Answered on Mar 20, 2023

Question by PUSHKAR - Feb 03, 2023

IF SALARY IS MORE THAN 15 LAKHS AND SAVING AS PER PROVISION LIKE 80C 1.5 LAKHS,NPS 50000 ETC THEN OLD TEX SCHEME IS BETTER OR NEW ONE.

Ans: New Regime

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Answered on Mar 20, 2023

Question by Hit - Feb 14, 2023

Hi Sir Hope you are doing well. My CTC is 27 LPA, I Invest 1.5L in 80C, 50K in NPA, 85K School fees, My Age is 45 and planning to take home loan of 40L, No Other liabilities. Request to pls tell which tax regime should i go for? Thanks In Advance.

Ans: Assuming your loan of 40L with duration of 15yrs , the EMI will be 40k approx with interest component being 3.36L for the first year. The Old regime will still be beneficial in this case.

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Answered on Mar 20, 2023

Question by Octavio - Feb 18, 2023

My PPF account is maturing in 2025... 20yrs.... Current amt apx 40lacs.... Can I use it as a pension tool to withdraw only the interest amt once a year and extend the same for NXT 5yrs... My age is 48 yrs now

Ans: The lock in period for PPF is 15years now so you can withdraw it before 20 years as well. You can withdraw a sum equal to the sum given by banks on their investments for day to day expenses if you have retired. If you have not retired and have an active income then keep the investments for them to grow as you technically don't need the money. You can do diversification of this investment and keep it invested in a couple of assets like PPF , equity mutual funds , debt mutual funds , etc.

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Answered on Mar 20, 2023

Question by Dharam - Feb 17, 2023

Can I claim Gst accrued on purchase of commercial vehicle in billing of transport services provided by me if gst charged of forward charge basis of 12%

Ans: Yes

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Answered on Mar 20, 2023

Question by Satish - Feb 27, 2023

Can we claim LTA for Cruise tour on Cordelia. Mumbai-Goa route

Ans: No

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Answered on Mar 20, 2023

Question by Sushil - Mar 15, 2023

I made a Fixed Deposit of Rs. 1Lakh at a contracted @7% for a tenure of 3 years on 1April 2021 in a private bank. However due to some reason i prematurely closed the Fixed Deposit on 3April 2022. Being premature closure,the interest rate paid by the bank was reduced to 5% for the FD deposit period viz. 1April 2021 to 3April2022. But the Bank had already deducted TDS each quarter of FY 2021 starting April2021 till 31March2022 on the interest paid @ 7% and the same had been deposited to Income Tax Department and also being duly reflected in the 26AS against my PAN for all these 4 Quarters of FY 2021_2022 (AY2022-2023). Now the issue is as actually my actual income is less than the income reflected in 26AS, i am entitled to pay less income tax and so claim partial refund of TDS reflected in 26AS. Please advise how to treat this TDS in my income tax return filing for the AY 2022-2023?

Ans: The bank will have to correct the TDS paid by filing a revised TDS return which will reflect in your 26AS and then only the issue will be solved.

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Answered on Mar 20, 2023

Question by Kabid - Mar 15, 2023

I am a resident from Assam, India. I have not link Pan-Aadhar till now. Is it mandatory in Assam to link Pam and Aadhar. Is late fine require for linking now.

Ans: Yes

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Answered on Mar 20, 2023

Question by rimpy - Mar 17, 2023

I Have salary income 18.5L ,i also have 1.5L on 80 c can i safe more income tax by investement

Ans: Yes by investing in NPS , by having a medical insurance , etc

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Answered on Mar 20, 2023

Question by VIVEK - Mar 17, 2023

Am a GOI servant having 1.14l per month as gross income. net after deductions comes to 75k. I have PLI, LIC, HDFC sanchay plus, PPF as IT savings every year along with covered under NPS. Which tax regime is better option for me New or Old

Ans: New regime is better

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Answered on Mar 20, 2023

Question by AKASH - Mar 18, 2023

My father has sold a piece of land and now wants to save capital gain tax. Can I sell my flat to my father under sale deed to get the capital gains benefit to my father?

