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Vipul Bhavsar
Tax Expert
122 Answers | 7 FollowersFollow
Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more
Answered on Sep 24, 2025
Asked by Anonymous - Sep 15, 2025Hindi
My client brought the land in 1965 and guideline value obtained in 2001. He sold the property in September 2024. Is it 115jc applicable or computation at special rate. If any suggestions or computation may welcome.
Ans: Long Term Capital Gain shall be calculated. Since sold after 23 July 2024, new provisions of Taxation shall be applicable
Various other points like whether the land is rural, agriculture or other land is required to be ascertained.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Various other points like whether the land is rural, agriculture or other land is required to be ascertained.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
1
Answered on Sep 24, 2025
I am 62 yrs old. Have 3 flats in Mumbai. So I have to pay deemed rent as tax on 1 or 2 flats. Please clarify the law for fy 2025-26.
Thanks
Ans: Income Tax Act, 1961 allows 2 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
1
Answered on Sep 22, 2025
Asked by Anonymous - Sep 19, 2025Hindi
Hi Guru, My Mother is 88 years old. Her income from pension and FD interest is expected to be below 12 lakh for FY 25-26. But there is short term capital gain of around 4 lakh. Will she be eligible for Rs. 60 thousand rebate under section 87A. I am not sure if capital gain from equity is part of total income or not while considering this rebate.
Ans: The information provided is not in full.
However, Yes, you may be eligible for rebate under section 87A
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However, Yes, you may be eligible for rebate under section 87A
Answered on Sep 22, 2025
Asked by Anonymous - Sep 21, 2025Hindi
Hi
I am working in private company also I am doing technical consultancy, the company I am doing technical consultancy is deducting 10% TDS, will this income qualify under sec 44ADA? both my salary and consultancy income is taxable
Ans: Yes, you will have to disclose income under Salary and Business separately.
Further, you need to look for provisions of GST since your total receipts may go above statutory limit requiring you to get the GST registration done
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Further, you need to look for provisions of GST since your total receipts may go above statutory limit requiring you to get the GST registration done
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Sep 18, 2025
Asked by Anonymous - Sep 17, 2025Hindi
Answered on Sep 18, 2025
Asked by Anonymous - Sep 15, 2025Hindi
I have sold my ancestral dry agri land property of my mother's for more than 100 years. I am a 4th gen beneficiary. Am I liable to pay LTLG. Pl clarify
Ans: If the land is outside the mentioned city limits, it is not considered as Capital Asset. The cost of acquisition in this case shall be the FMV as on 1 Apr 2001 and capital gain, if any shall be calculated accordingly.
We strongly suggest to consult CA before taking any decision.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
We strongly suggest to consult CA before taking any decision.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Asked on - Sep 25, 2025 | Answered on Sep 26, 2025
Thank you for your guidance sir
Ans: Best luck. Keep asking and following for latest updates
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
1
Answered on Sep 18, 2025
I am Sr Citizen aged 78 years old Have wife aged 74 years and One Son based in US (US Citizen) and One daughter based in India. I have made a will wherein after my demise the flat will be transferred in name of my wife. The MF and Direct equity will be transferred in name of my Daughter. I have kept Nominee as my daughter for my Demat and Trading account. I have the following questions:
1. How do i make provisions in my that in case my Nominee dies after me the proceeds will go to my Daughter. (My son is not interested as he is US Citizen and will incur additional Tax in case of Inheritance).
Ans: A will if made in writing can always be amended in the form of new will. You may by giving reference of old will as well or can say that Old will to be considered as Null and void since this new will be being made.
You can make all the necessary changes in the will as you wish.
Please make sure that you get the Will registered and witnessed.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
You can make all the necessary changes in the will as you wish.
Please make sure that you get the Will registered and witnessed.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Sep 12, 2025
Answered on Sep 10, 2025
Dear Sir..
I sold a residential house for 2.5 crores in year 2022-2023..20 October2023...after indexation the capital gain was 1.5 crores.
I bought another home on 22 October 2023 for 3 crores.
While filing the return I adjusted this 1.5 crore capital gain under section 54 against the new house which I bought for 3 crores.
On 15 October 2024, I sold my shares worth 70 lacs.these were long term.
