemini (2017-2020) while unemployed?

Ans: If you had transferred your EPF account, your total PF deposit should appear in one account & you may withdraw the same. If new account was opened all the time, when you shifted your employment, then you need to seek your previous employers help to get the amount released.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Answered on Feb 25, 2025

Answered on Feb 25, 2025

Question by Bejoice - Feb 22, 2025Hindi

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Higher Pension Appeal Against EPFO and Employer: Can I Sue for Non-Remittance Proof?

Ans: If you want to opt for Legal action, you may keep in touch with an Advocate.
Alternatively, visiting EPFO or your previous employer, may yield some positive results.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Question by Prerna - Feb 23, 2025Hindi

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Long-Term Capital Gains on Equity Redemption - 30 Lakhs - How to Minimize Taxes?

Ans: 01. If you want to save LTCG then you should invest, total proceeds (gross amount received on sale of capital asset & not gain only) in a Residential house.
02. You have already purchased a plot & planning to construct the same. Please ensure that its Construction is completed within 3 years from the date of Redemption of MFs.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Question by SUJAY - Feb 24, 2025Hindi

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Exemption on FD interest for NRE under RNOR status?

Ans: When you are not enjoying the status of NRI, you won't be eligible for any tax exemption of Interest earned on NRE account.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Question by Anand - Feb 24, 2025Hindi

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Should I donate to PM relief fund to avoid surcharge on my income?

Ans: 01. Donations u/s 80-G (PM Relief Fund), are not admissible under New Tax Regime.
02. You may review the deductions claimed, if there is any further scope for any tax exemption.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 25, 2025

Answered on Feb 20, 2025

Asked by Anonymous - Feb 20, 2025Hindi

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Will I Have to Pay Tax on Capital Gains?

Ans: You are entitled to avail exemption for your investment in Residential house property & as per data made available, there should not be any LTCG liability in this case. Kindly ensure that, new property is Registered in your favor with in 2 years from the date of Sale deed of your sold property.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 20, 2025

Question by Hasmukh - Feb 13, 2025Hindi

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84 Years Old Seeking Advice on Tax Savings through Charity Donations of 10 Lakhs

Ans: Kindly note that benefit under section 80G (Donations made) is not allowed in the New Tax Regime.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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Young Business Owner in Apmc Partnership Seeks Capital Gains Tax Guidance

Ans: 01. Considering receipt of Rs.37,50,000.00 as Sale of your share in property/ premises, it would be LTCG in this case.
02. Amount of LTCG without Indexation is Rs.36,02,000.00 (Sale Rs.37,50,000.00 Less Cost Rs.148,100.00). Tax @ 12.50% is Rs.4.50 lakh app.
02. Amount of LTCG with Indexation is Rs.32.12 lakhs (Sale Rs.37,50,000.00 Less Cost Rs.5,37 lakhs {Index 100/363}). Tax @ 20.00% is Rs.6.40 lakh app.
03. You may go for the first option & plan your tax liability. You can invest in residential property to save LTCG tax.
04. Other option to save tax is to purchase Capital Gain bonds. However, investment in Real Estate is always better than other investment.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Question by Vilas - Feb 17, 2025Hindi

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2.5 Lakh Gain and 12 Lakh Salary: How Much Tax Will I Pay?

Ans: Your Tax under Old regime would be around Rs.1,80,000.00 & under New Tax Regime Rs.88,000.00, for the F/Y 2024-25.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Asked by Anonymous - Feb 17, 2025Hindi

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Selling Land and Buying Apartment: Does Unregistered Agreement Count for Tax Benefit?

Ans: The amount paid within stipulated period under agreement, through banking channels with receipts, shall be available for exemption u/s 54, even if possession is delayed.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Question by pundarikakshan - Feb 17, 2025Hindi

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Can I Use the Sale Proceeds of My Old Property to Buy a New One and Still Claim a Long-Term Capital Loss?