Ans: There is a tax liability in both cases

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Answered on Mar 20, 2023

Question by Kishore - Mar 20, 2023

I have bought 65 shares of Bajaj finance during last 40 days at avg of 6500 per share .. Today it is gone down to 5500 ... Please advise

Ans: Not for me

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Answered on Mar 16, 2023

Question by mahendra - Feb 27, 2023

my PPF account matured in 2018 having 29 lacs at present, i am getting yearly interest on same. I want some amount say 5 lacs to withdraw, can i?

Ans: Yes

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Answered on Mar 16, 2023

Question by Rundstedt - Mar 01, 2023

When will we get to see the AIS form or 26AS form for 2022 - 2023. I am retired so no form 16.

Ans: Its still available up to December , the final update is done by May end or start of June

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Answered on Mar 16, 2023

Question by shivani - Mar 02, 2023

Sir, I am an Engineer working in a MNC in Bangalore. As per my CTC I am getting HRA but I am staying in rented house paying rent Rs. 23,000/- monthly. Sir, Am I eligible to get incometax exemption/ rebate on rent being paid by me. Kindly advise.

Ans: yes

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Answered on Mar 16, 2023

Question by Sekhar - Mar 05, 2023

I want to know how can I save tax on sale of house property and what is rec bond

Ans: you can save the entire tax by buying a new property. REC bonds can save taxes up to 50L, the block in period of which is 5 years and the interest is fully taxable.

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Answered on Mar 16, 2023

Question by mahendra - Mar 06, 2023

after maturity of PPF account how much i can withdraw?

Ans: you can withdraw the entire amount but it will be taxable depends on the number of years you have been working for

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Answered on Mar 16, 2023

Question by Ravi - Mar 09, 2023

Hai, I am retired from State Govt. PSU during Oct.22. I have taken a medical insurance for me & my wife at a premium of Rs.38000/- during Feb. 2023. Can I claim deduction in the forthcoming ITR during this year and what is the amount?

Ans: yes you can claim the entire amount if you are above the age of 60yrs.

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Answered on Mar 16, 2023

Question by Debabrata - Mar 10, 2023

If I sell a property and keep the sold amount in Bank will that amount be taxable please advice.

Ans: Yes

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Answered on Mar 16, 2023

Question by SRM - Mar 10, 2023

my CTC is 40L and makes around 10L from trading, claiming exemptions are 150k 80C, HRA 110k and NPS 50k, which regime is beneficial to me?

Ans: new regime

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Answered on Mar 16, 2023

Asked by Anonymous - Mar 10, 2023

I have 36.5L as salary income, i also have 1.5 lakhs on 80c insurance .Can you please help to distinguish which regime is better to opt going forward.

Ans: new tax regime

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Answered on Mar 16, 2023

Question by Manoj - Mar 10, 2023

Sir what is the difference between current and previous regime. Which is more beneficial for a salaried person.

Ans: Depends on the deductions you can claim

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Answered on Mar 16, 2023

Question by Jai - Mar 11, 2023

My proposed annual income is 35 lakhs.23-24 Currently I have opted OTR. exemption availed are as under 1.50 lakh under 80 C NPS 50K Interest on house loan 20K Higher Education loan 220K Mediclaim self 29K Which tax regime should I choose for the next year OTR OR NTR

Ans: Old tax regime

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Answered on Mar 16, 2023

Question by ashish - Mar 13, 2023

Dear financial planner, I'm retiring in few days and will get a lumpsum amount as full and final settlement from my Company. need you advice for where to park the amount. Safety of capital will be my first and foremost priority. Good returns being second. Is there any scheme from GOI in this regard. can I keep investing in NPS till 75 yrs.? Would appreciate your informed views with track record, if possible and advise in this regard.

Ans: safety of the capital completely depends on the time duration on which you are planning to invest your money, more the time frame , the more volatile your investments cane be. Generally a 70/30 ratio of equity ( MF ) to debt is suggested if the time frame of the investment is 7 years and above. The application for NPS investment can be made till the age of 60yrs. Track record of any investment is subjective depending on the asset class that you select , for eg. in the last 10 years small caps have given a return of 14-18%, mid caps have given a return of 12-16% , large caps have given a return of 9-13% and debt has given a return of 5-8%, etc.

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Answered on Mar 16, 2023

Question by Tridib - Mar 13, 2023

New tax scheme 2023-24 will applicable to gross salary or salary after deduction of EPF. Please confirm.

