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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on May 27, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by SHAIK on Apr 06, 2024Hindi

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Hi, I have completed 60 year of my age in last July, do I get any special discount in ITR in forthcoming filings. Thanks

Ans: Since you became senior citizen your income tax slabs undergo changes and you can enjoy enhanced taxation limit.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am turning 60 on 19th April 2023. When I file my ITR in JULY 23, will I be treated as Senior citizen?

Ans: Person senior citizen anytime during year is considered as senior citizen for Income Tax purpose. So for FY 22 23, you will not be considered as Senior Citizen

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Question by VA - Feb 24, 2023Hindi

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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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Question by MUTHUCHELLAPPAN - Jul 21, 2023Hindi

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I am 82years and three months old.My total income per anum is around 1.5 lakhs only which is much below the exempted limit.My income is only through LIC pension and interest on deposits kept on nationalised bank.I am getting reminders from IT Dept. to file ITR.What should i do.

Ans: In case income is below exemption limit, Super senior citizen Individual is not required to filed Income Tax return.

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Question by Pravin - Jan 15, 2025Hindi

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If,a senior citizen has interest plus dividend income of 2.70 lacs and ltcg of 1.10 lacs for F.Y 2024-25( no other income), will he/she will have to file ITR for A.Y 25-26

Ans: Yes. Since your income (Rs. 3.80 L) would be more than the minimum income chargeable to tax (Rs.3.00 L), you need to file your ITR.
Most welcome for any further clarifications. Thanks.

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Question by Nidhi - May 15, 2025

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Kiit Kalinga university me btech biotechnology me registration ho gya hai 75000 registration fees bhi jma ho chuki hai lekin cbse ka result ab aaya hai marks 60% aur pcb me 50+ hai ayesa na ho ki registration reject ho jaye kya admission ho jayega

Ans: Hi Nidhi,
greetings.
According to the prospectus, you are not eligible for admission to KIIT for the B.Tech in Biotechnology program.
The basic requirement for B.Tech and M.Tech in Biotechnology is that you must pass 10+2 or an equivalent exam with at least 60% marks in Physics, Chemistry, and Mathematics/Biology/Biotechnology combined.

Since you have only achieved 50%, I recommend considering other courses such as Nursing or Pharmacy instead of Biotechnology.

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Hello sir.Could you pls suggest best colleges for pharmacy sciences in Punjab? I will be very thankful to you

Ans: Hi,

Punjab is not a district; it is a state. To gain admission into an undergraduate (UG) program, you must either write an entrance exam or go through the state selection board. Given this context, it is challenging to provide specific advice.

If you are interested in pursuing pharmacy, visit the website of the respective college to find information about the Standards of Instruction for Pharmacy (SIF) through the Pharmacy Council of India (PCI). The institution may have shared important details about their programs. You can choose colleges based on their infrastructure.

Don’t focus solely on placements. If you have the right skills, you will naturally secure a placement. However, do not stop at completing your UG; you should also aim to pursue a postgraduate (PG) program, as it will provide you with more exposure.

If financial constraints prevent you from pursuing PG studies, consider entering pharma marketing after completing your UG. There are plenty of opportunities to excel in marketing.

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Sir With 94 marks in manipal exam and 75 percent in boards ,what branch can i expect in main manipal campus.

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Question by Rajiv - May 15, 2025

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My son was born in Maharashtra, and has a Birth-certificate of Maharashtra, but we are permanent residents of Delhi. Is my son eligible to get its benefit in terms of local reservation in MHTCET-2025/

Ans: Hi Rajiv,
As your son born in Maharashtra, you cannot claim a domicile certificate from Maharashtra. To be eligible for a domicile certificate, one needs to have resided in the state for the last 15 years. Therefore, having only a birth certificate is not sufficient. I hope I have answered your question.

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Asked by Anonymous - Jan 31, 2025

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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

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Vipul Bhavsar |83 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Feb 16, 2025

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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.

Vipul Bhavsar |83 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by arun - Feb 24, 2025

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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
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Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Mar 19, 2025

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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

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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