Ans: It is not mandatory BUT it is a requirement to avail exemption u/s 54, to invest your LTCG to save LTCG tax, .
Alternatively, you may also purchase Capital Gain Bonds, for the same purpose.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Question by Priya - Feb 17, 2025Hindi

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Selling a 4.8 Cr Property and Want to Save on LTCG? What are my Options?

Ans: 01. Index value is 100 as on 01.04.2001.
02. You may calculate tax under both options (with Indexation - 20.00% or without Indexation 12.50%) & decide the option, beneficial to you.
03. You may plan your Tax payment, by investing LTCG, either in any Residential Property or in Capital Gain Bonds.
Most welcome for any further clarifications. Thanks.

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

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Dear Sir, Would you be able to help in filing my LTCG? INDEXATION as on April 2001 would be 100? What would that mean Sir ?

Ans: 01. Indexation as on 01.04.2001 (F/Y 2001-02) is 100 & 363 for (F/Y 2024-25) means, the cost of Property shall be increased by multiplying with the factor 363/100. This will give you indexed value of your property for calculation of LTCG during the year. Supposing cost of your property was Rs.1.00 lakh as on 01.04.2001, it will now be treated as Rs.3,63 lakhs for LTCG calculation.
02. Sure. We shall support you filling your ITR. Whenever you face any problem, you are most welcome to write/mail us.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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Land sold for 243x its original value - What's my LTCG and tax liability?

Ans: This Question has already been replied.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Question by anand - Feb 18, 2025Hindi

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Investor Asks: Capital Gains Tax on Unregistered Property Sale?

Ans: There will be Short Term Capital Gain Tax.
STCG would be Rs.20.00 lakh (Sale Rs.80.00 lakhs Less Cost Rs.60.00 lakhs).
You would be executing Sale deed while selling the property, where as its Cost shall be reflected from your bank transaction of Rs.60.00 lakhs.
Its tax calculation would also depend upon other factors like your taxable income from other sources etc.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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Sold Flat for 1.38 Crores in 2025, Bought for 55 Lakhs in 2011: What's My Long-Term Gain Tax?

Ans: 01. Your LTCG without Indexation would be Rs.79.50 lakhs (Sale Rs.138.00 lakhs Less Cost Rs.55.00 lakhs+Improvement Rs.3.50 lakh).
LTCG @ 12.50% would be around Rs.9.94 lakhs app.
02. Your LTCG with Indexation would be Rs.10.84 lakhs (Sale Rs.138.00 lakhs Less Cost Rs.55.00 lakhs+Improvement Rs.3.50 lakh with Index 363/167).
LTCG @ 20.00% would be around Rs.2.17 lakhs app.
03. Please note that no benefit would be given for furniture etc.
04. You should go for second option.
05. You should also go for tax planning by investing the LTCG in some residential property or Capital Gain Bonds etc.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Question by Mahender - Feb 18, 2025Hindi

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80TTB applicable in new regime for AY 25-26?

Ans: Please note that provisions of section 80TTB are not applicable in New Tax Regime.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 19, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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Sold Property Before 2 Years: How to Reduce Short-Term Capital Gains?

Ans: 01. Holding period of property shall be calculated from the dale of Sale Deed & not agreement date.
02. There is no relief or deduction or exemption offered by the department in case of STCG form sale of property.
03. You may get some relief if your taxable income from all other sources is less than Rs.3.00 lakhs. Please note that this taxable income is Gross Income minus tax savings if any.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 18, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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What taxes should I pay on the sale of my property?

Ans: 01. Your loans, either Gold Loan or Personal Loan, shall have no impact on your income tax liability.
02. When you sell your property, you would be liable to pay LTCG (if you sell property after February-2025).
03. You should calculate LTCG without Indexation & pay 12.50%. This LTCG & tax liability can further be reduced by around Rs.3,00,000.00, since you have got no other income.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 18, 2025

Asked by Anonymous - Feb 18, 2025Hindi

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Ancestral Property Sale: Calculating LTCG and 54EC Bond Investment

Ans: 01. In your case, LTCG shall be Rs.12,10,000.00 (without Indexation) & Rs.11,96,850.00 (with Indexation).
02. You may go for Capital Gain bonds for Rs.12,00,000.00 to save your LTCG tax.
03. Please note that if your income from other sources is less than Rs.3,00,000.00, then your LTCG can be adjusted to some extent (to the extent of shortfall of your income from Rs.3,00,000.00).
Most welcome for any further clarifications. Thanks.