Ans: gross salary

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Answered on Mar 16, 2023

Question by Mr - Mar 15, 2023

Can my wife gift me Equity shares in her demat account, & is there any tax implication for this transfere

Ans: She can gift you the equity shares, when you make the sale of shares , the cost value of shares will be the value at which your wife has bought the shares and not on the transfer value while gifting the shares.

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Answered on Mar 14, 2023

Question by SRM - Mar 13, 2023

My CTC is 40L and makes around 10L from trading, claiming exemptions are 150k (80C), HRA 110k and NPS 50k, corporate nps 50k, which regime is beneficial to me?

Ans: New regime

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Answered on Mar 14, 2023

Question by C - Mar 12, 2023

Is old unutilised long-term capital loss allowed for set off against long-term capital gains under new regime?

Ans: Yes

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Answered on Mar 11, 2023

Asked by Anonymous - Mar 01, 2023

Hi, I am a married man with 2 dependent children with parents of age 69 & 64. what will be the maximum amount i can claim under 80 D for AY2023-24

Ans: Total amount of 75K for you and your family and dependent parents provided you pay the premiums.

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Answered on Mar 11, 2023

Asked by Anonymous - Feb 28, 2023

I have taken a house loan and paying EMIs. However I would like to take monetary help of my NRI (USA) son to clear some part of the house loan. If he transfers money periodically from from his US account to my India bank account and then I use a cheque to do house loan part payment, what kind of India tax implications will my son have?

Ans: No tax implications

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Answered on Mar 11, 2023

Question by PK - Feb 28, 2023

In the new tax regime, is interest on PPF taxable?

Ans: no changes in the PPF taxation

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Answered on Mar 11, 2023

Question by paner - Feb 28, 2023

what are the exemptions allowed as per new tax regime

Ans: You can claim tax exemption for:

Transport allowances in case of a specially-abled person.
Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
Any compensation received to meet the cost of travel on tour or transfer.
Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
Perquisites for official purposes.
Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA).
Interest on Home Loan on let-out property (Section 24)
Gifts up to Rs 5,000
Deduction for employer’s contribution to NPS account (Section 80CCD(2)).
Deduction for additional employee cost (Section 80JJA).
Budget 2023 introduced a standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24.
Budget 2023 also introduced deduction under Section 57(iia) being expenses towards income from family pension.
Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2).

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Answered on Mar 11, 2023

Question by Joy - Feb 28, 2023

What is the impact of LTCG in New tax system?

Ans: No changes

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Answered on Mar 11, 2023

Question by Tarun - Feb 28, 2023

I am an NRI for last two years. If I plan to come to India in Jun 2023, does my foreign income (Dubai) from Apr to Jun 23 become taxable for FY 24 in India? I am salaried and there is no business or rental income abroad

Ans: If you don not follow the rules for an NRI as per the IT Act for FY24 , then you will be residential individual and not a NRI due to which all the income will be taxable.

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Answered on Mar 11, 2023

Asked by Anonymous - Feb 28, 2023

80E tax deduction available under new tax regime?

Ans: No

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Answered on Mar 11, 2023

Question by Ratnakar - Feb 17, 2023

Sir, I have home loan jointly with my wife for the residential flat where we are living now. The flat is in my name bought in 2010. My wife has sold her ancesteral property in Sept '22 and gained Rs. 16 lakhs. Can she use this amount to repay the loan to avoid LTGT. Kindly give your opinion. Thank you

Ans: The exemption of LTCG is not available for repayment of home loan. You can claim the benefit of the home loan deductions available.

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Answered on Mar 11, 2023

Question by VA - Feb 24, 2023

I have completed 60 yrs of age a few days back in this month only. So shall I be treated as Senior Citizen for filling my IT return for this year ( i.e. FY 2022-23) and can I avail the 80 TTB limit of Rs. 50000 & 80 D benefit of Rs. 50000 ?

Ans: The age of an individual is calculated from 01 April of the financial year. Hence you will not be treated as a senior citizen.

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Answered on Mar 11, 2023

Asked by Anonymous - Feb 20, 2023

Hello sir, my mother died last month as i am only nominee i got @ 11 lacs in my account. I am salaried person of 2.5lacs pa , thus it will tax me please guide and suggest a investment plan.