Now I am claiming exemption for this total amount under section 54 F for a house which I had bought less than a year earlier ( although out of 3 crores investment into this new home, I had claimed 1.5 cr exemption under section 54 in previous year)..
With my limited knowledge I am fulfilling the conditions of sec 54 and sec 54F and both can be claimed against same property though in my case the assessment years are diff.
Ans: Yes, prima facie looks correct.
But I strongly advise you to consult CA in order to actually claim exemption after checking the papers.
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
But I strongly advise you to consult CA in order to actually claim exemption after checking the papers.
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Sep 09, 2025
Asked by Anonymous - Jun 19, 2025Hindi
I bought a flat for 18 lakh in 2002 and sold it for 1.2 crore in 2025. The indexed cost is around 52 lakh, so my long-term capital gain is over 68 lakh. I plan to retire soon and don't want to buy another house. Will investing 50 lakh in 54EC bonds help me save tax fully? Where should I invest the remaining 18 lakh?
Ans: detailed information to be shared to give accurate advise. Request you to consult CA.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Sep 09, 2025
Asked by Anonymous - Apr 24, 2025Hindi
I worked for 5 mths 9 mths in social service org 92 t 98. I resigned and taken pf after resignation. Im 58 self employed.
Now my question is can i get partial amount payment after 60 yrs.
Whats the procedure and can i plan earler before 60 to submit the revelant document if any
Ans: Consult PF consultant
(more)
Answered on Sep 09, 2025
Dear Sir
Is Govt discouraging investment in savings schemes as seems in filing ITR through in new regime.?
Earlier we use to invest and save money in tax saving scheme like LIC,PPF,EPF etc. to get rebate in income tax.
regrds
NKGoel
Ans: Government wants people to save money independent of any tax saving instrument
(more)
Answered on Sep 09, 2025
Sir, I would like to invest 50% of my retirement benefits in my wife name as First Applicant and 50% balance in my name as First applicant. We both are filing returns annually and am not looking for tax benefit. My wife is a housewife and want to make her financially strong so that 50% investment will be in her name as Primary Applicant in the 50% investment in my name she will become secondary applicant. I know we will fall under the tax slab applicable ( if applicable ) and may have to have to file Tax Return. Even Currently we file our tax.returns every year. Please can you advise on this idea from a finacial independence point of view for senior citizens. This in my view will be a more secure way thatn the wife remaining as a secondary applicant always. Please advice.
Ans: No problem in putting here as primary applicant
Further, putting nominee solves the purpose of financial independence.
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Further, putting nominee solves the purpose of financial independence.
Answered on Sep 09, 2025
I had bought a house on FY 2011-12 for Rs.35 Lakh and which I sold for Rs.65 Lakh on 30-12-2024. What will be the tax liability after applying indexation?
Ans: Indexation has been disallowed from any sale after 23 Jul 2024. But you will be able to claim relief of lower of indexation or difference between sale and purchase value
(more)
Answered on Sep 09, 2025
Asked by Anonymous - Mar 23, 2025Hindi
Its a question related to section 54 claims. My father and I've together bought a flat in Apartment. My father is selling land owned by him to pay the installment for the flat. I've 2 ways to transfer this money to builder
1. I pay the builder via Credit card and then my father pays my credit card bill.
2. Or My father sends the money to my bank account and I transfer this money to builder.
Does both these transaction eligible for Section 54? As if we see trail of money, the money is indeed going to the builder
Ans: Option 2 is better.
However, your fathers name must be there in the agreement of flat being purchased within time limit provided under section54
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However, your fathers name must be there in the agreement of flat being purchased within time limit provided under section54
Answered on Sep 09, 2025
Asked by Anonymous - Aug 21, 2025Hindi
I sold my flat in Bangalore in Apr 2023 and re-invested in another flat at Chennai and registered in Oct 2023. For some personal reasons, I am required to sell this flat registered in Oct 2023. How long should I wait to sell , to avail LTCG tax exemption , is it 2 or 3 years ?
Ans: 3 years from the date of purchase ie. Oct 2023
(more)
Answered on Sep 08, 2025
Dear Sir,
In my previous association with two company I had withdraw my PF balance during 2010 -11 (1st association 2004 to 2007 & 2nd 2007 to 2008 about nine month).
