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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jan 22, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
K Question by K on Dec 26, 2023Hindi
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Sir, Please inform where I have to show the details of a property (Flat) purchased in Income Tax Return ?

Ans: If you have purchased a property then it is not required for you to declare it in the ITR. If your annual income crosses Rs. 50 lakhs after tax deduction, then you will have to declare your assets and liabilities in the ITR which must be including the property you purchased.

Moreover, if you have purchased a property worth more than Rs. 50 lakhs then you will have to deduct TDS at 1% from the payment made to the seller. The TDS is submitted to the government using Form 26QB and file for TDS return.
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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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jul 28, 2023

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I have some queries regarding tax on sale of my property which I need to show in my Income Tax return in FY-2023-24. I had purchased a flat in Kolkata at a total cost of 8.50 lacs [including registration cost] and registration was done in April, 2004. I had sold the said flat in May,2023 at Rs.31 lacs. My queries are :- 1. Do I need to pay Capital Gain tax on the sale of this flat ? 2. How much tax do I need to pay ? 3. How to show this capital gain income and tax in my Income Tax retirn next year ? Please advise. Regards, Ratan K. Saha
Ans: You need to understand the following things about taxation of your flat:-
1. You have earned a profit (called capital gains in this context) on the sale of your house. So tax is due.
2. However, tax will not simply be 31L – 8.5L. The Govt gives you an advantage of inflation over the years which increases your purchase cost through a process called ‘Indexation’, thus decreasing your tax. Please google and read up on it, or contact a good CA or a financial advisor.
3. You also get credit for registration and stamp duty charges, brokerages paid as also any improvements done in the house of a permanent nature.
4. Please read up on Income Tax Section 54 which also gives out how you can save tax on your final capital gains arrived at.
5. The entire calculations and sale/purchase details have to be shown in the ITR. Most probably you will be filling ITR-2 for this next year but please ascertain the same when you are about to file the tax since rules keep changing.

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Nayagam P

Nayagam P P  |2230 Answers  |Ask -

Career Counsellor - Answered on Jul 21, 2024

Asked by Anonymous - Jul 20, 2024Hindi
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Sir, i have completed my bachelors (BCA) in India in an engineering college and wishes to pursue my masters in a foreign country.My family is'nt well off so iam looking into schlorships.can you suggest some courses with good scope. Also which countries are best for IT field that provide great schlorship oppurtunities.
Ans: As far as Scholarships for Abroad Universities are concerned, you should have good scores from the entrance tests (whichever will be applicable according to the University's admission criteria), good past academic records, your extra and co-curricular activities, additional certifications, your Statement of Purpose (SOP), Letter of Recommendation etc. Those who have gained work experience of a minimum 2-3 years after graduation get preference in admission.

And most of the Universities do not provide 100% scholarships. You will have to bear some expenses (depends upon which University / College you get admission into & what all expenses only it will cover?) .

As you have mentioned that your parents NOT well-off financially, it is suggested to work for 2-3 years, earn some money and also gain work experience, then go for further education abroad.

Before approaching any Professional Abroad Education Consultant, do a thorough research about the Countries/Universities/Programs, shortlist those which you think will be most suitable, apply to 5-6 top Univerities offering Scholarships and finalize one best University/College for you.

All the BEST for Your Bright Future.

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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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