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Vipul Bhavsar
Tax Expert
86 Answers | 1 FollowerFollow
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 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
Answered on May 08, 2025
Hello Sir,
My name is Prashanth Kulkarni. I had joined a company at the age of 59, and the company started deducting my PF and also they made contribution to EPS also. Which I came to know that the EPS ceases at the age of 58.
I resigned from the company and have applied for PF refund after cooling period. Now my claim is being rejected for want of clarification of EPS contribution after the age of 58.
Please advise.
Thanks and regards,
Prashanth Kulkarni.
Ans: Respected Sir,
You need to consult a PF withdrawal expert.
(more)
You need to consult a PF withdrawal expert.
Answered on May 04, 2025
I have purchased a land in 2016 at 665000 and sold it in April 2025 at 1537000. Profit made is 872000. Plz inform the taxes to be paid on it and how to save the tax
Ans: LTCG Capital Gain Exemption Options Amount of Investment Amount of Exemption
1 Buying New Flat 1 year before of within 2 years from the date of Sale Total Capital Gain Total Capital Gain
2 Construction of New Bunglow/House etc. Within 3 years Total Capital Gain Total Capital Gain
3 Bonds of NHAI, REC for 5 years within 6 months Total Capital Gain Total Capital Gain
Maximum amount Rs.50 Lakhs
(more)
1 Buying New Flat 1 year before of within 2 years from the date of Sale Total Capital Gain Total Capital Gain
2 Construction of New Bunglow/House etc. Within 3 years Total Capital Gain Total Capital Gain
3 Bonds of NHAI, REC for 5 years within 6 months Total Capital Gain Total Capital Gain
Maximum amount Rs.50 Lakhs
Answered on May 04, 2025
Asked by Anonymous - May 04, 2025
Answered on May 04, 2025
Asked by Anonymous - May 03, 2025
Answered on Apr 29, 2025
Asked by Anonymous - Feb 11, 2025
My wife who is a resident indian and aged 34 earned 4 lacs in FY 23-24. Under 44ADA, I believe her profit would be counted as 2 lacs. She has also booked profit of 2.25 lacs this year from listed equities where STT has been paid. She held the shares for more than a year so it is LTCG. Will she be expected to pay any taxes this year? Also, what happens if she has the same income next year also? Can she book more profit next year without paying taxes? I read somewhere that income from ltcg where special tax rates are applicable can not be exhausted against 4 lac (new regime) and 2.5 lac (old regime) limit from next financial year onwards?
Ans: In your case in New Regime for FY 2024-25, her total income is 425000 (2+2.25)
There is no tax liability in this case under new regime
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
There is no tax liability in this case under new regime
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 29, 2025
Asked by Anonymous - Feb 10, 2025
Answered on Apr 29, 2025
Asked by Anonymous - Feb 10, 2025
Answered on Apr 29, 2025
Asked by Anonymous - Feb 07, 2025
I have a special child aged 10 yrs, i have read somewhere that the FDs in the name of that child, the FD interest can be exempted from parents income, and the interest can be treated as their income and accounted in their IT. Is that so.
Ans: There is no such facility allowed.
However, deduction can be claimed for expenditure made or ad hoc based on the Medical Certificate from able government recognised medical practitioner
(more)
However, deduction can be claimed for expenditure made or ad hoc based on the Medical Certificate from able government recognised medical practitioner
Answered on Apr 29, 2025
My income projection for 25-26 is as below.
Pension + interest = Rs 11 lakh
LTCG Equity MF = Rs 2 lakh
LTCG Debt MF = Rs 3 lakh
Debt MF held since 2020
Will I get S87A rebate ?
For the FY 25-26 ?
Ans: Dear Vilas,
Under New Regime, Total Income works out to Rs. 1600000
You get rebate of Rs.50000 under 87A and Tax liability shall be around Rs. 48750.
However, it is strong advised to consult CA, since taxation of Capital Gain involves various factors
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Under New Regime, Total Income works out to Rs. 1600000
You get rebate of Rs.50000 under 87A and Tax liability shall be around Rs. 48750.