Now, I want to know may I eligible for pension part of above association and if so how can I connect these to my current UAN no so I entitle for pension eligibility after my retirement.
Second question is I am trying to transfer a balance of my another association to my current establishment (on line ) the same is rejected with remarks ("Unexempted to unexempted in other region or to exempted establishment")
I am not able to understand the remarks and reason.
Regards
Sanjib
Ans: Connect with PF consultant
(more)
Answered on Sep 08, 2025
We are 3 brothers (A, B and C) and 1 sister(myself). My father died intestate in 2012 and mother died in 2023. After my mother demise my 2 brothers (A & C) show us Will of my mother in which I and my one brother (B) are evicted. My brother (A) was operating all the bank account, so his mobile number and mail id were registered at bank, he was the nominee also. My 2 brothers (A & C) transferred all the funds of both my parents account to their account and close all bank accounts. I have Succession Certificate. Now when I send mail to bank requesting "Certified Copy of Bank statement", bank is denying to provide it, saying that I am not the nominee and they can send statement to registered mail only. Please guide what should I do?
Ans: LAWYER
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Answered on Sep 08, 2025
Answered on Sep 08, 2025
Answered on Sep 08, 2025
Answered on Sep 08, 2025
Answered on Sep 06, 2025
Sir, I am planning to gift my son Rs 50 lacs(as part contribution) for purchasing a flat by him. Have 2 questions. Do I have to maintain a record on plain paper about the gift for IT purpose, if needed. Secondly, does my son have to show my gifted amount in his IT return under exempt income section.
Ans: 1. If you are making a gift deed then it is advisable to register it in court.
2. Gifts from father is Exempt and In ITR, under the exempt income, select 'any other' and mention gift from father in description box. It should be disclosed as exempt u/s. 56 in Schedule EI of the ITR.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
2. Gifts from father is Exempt and In ITR, under the exempt income, select 'any other' and mention gift from father in description box. It should be disclosed as exempt u/s. 56 in Schedule EI of the ITR.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Sep 02, 2025
Hello, I had purchased a 1200 SFT piece of land during September 1990 and it has been sold on 11 March 2025. What is the quantum of LTCG I need to pay and with indexation and without indexation the percentage may please be advised. Ravi Shankar
Ans: Post 23 July 2024, there is no indexation available. So Capital Gain is simply Net sales price minus FMV as on 1 Apr 2001.
However, you will be able to get tax benefit of tax with indexation or tax without indexation whichever is lower can be opted
(more)
However, you will be able to get tax benefit of tax with indexation or tax without indexation whichever is lower can be opted
Answered on Jul 18, 2025
Asked by Anonymous - Jul 15, 2025Hindi
Sir, i purchased a flat in 34L in 2016 and sold it in 2025 in 38L. How much tax I need to pay for this sale while submitting ITR in addition to my salary which puts me in 30% bracket? I was joint owner of this flat with my wife( she is not working she manages the home).
Ans: Tax a 12.5% of the capital gain amount of Rs.4 L shall be payable in addition to your other income
(more)
Answered on Jul 18, 2025
Asked by Anonymous - Jul 17, 2025Hindi
Family pension was granted to Mr in July 25 effective from Nov 24. I have received arrears from Nov 24. Shall I show arrears from Nov 24 to Mar 25 as income while filling ITR for FY 2024-25 .Form 26 for FY 2024-25 does not show this income.Kindly guide.
Ans: Yes Madam,
Ideally you should show in the Return of Income. You should check AIS also
(more)
Ideally you should show in the Return of Income. You should check AIS also
Answered on Jun 23, 2025
Answered on Jun 20, 2025
Asked by Anonymous - Jun 19, 2025
Sir, we recently sold our Mumbai flat for 1.6 crore. The property is co-owned, but I paid all the EMIs from my account. If the gains are 70 lakh, can we divide it equally between my brother and I to reduce tax liability? Will the income tax department accept this during scrutiny or ITR processing? Pls advise
Ans: I would request you to share below information,
Though you have paid the EMI's, have you alone taken the Income tax Deduction for Principal and Interest on home loan or was taken equally by both
If you both have taken the income tax benefits, then you can divide the capital gain and tax accrodingly
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Though you have paid the EMI's, have you alone taken the Income tax Deduction for Principal and Interest on home loan or was taken equally by both
If you both have taken the income tax benefits, then you can divide the capital gain and tax accrodingly
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Jun 19, 2025
I am about to sell my flat that i owned for 23 years, which I bought for 5 lakhs and selling now for 30 lakhs. I also co-own a second house with my wife. What would be the Capital Gains Tax I am liable to pay 1) under normal circumstances and 2) under indexation scheme. Thank you.