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Answered on Feb 17, 2025

Asked by Anonymous - Feb 14, 2025Hindi

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Can I claim improvement cost done by my brother on my property?

Ans: It is questionable to invest Rs.22.00 lakhs on improvement, on a Flat purchased for Rs.15.50 lakhs. Please note that Cost of certain movable assets or accessories i.e., TV, Fridge & Furniture etc., can not be considered as improvement (addition) to the Flat value.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 17, 2025

Question by Vilas - Feb 16, 2025Hindi

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Taxable Income of Rs 14.5 Lakh & Mutual Fund Gains - How Much Tax Do I Pay?

Ans: Please confirm, which Financial year you are referring ?
Most welcome for any further clarifications. Thanks.

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

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FY 2025-26

Ans: Your tax liability (under New Tax Regime) shall be as under :
01. Your Salary Income shall be Rs.11,25,000.00 after STD.Deduction of Rs.75,000.00.
02. Your LTCG from Securities shall be Rs.1,25,000.00 after Exemption of Rs.1,25,000.00.
03. Tax on these amounts shall be around Rs.70,000.00.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 17, 2025

Question by raghav - Feb 16, 2025Hindi

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Tax Saving Tips: How Can I Maximize My Savings with Rs. 24,000?

Ans: 01. In this case, Donations may be considered to reduce your tax liability.
02. Please ensure that you have considered exemption u/s 80TTA (Rs.10,000.00 in case of Resident Indian & Rs.50,000.00 in case of Senior Citizen), while working out above details.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 15, 2025

Question by Ramsamuj - Feb 14, 2025Hindi

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I want to save money for my daughters: 5 years for college and 8 years for future needs. Where should I invest?

Ans: I don't know the amount you want to invest.
If the amount is reasonable & you can find suitable Real Estate option, that will be best. Invest in that property, which yields you some returns and is likely to appreciate with the passage of time. It should be readily Salable also, so that the proposal ensures liquidity also.
Other options are Mutual Funds, Equity Shares, NSC, FDR etc. However, Mutual Funds (D-Mat based) may be more suitable in view of returns & easy handling of documents.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Question by Gvbk - Dec 04, 2024Hindi

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I want to sell my property: What's the capital gain tax?

Ans: LTCG with Indexation may result in a Loss (LTCL - Long Term Capital Loss) & hence no tax payable. You may opt for the same. It is however subject to the F/Y 2024-25.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Question by Divyadharshini - Nov 16, 2024Hindi

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Selling plot for house construction on son-in-law's land

Ans: You are correct. You cannot claim exemption u/s 54 in this case.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Asked by Anonymous - Feb 01, 2025Hindi

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Income ₹18 Lakh PA | Home Loan & 80C | Budget 2023: Which tax regime to choose?

Ans: Kindly make sure, that you are talking about above details for F/Y 2025-26 only.
Broadly speaking, New Tax Regime may be more suitable in this case.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Question by Rakesh - Jan 17, 2025Hindi

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My Updated Income Tax Return Shows Tax Payable Due to Interest U/S 234B: What Should I Do?

Ans: It seems a case of Advance Tax, paid late.
Kindly check whether your tax calculations are correct, with reference to Advance Tax Provisions ? If the demand seems correct after checking & also if the amount is not much, just pay of the demand & go ahead.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Asked by Anonymous - Feb 11, 2025Hindi

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Sold Property Below Circle Rate, Capital Gains Tax Question - Young Professional

Ans: No. You will have to calculate your LTCG based on the Sale Value of Circle Rate only. However, you may plan your tax savings, by investing in another Residential property or by Buying Capital Gain Bonds etc.
Most welcome for any further clarifications. Thanks.