However, it is strong advised to consult CA, since taxation of Capital Gain involves various factors
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 29, 2025
Answered on Apr 29, 2025
am Sr. citizen, my income form other sources 2lakh after 80c deduction, but STCG is around 6 lakh, which regime is beneficial old/new to file ITR
Ans: Dear Sir,
for FY 2024-25,
Assuming STCG is from Listed shares/MF etc. Total Income is 8 Lakhs
New Regime Tax Rs.104000
Old Regime after claiming 80C (already mentioned by you) and additionally 80 TTB Rs.50000 - Tax shall be Rs.93600
(more)
for FY 2024-25,
Assuming STCG is from Listed shares/MF etc. Total Income is 8 Lakhs
New Regime Tax Rs.104000
Old Regime after claiming 80C (already mentioned by you) and additionally 80 TTB Rs.50000 - Tax shall be Rs.93600
Answered on Apr 24, 2025
Asked by Anonymous - Apr 22, 2025
Answered on Apr 14, 2025
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Answered on Apr 14, 2025
Asked by Anonymous - Feb 16, 2025Hindi
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Answered on Apr 14, 2025
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Answered on Apr 04, 2025
Asked by Anonymous - Jan 11, 2025Hindi
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Answered on Apr 04, 2025
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Answered on Apr 04, 2025
Asked by Anonymous - Mar 06, 2025Hindi
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Rs 10.5 lakh salary + Rs 6 lakh LTCG: How much tax should I pay in 2025?
Ans: Kindly provide Long term capital gains is from which source - Shares, MF, sale of asset etc.
Then only we shall be able to guide
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Then only we shall be able to guide
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Asked on - Apr 04, 2025 | Answered on May 15, 2025
LTCG is from Equity mutual funds
Ans: Based on the information provided, precisely for FY 2025-26, the tax liability shall be Rs.61750
Answered on Apr 04, 2025
Asked by Anonymous - Mar 12, 2025Hindi
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Answered on Apr 04, 2025
Asked by Anonymous - Mar 13, 2025Hindi
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Answered on Apr 04, 2025
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Is 57-Year-Old Group Captain Eligible for NPS Tier 1 Annuity?
Ans: When a Subscriber reaches the age of Superannuation/attaining 60 years of age, at least 40% of the accumulated pension
wealth of the Subscriber needs to be utilized for purchase of an Annuity providing for a regular pension to the Subscriber and the balance pension wealth is paid as lump sum to the Subscriber.
In case, the total corpus in the NPS account is less than or equal to Rs. 5 lakh, Subscriber can avail the option of complete (100%) Withdrawal.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
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wealth of the Subscriber needs to be utilized for purchase of an Annuity providing for a regular pension to the Subscriber and the balance pension wealth is paid as lump sum to the Subscriber.
In case, the total corpus in the NPS account is less than or equal to Rs. 5 lakh, Subscriber can avail the option of complete (100%) Withdrawal.
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
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Senior Citizen seeks tax relief on digital hearing aid purchase: Can I claim deduction?
Ans: Dear Sir,
Senior citizens (resident aged 60 years or above) who do not have any health insurance can claim a deduction up to Rs 50,000 on the medical expenses incurred.
Note: While the Income Tax Act doesn't explicitly define "medical expenditure," it typically means costs like medical consultations, impairment aids, medicines, etc
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Senior citizens (resident aged 60 years or above) who do not have any health insurance can claim a deduction up to Rs 50,000 on the medical expenses incurred.
Note: While the Income Tax Act doesn't explicitly define "medical expenditure," it typically means costs like medical consultations, impairment aids, medicines, etc
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
Asked by Anonymous - Mar 17, 2025Hindi
Listen I Have A HDFC Unit Linked Pension Plan: Is Reinvesting in New Smart Life Pension Plan Taxable?
Ans: Returns on all ULIPs purchased between April 2012 to February, 2021 are completely tax free if the premium was less than 10% of sum assured. For ULIPs purchased before April 2012, the maturity amount was tax free if the premium was less than 20% of sum assured for that policy.
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
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Answered on Apr 04, 2025
Asked by Anonymous - Mar 20, 2025Hindi
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Answered on Apr 04, 2025
Asked by Anonymous - Mar 12, 2025Hindi
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Can I Get Tax Deductions for Myself, Daughter, and Mother?