Ans: Based on the limited information
Tax liability shall be
Without indexation Rs.273000
With Indexation Rs.195000
(more)
Tax liability shall be
Without indexation Rs.273000
With Indexation Rs.195000
Answered on Jun 19, 2025
Sir, I inherited an apartment flat which was invested by my father with a builder and will be receiving handover of the flat on my name now along with final registration in June 2025. Since I dont have any other active income source after early retirement, I wish to sell the flat and clear off my pending loans. Please tell me how I can save on the 20 lakhs short-term capital gain after the immediate sale of this property this year.
Ans: Exemption from capital gains can only be claimed against Long Term Capital Gains.
Since your is short term capital gain, No tax can be saved
(more)
Since your is short term capital gain, No tax can be saved
Answered on Jun 19, 2025
Answered on Jun 19, 2025
I am working in steel plant. Married and I have CTC of 18.5 lakhs. 1 lic policy 15000 per year nothing else. Planning to have term insurance , health insurance and few SIP for my son's education and my retirement. I have not declared income tax yet. Which tax regime should I go for.
A.vadivel
Ans: Based on your declaration, with only deduction of Rs.1.50 Lakhs, you will be paying Rs.320000 in Old regime and Rs.161,200 in New Regime.
Better to opt for New Regime
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Better to opt for New Regime
Answered on Jun 13, 2025
Asked by Anonymous - Jun 12, 2025
Hi Sir
I lost my job 3 years before and i am currently unemployed, recently i had withdrawn my epf amount of roughly 18 lacks which i want to invest for kid future professional studies in approx 8-9 years of time frame. I want to invest the epf amount in a popular flexi cap company. I need your advice whether i should invest the amount in lumpsum in one go or invest in some liquid fund and invest it in a staggered manner. Also plz guide what would be the tax implications if i invest the money in liquid and do monthly STP to the flexi cap fund.
Ans: Dear Sir,
I can guide only for the taxation purpose here.
The tax implication shall be short term capital gain when you do STP to the fund
(more)
I can guide only for the taxation purpose here.
The tax implication shall be short term capital gain when you do STP to the fund
Answered on Jun 09, 2025
Asked by Anonymous - Jun 08, 2025
My father had a about 3 kattah land which we, 7 brothers and 5 sisters inherited. Local Municipal valuation of the land is 25.00. 2 sons of our one brother purchased the land from all at Rs.25 lakh. I got share a of Rs.2.50 lakh. My father and mother died long back. Our 5 brother and 1 sister already died. Pls advise how could I show above Rs.2.50 lakh in my IT return. Will it be long term capital gain to me. Is it necessary to show this small amount at all in IT return. Pls advise in details
Ans: The cost of acquisition of your parents or value as on 1 Apr 2011 whichever is higher will be considered as your cost of acquisition and Long Term Capital gain shall be calculated.
Based on your other income, the capital gain should be reported.
Since the amount of sale is nominal, it is advisable to report such amounts and it wont bring much of tax liability, if any
(more)
Based on your other income, the capital gain should be reported.
Since the amount of sale is nominal, it is advisable to report such amounts and it wont bring much of tax liability, if any
Answered on Jun 09, 2025
Hi Vipul, I opted for Nyara buy back offer. They have deducted 10% TDS. Will capital gain be applicable on this buy back considering shares are originally Essar Oil bought in late 90's. Pls help to understand exact tax implication. Also, if in case, tax is not applicable, what is the process to take back TDS. Thanks
Ans: Yes.. Capital Gain Tax shall be applicable since ownership is changing from you to company.
Long Term Capital Gain.
TDS can be claimed as refund or shall be adjusted in Tax liability based on other income
(more)
Long Term Capital Gain.