Ans: The taxation depends on the source of the 11 lakhs. If you are planning to invest this money for long term , you can go for a balanced portfolio of mutual funds.

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Answered on Mar 11, 2023

Question by Rajiv - Feb 23, 2023

Hello, I am retired person my yearly income from pension is rs 14 lakhs per annum. Which will be better option for me for AY 2023-25

Ans: I am assuming you are asking which regime to select, so the answer is without any investments which act as deductions, New Regime is better for you.

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Answered on Mar 11, 2023

Asked by Anonymous - Feb 20, 2023

im a senior citizen with an annual income of Rs.8 lakhs and agricultural income of 2 lakhs, is agricultural income totally exempted please

Ans: Yes agricultural income is exempt

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Answered on Mar 11, 2023

Question by N - Feb 20, 2023

My wife has an estimsted income of Rs. 450000 by way of bank/post office interest.She has no savings this FY ( FY 2022-23) to get the benefit of 80C . She is a senior citizen aged 70 years. Does her income attract income tax ? What investment should she do to avoid tax ? .

Ans: No need for investments under 80C as her income is not in the taxable limit.

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Answered on Mar 11, 2023

Asked by Anonymous - Feb 09, 2023

Hi my CTC is 1600001, my PF contribution is 95,988, My policies - 1,60,000, Tution fee -50000, Sukanya yojana - 25000, Atal pension - 7848, Rent - 2,40,000. What tax i need to pay and how i save my tax to do further Investment, Is home loan advisable for tax benefit in current scenario.

Ans: Tax will be as per the tax regime that you wish to select. Preferably new regime is better looking at your rent and investments. Home loan will give an additonal interest benefit,so depending on the cash flow of an individual , home loan can be availed.

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Answered on Mar 11, 2023

Question by Raghavendra - Feb 08, 2023

My Income is 12 lakhs, and savings Child tution fees, GPF contribution all comes over 1.5 lakhs and also in 80D Medical Insurance 23000. Is old or New tax regime beneficial?

Ans: New regime is better from FY 23-24. So rather than blocking your assets for a period of 15yrs, you can choose an investment with no lock in and still pay less taxes using the new regime.

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Answered on Mar 10, 2023

Question by Ahmed - Feb 05, 2023

is NRE savings is taxable?

Ans: Full amount is tax free

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Answered on Mar 10, 2023

Question by Vijay - Feb 05, 2023

I have 36L as salary income, i also have 1.5 lakhs on 80c insurance and vpf additional of 50k.Can you please help to distinguish which regime is better to opt going forward.

Ans: New regime is better

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Answered on Mar 10, 2023

Question by Pradeep - Feb 05, 2023

My salary income is about Rs 30 lakh and income from interest is about Rs 10 lakh. I have no home loan. I do not claim any deduction except provident fund Rs 1.5 lakh and NPS Rs 50,000. Should I opt for the new income tax return?

Ans: New regime is better than the old regime from FY 23-24

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Answered on Mar 10, 2023

Question by Naresh - Feb 05, 2023

I am 51 year old employee under old pension scheme. Should I invest un NPS or Mutual Funds for extra pension after retirement

Ans: Investment in Mutual fund will help you with a retirement plan and the withdrawal of a sum from mutual fund at a given interval is called SWP not Pension. Whereas withdrawal of money from NPS post retirement is possible through lumpsum and pension as well

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Answered on Mar 10, 2023

Question by KL - Feb 02, 2023

can Tax Collected at Source at the time of Foreign remittance be deducted from my tax liability. For example, if my tax liability in a financial year is , Rs . 287000 and TCS in that financial year is Rs 96000. can I have tax liability reduced by 96000? Please clarify. Thanks a lot

Ans: Yes you can

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Answered on Mar 10, 2023

Question by D - Feb 02, 2023

Is the income exemption limit of Rs 500000 for senior citizens above 80, still valid under Old Regime ,in the new Budget 23-24 or scrapped?

Ans: No changes have been made in the old regime

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Answered on Mar 10, 2023

Question by Krishna - Feb 02, 2023

New new tax regime, whether loss arising from interest paid on home loan in case of rented property can be adjusted against salary income; professional tax & children education allowance (100 per children per month), deductions u/s 80-C & 80-D & standard deduction of Rs.50,000/- is allowable. Plz clarify

Ans: No

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