Asked on - Feb 13, 2025 | Answered on Feb 15, 2025

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Buyer engaged some valuer who valued this property at 40% of the sale value as per the circle rate, can this valuation be used somehow to reduce the capital gain tax. As per my CA, the capital gain on the property is coming to approximately 1/3 of the amount the buyer paid us.

Ans: 01. Your Sale value will remain as per circle rate & there is no other option.
02. If the Architect/Valuer gives you a certificate of the value of Property as on 01.04.2001, then it will be treated as its Cost & LTCG can be worked out, based on this cost.
03. Any valuation certificate on the date of sale will not help you in any way.
04. It is further suggested that you should not confuse yourself between opinion of 2 professionals. You may follow your CA & settle your problem.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 13, 2025

Question by Arun - Feb 13, 2025Hindi

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Senior Citizen Tax Deduction Query: Can I File Return and Get Refund?

Ans: Last date of filing of ITR (Belated Return) for F/Y 2023-24 was 31.12.2024, wjich was further extended to 15.01.2025. Now, you cannot file belated ITR to claim TDS Refund.
You are also not eligible to file UPDATED ITR, since you have claim of TDS Refund.
However, for next year (F/Y 2024-25) you may file ITR in time (by 31.07.2025) & claim Refund of your TDS Deducted.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 10, 2025

Asked by Anonymous - Dec 28, 2024Hindi

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How Can I Transfer My Father-in-Law's Property to My Wife? (Tax Implications?)

Ans: He may Gift the property to his daughter.
Another way would be to transfer the property through Registered Sale Deed, BUT in this case Registration charges would be applicable.
Best option is WILL or GIFT. Income Tax shall not be applicable, in either these cases.
Most welcome for any further clarifications. Thanks.

Asked on - Feb 11, 2025 | Answered on Feb 12, 2025

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Thank you Sir for your response. I would further want to ask that the since the property is HUF registered property in his name, what would be the procedure for registration for gift deed in favour of my wife? She has has 2 sisters also.

Ans: Please confirm, whether your wife is a member of HUF, from where property is to be gifted or not ?
Most welcome for any further clarifications. Thanks.

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Answered on Feb 10, 2025

Asked by Anonymous - Jan 21, 2025Hindi

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I booked a flat in 2008, sold it in 2023. Am I liable for LTCG?

Ans: Considering your investment in Residential Property Rs.48.00 L in F/Y 2010-11, which you sold in F/Y 2023-24 for Rs.78.00 L, there will not be any LTCG, after considering Indexation.
Most welcome for any further clarifications. Thanks.

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Answered on Feb 10, 2025

Question by Deepak - Feb 10, 2025Hindi

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46-Year-Old with 18 Lakh Salary: How Much and How to Save for Taxes?

Ans: Your question lacks details for proper reply.
Please confirm you have following Income :
Salary Rs.18.00 Lakhs yearly.
Monthly Income (Other) Rs.14.40 Lakhs yearly.
EMI Paid for Home Loans needs to be segregated into Principal Repayment & Interest Payment.
No personal Loans taken from Banks or Friends, by you or your spouse, are entitled for any exemption.
We can not suggest any Saving Pattern, in absence of complete information.
Question of Old Regime & New Regime, will come up only, after considering all details/facts.
Most welcome for any further clarifications. Thanks.

Asked on - Feb 10, 2025 | Answered on Feb 12, 2025

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Dear Sir. My salary per month is Rs1,20,000. The only investment I have made is two houses for which I am paying Rs45000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs1,20,000 Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX) For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan - 7lakh remaining Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs.25000 SIP Monthly-Not Tax saving SIP's : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000 Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.

Ans: Your Income for the year is :
Salary Rs.14.40 (@Rs.1,20,000.00 pm).
Housing Loan EMI Rs.45,000.00 needs to segregated into Repayment & Interest Paid, to work out exact details.
All your other expenses or Repayments or Savings shall not give you any tax benefits.
On the face of it, new tax regime seems suitable in your case.
Most welcome for any further clarifications. Thanks.

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