TDS can be claimed as refund or shall be adjusted in Tax liability based on other income
Answered on May 20, 2025
Hello Sir,
In my previous company (my first job) where i served 2 years they were contributing money to EPS
My starting salary was 25,000 i was never eligible
Last year i changed my job and even my current company is putting money in EPS since 1 year
my total service history is approx 3 years
also when i changed my job last year the EPS amount just disappered and the PF amount was transferred
Ans: You need to check your old UAN number and check that the balance must be transferred from old to new. Your balance shall never vanish.
Or else connect with PF consultant, he may guide you
(more)
Or else connect with PF consultant, he may guide you
Answered on May 18, 2025
Asked by Anonymous - May 18, 2025
Answered on May 15, 2025
Asked by Anonymous - Jan 31, 2025
My relative has 2 residential houses (H1,H2) and 2 residential sites(S1,S2).
She plans to sell house H2 and buy a residential flat H3 in my her spouse name. She plans to claime capital gains under Section 54.
Later she plans to sell sites S1,S2 and buy a residential flat H4 in her name. She plans to captial gains exemption under section 54F. Since at point of sale of sites, she only has only house H1 in her name, she can claim exemption under section 54F.
She seems to meet all the conditions for section 54, 54F. Is this possible?
Ans: This is possible, but it is strongly advisable to consult a CA in order to correctly study the case and get desired outcome
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Asked by Anonymous - Feb 16, 2025
Sir, I got retired on 30-Jun-24 after attaining the age of 58. I do not have any further contribution to PF. I would like to know if PF gives interest for next 3 years. In other words, when I withdraw PF at the age of 61 in Jun-2027, would PF have paid interest for 3 years from Jul-24 to Jun-27.
Ans: If no contributions are made for more than three years after retirement, the account becomes inoperative.
It stops earning interest.
The existing balance remains safe.
(more)
It stops earning interest.
The existing balance remains safe.
Answered on May 15, 2025
we intend to dispose 2 prop.
do v need to keep this amount in cg separately or in one a/c.
if v intend buy prop in 2 years can v keep in fd saving or cg is compulsory.
how many prop can b bought from deal.
in my case I have already committed around 40% amount in a prop in instalments, for which I have already paid one instalment from my pocket.
can I take this amount which is pre deal from deal.
balance need to b kept in cg or sfd and if I invest in 2 yrs still I need cg.
since my wife is also disposing her prop and if v acquire prop in 2 yrs do v need to invest in cg.
if v buy a joint property can v both invest from our deal amount in a joint property.
what will b tax liability.
Ans: Pointwise answers are as follows:
1. Amount to be kept in Separate CG account for each property
2. keeping in CG Scheme is compulsory within 6 months from date of sale or due date of filing of Return of income, whichever is earlier
3. Predeal commitment can be considered if not more than 1 year before from date of sale
4. Your wife can claim CG exemption and pay tax, if any separately for the property sold by her
It is advisable to consult CA as your case needs careful understanding and execution to claim exemptions and minimize taxes if any
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
1. Amount to be kept in Separate CG account for each property
2. keeping in CG Scheme is compulsory within 6 months from date of sale or due date of filing of Return of income, whichever is earlier
3. Predeal commitment can be considered if not more than 1 year before from date of sale
4. Your wife can claim CG exemption and pay tax, if any separately for the property sold by her
It is advisable to consult CA as your case needs careful understanding and execution to claim exemptions and minimize taxes if any
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Asked by Anonymous - Mar 19, 2025
Dear Experts, I have sold my flat for Rs 73 lacs in Thane, Maharashtra. I would like to know whether I am eligible to pay capital gains? I had bought in 2016. Moreover how do I invest this amount, I am not intending to purchase any new property. So suggest any other way out.
Thanks in advance.
Ans: We need folllwing information in order to calculate Capital Gain and tax on it.
1. Purchase agreement of the property sold
2. Details of your income apart from this capital gain transaction
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
1. Purchase agreement of the property sold
2. Details of your income apart from this capital gain transaction
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
I am senior citizen having income from FDs and STCG & LTCG fro shares. Am I liable to pay advance tax?