Ans: Deduction under section 80DDB is allowed for medical treatment of a DEPENDANT who is suffering from a specified disease.
Dependant shall mean spouse, children, parents and siblings.
To claim the deduction, it is mandatory to obtain a certificate. The certificate can be obtained from various specialists depending on the type of disease, such as a neurologist, oncologist, urologist, haematologist, immunologist, or any other relevant specialist
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Dependant shall mean spouse, children, parents and siblings.
To claim the deduction, it is mandatory to obtain a certificate. The certificate can be obtained from various specialists depending on the type of disease, such as a neurologist, oncologist, urologist, haematologist, immunologist, or any other relevant specialist
It is strongly advisable to consult CA to understand various scenarios
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
Asked by Anonymous - Mar 10, 2025Hindi
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Answered on Apr 04, 2025
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69-Year-Old Retired Man Seeks Capital Gains Tax Advice on Lucknow Property Sale
Ans: Dear Sir,
Based on the information shared,
the Long Term Capital Gain shall be around Rs.21,54,000 and Tax liability shall be Rs.431000 (With Indexation)
the Capital Gain shall be Rs.9350000 and Tax liability shall be Rs.1168750 (WithOUT Indexation)
It is strongly advisable to consult CA to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Based on the information shared,
the Long Term Capital Gain shall be around Rs.21,54,000 and Tax liability shall be Rs.431000 (With Indexation)
the Capital Gain shall be Rs.9350000 and Tax liability shall be Rs.1168750 (WithOUT Indexation)
It is strongly advisable to consult CA to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
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Sold Property for Profit: How Can I Minimize Taxes?
Ans: You may claim Exemption for Long Term Capital gain
Section 54 - If old asset sold was residential house
New residential house is purchased within 1 yr before or 2 years after the date of sale or constructed within 3 years from date of sale (This house must not be sold within 3 years from date of purchase, if sold entire Tax said saved shall be repayable
Investment amount shall be Long-Term Capital Gain OR Cost of a new asset, whichever lesser
54EC
Purchase of NHAI bonds or RECL bonds, redeemable after 5 years. Maximum sum allowed is Rs.50 Lakhs
Investment to be done within 6 months from date of sale
It is strongly advisable to consult CA to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
(more)
Section 54 - If old asset sold was residential house
New residential house is purchased within 1 yr before or 2 years after the date of sale or constructed within 3 years from date of sale (This house must not be sold within 3 years from date of purchase, if sold entire Tax said saved shall be repayable
Investment amount shall be Long-Term Capital Gain OR Cost of a new asset, whichever lesser
54EC
Purchase of NHAI bonds or RECL bonds, redeemable after 5 years. Maximum sum allowed is Rs.50 Lakhs
Investment to be done within 6 months from date of sale
It is strongly advisable to consult CA to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
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Answered on Apr 04, 2025
Asked by Anonymous - Apr 03, 2025Hindi
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Inheriting Reliance Industries Shares: Transfer and Tax Implications?
Ans: 1. Assuming the shares are in Dmat Form, you need to consult with broker. He will guide you with the requirements and forms
2. Transfer from Shares received as gift shall be taxable in excess of Rs.50000. However, if it is received from a "relative" as per definition given in income tax then no tax
It is strongly advisable to consult CA before proceeding ahead with transfer to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
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2. Transfer from Shares received as gift shall be taxable in excess of Rs.50000. However, if it is received from a "relative" as per definition given in income tax then no tax
It is strongly advisable to consult CA before proceeding ahead with transfer to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in
Answered on Apr 04, 2025
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Answered on Apr 04, 2025
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Answered on Mar 11, 2025
Asked by Anonymous - Mar 11, 2025Hindi
Listen Selling my father's property and using the proceeds for my current home loan, buyer wants to sign in March but I want to effect the sale in April, how do I file capital gains tax in July 2026?
Ans: If you are selling the property before 31 March 2025, then you need to consider Capital Gain in IT Returns in FY 2024-25 itself
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Answered on Mar 09, 2025
Asked by Anonymous - Mar 06, 2025Hindi
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