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Can I get a tax exemption on Rs. 5 lacs income? (Senior citizen, Rs. 2 lacs income from other sources, Rs. 3 lacs STGC)

T S Khurana |186 Answers |Ask -Follow

Tax Expert - Answered on Nov 12, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Prem on Oct 06, 2024Hindi

Money

i have income of 2 lacs from other sources and an income of 3 lacs STGC from equities, will I get an TAX rexemption on my total income of Rs. 5 lacs or I will be taxed for STGC fully or on its portion, I am a senior citizen 7- years

Ans: 01. You should file your ITR under new tax regime to minimize your tax liability.
02. Since you have STCG so your tax liability would be there. Under Old regime, you may get a maximum tax rebate of Rs.12,500.00 only. Where as in new regime your tax liability will be comparatively less.
Most welcome for any further clarifications. Thanks.

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 become a senior citizen this year. My annual income is as follows. I got 3 lacs ltcg from mutual fund and 2 lac from other source.I want to know 1.25lacs ltcg is exempt from tax . Will I have to pay tax for remaining 1.75 lacs.

Ans: 01 You have correctly assessed that you will have to pay LTCG tax on remaining Rs.1.75 lakhs.
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HI SIR, I AM SR. CITIZEN. MY TOTAL EARNING (FROM RENT, INTEREST AND MUTUTAL FUNDS) FOR THE FINANCIAL YEAR 2024-25 WILL BE LESS THAN 3 LACS. MY QUESTION IS LTCG FOR THE YEAR WILL EXCEED 1.25 LACS. KINDLY GUDIE WHETHER I WILL HAVE TO PAY TAX AFTER EXEMPTED LIMIT OF RS. 1.25 LACS. ALSO STCG FOR CURRENT YEAR COMES TO RS. 48000/-, I THINK IT WILL BE TAXABLE @ 20%?? THANKS IN ADVANCE.

Ans: Under new tax regime, there will not be any tax for said heads of income upto 3 lacs.

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Dr. Shyam, I had my teeth cleaned 6 months ago and after that was done I saw discoloration on certain teeth that wasn't there before. Years ago I had my teeth cleaned and one particular tooth after the cleaning was sensitive to touch. I had a crown put in from two different dental offices. The first one did the crown right, but was trying to charge me $3,500 more than the agreement they made with Medicare. Medicare corrected that. I other dentist did a crown and it didn't go all the way up to my gums and is sensitive to especially cold things. I'm not having very good experiences with dentist by and large. Can't find an honest one or one that can actually do the job right. I feel being on Medicare your a target to bring in money. Not sure what to do next. Supposed to go back and have them redo the crown that didn't go to my gums, but it also was ttd place to didn't clean my teeth right and discolored some of them. Any suggestions on how to trust there is actually an capable and honest dentist out there who can perform properly?

Ans: Identifying a capable and honest dentist is crucial for your oral health and well-being. Here are some tips to help you find one:

1. Ask for referrals: Ask friends, family, or coworkers for recommendations. They can provide valuable insights into a dentist's work quality and bedside manner.

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6. Check their approach to preventive care: A capable dentist emphasizes preventive care, including regular cleanings, exams, and education on oral hygiene.

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Sir I got admission in btech biotechnology and in bhms , which has more salary potential and which course should I take

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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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