Ans: People aged 60 years or more who do not have income from any business or professional during the financial year are exempt from paying advance tax. Hence, only senior citizens (60 years or more) having business or professional income must pay advance tax
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Asked by Anonymous - Feb 25, 2025
Good evening sir. I am 64, retired and live in Bangalore. I had a apartment in Chennai which we sold recently. I also have executed a will where this flat will be inherited by my NRI daughter. As per my daughter's wishes and since we are finding it difficult to manage the flat remotely, we sold the flat. Now I want to gift a major portion of the sale proceeds to her(1C out of 1.1C). She has an NRO account. If we(me and my wife in equal proportions) transfer the gift to her NRO account, will my daughter be subject to tax? We will execute the completion of form 15ca, 15cb, with copies of sale deed, will, and then transfer the money. Please advise
Ans: First you need to calculate Capital Gain on the flat sold. The Tax if any after claiming exemption from Capital gain needs to be paid
You can gift the amount to your daughter but needs a careful study of all the documents and her profile. Kindly consult a CA in order to have better understanding and execution of transaction.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
You can gift the amount to your daughter but needs a careful study of all the documents and her profile. Kindly consult a CA in order to have better understanding and execution of transaction.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Asked by Anonymous - Feb 26, 2025
Answered on May 15, 2025
I am a PG medical student in Maharashtra, I am doing my residency currently with around 86k as stipend. They cut TDS from my stipend, so how do I file for return? Or should I have to file ITR? What is the next step here.
Ans: It is advisable to file Return of income as it shall help you establish your income in the future.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Answered on May 15, 2025
I want to give Rs 8 lacs as gift to a Friend in tranches during this financial year ending 2026
He doesn't have a regular source of income and has not filed I T return so far .
.
Apart from this I plan to give Rs 25 Lacs loan jointly to his daughter and him for purchasing a flat
I plan to enter into a loan agreement for 20 years and pay the money directly to Seller .
Any tax implications for me or him for both these transactions ?
Should he file a return and mention the Rs 8 lacs as Gift .
Under what heading ?
Thanks
Ans: For this case, we need to understand your profile as well.
Following questions are important before giving any advise:
Are you salaried person, are you filing IT Returns regularly, how are you going to pay your friend, is your friend going to return the amount
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Following questions are important before giving any advise:
Are you salaried person, are you filing IT Returns regularly, how are you going to pay your friend, is your friend going to return the amount
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on May 15, 2025
Asked by Anonymous - Apr 15, 2025
Answered on May 15, 2025
I am 45 years of age and my PPF account has matured on 1st April 2025 with a corpus of approximately 31 lacs which was a part of my debt allocation for purpose of retirement. With interest rates likely to reduce, I am not looking at extending the PPF subscription. I have 2 options which I am considering for now 1) Continue the PPF without extension / contribution till the present interest rate of 7.1% continues and then move to debt mutual funds or 2) Close the PPF account and move to Short Term Debt Funds to preserve debt allocation and take advantage of taxation since i fall in 30% bracket. Would like your guidance / inputs on this
Ans: Dear sir,
Kindly throw more light what exactly you mean by -
"Close the PPF account and move to Short Term Debt Funds to preserve debt allocation and take advantage of taxation since i fall in 30% bracket"
It will enable me to guide you properly
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Kindly throw more light what exactly you mean by -
"Close the PPF account and move to Short Term Debt Funds to preserve debt allocation and take advantage of taxation since i fall in 30% bracket"
It will enable me to guide you properly
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Asked on - May 16, 2025 | Answered on May 16, 2025
Sir, since the PPF has matured, there is an option of closing and moving to fixed income like FDs or Corporate bonds or GSec bonds which will attarct tax on the interest accrued. Instead moving to short term debt funds will not attract tax unless redeemed which I don’t have intention of doing so till retirement when tax bracket will no longer be 30%
Ans: Ok.
It is suggested to Close the PPF account and move to Short Term Debt Funds
It is suggested to Close the PPF account and move to Short Term Debt Funds
Answered on May 15, 2025
I purchased a flat in 1993 in my wife and my name. My wife is a house wife. now in 2025 we want to sell it. can I show a part of the sale amount in my wife name; at present she is a tax payer. The share certificate are in both our names. I cannot show her investment in the purchase.
Ans: You can still distribute the Capital Gain between you both and pay tax or make investment in specified manner to claim exemption from Long Term Capital Gain Tax
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Regards,
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
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