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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Nov 27, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Niraj on Nov 27, 2020Hindi

Money

4. A Firm with loss can file manual return for the financial year 2012-13 or may choose not to file?

Ans: Irrespective of having gain or loss, it is mandatory to file tax returns for a partnership firm.

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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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Nov 27, 2020

Question by Niraj - Nov 27, 2020Hindi

Money

My query is w.r.t a Partnership Firm which got dissolved in March 2013 and has loss and tax audit is not applicable for the year. 1. Is it mandatory to file income tax return for partnership firm in the financial year 2012- 13?

Ans: It is mandatory for every partnership firm to file the return of income irrespective of amount of income or loss

Mihir Tanna |964 Answers |Ask -Follow

Tax Expert - Answered on Dec 16, 2022

Question by Upendra - Dec 16, 2022Hindi

Money

I had some CG LONG TERM LOSS in AY 2020-21, AY 2021-22. By oversight, I could not fill up BFLA schedule and therefore was unable to set off LTCG of AY 2020-21 & 2021-22 against LTCG in AY 2022-23. My assessment for AY 2022-23 is also complete. Can I file for RECTIFICATION of return for AY 2022-23and set off LTCG losses of earlier years? Await your guidance.

Ans: You can file a revised return only to remove the omission and mistake and/or correct the arithmetical error.It cannot be filed for altogether a new claim.

Thus, matter of new claim in revised return can be subject to litigation.

If you file revise return to claim brought forward loss of earlier years against capital gain of AY 2022-23 and if income tax department observes that it is new claim, your claim might be denied as same was not claimed in original return. However, it can be argued that revised return is filed to remove mistake of not claiming brought forward losses.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Aug 04, 2024

Question by Ravinder - Jul 24, 2024Hindi

Money

sir, my question is. i have converted my Pvt ltd company into LLP. So in which coloum in a tax return the loss of Pvt company to be shown. kapoor

Ans: You have converted your Private Limited Company into LLP during the year. You should declare Profit/Loss from both PLC & LLP separately. Profit from PLC (Private Limited Co), till the date it was operational & afterwards as LLP (from the date of its inception).
Thanks.

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Patrick Dsouza |873 Answers |Ask -Follow

CAT, XAT, CMAT, CET Expert - Answered on Nov 30, 2024

Question by P - Nov 29, 2024Hindi

Career

Can I switch my career into IT sector Holding an experience of 6+ years in retail banking as a sales manager With a qualification of MBA.. is any possible let let me know

Ans: iIT field is quite vast. Start with doing short online courses in the area you are interested in. If you are interested you can then go on and look out for jobs in that area. Don't leave your current job when you are doing the course.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Oct 20, 2024Hindi

Money

Sir, I am having a flat purchased in 2012 in joint name with my spouse and I am having first name. If I sell this flat and pur hase another flat where my spouse will be first holder and myself as joint holder then what will be tax liability . Kindly guide With regards

Ans: LTCG generated by Selling the Flat would be admissible for exemption u/s 54, if you purchase another Residential Property in joint names of both of you (irrespective of first or second holder), with in time limits.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Question by Mathew - Oct 19, 2024Hindi

Money

Hi sir my father had purchased a property for 2 lack in year 1993 now he is planing to sell it for around 8 crore how much tax he must pay where to invest the amount, he might get some 2 cr in black also what to do with that amount and we want to generate a monthly income of 2 lack with this amount

Ans: 01. This transaction would generate LTCG of big amount. You may calculate your LTCG with 12.50% without Indexation or 20.00% with Indexation. You can choose the better option.
02. The best way seems to Invest this amount in House Property, in which case your both Cash & Bank amounts will be absorbed. Besides Regular Income from this property (like Rental income etc.), Capital appreciation would give you substantial push. Another justification of this Investment would be to save big on LTCG tax.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Oct 15, 2024Hindi

Money

Sir, My annual income expected to be like Income from FD,ncd, post office etc - 185000.00 Dividend income - 15000.00 Short time capital gain - 125000.00 Total income - 325000.00 Can you please calculate my income tax liability for the next assessment year. Thanks

Ans: Based on the data provided above, there shall be no Income Tax payable.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Nov 25, 2024Hindi

Money

Can u brief me about new indexation rule for capital gains

Ans: Under present provisions of Income Tax Act, you may opt any of the options (in case of Long Term Capital Gains), as under :
(01). Tax Rate 12.50% without indexation or
(02). Tax Rate of 20% with Indexation.
You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
This is subject to the condition that the property is sold after 23.07.2024 & purchased before 23.07.2024 only. This is applicable to Resident citizens only.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Nov 25, 2024Hindi

Money

I have property in parts One part acquired on 2018 another in 2024 And now sold Capital gain is Indexed

Ans: Please make your question clear to be replied properly.
Sorry for inconvenience.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Sep 09, 2024Hindi

Money

For capital gains. Can I book a flat now to get possession in 3 years.

Ans: I hope you are asking for exemption u/s 54/54F only.
To avail exemption you need to purchase a Residential property with in 2 years from date of Sale of asset/property. It would be better, if you can Register this Flat in your favor with in 2 years.
Most welcome for any further clarifications. Thanks.

T S Khurana |228 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

Asked by Anonymous - Jul 21, 2024Hindi

Money

My daughter is staying abroad and housewife. She sold her plot for 14 lacs for her son's education. This amount was sent to her husband a/c abroad from her brother's local indian a/c. Should she submit IT? Plz clarify.

Ans: 01. Since she has sold plot in India, there must be some Capital Gains, which are subject to Income Tax. So she needs to file her ITR in India.
Most welcome for any further clarifications. Thanks.

Radheshyam Zanwar |1076 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 30, 2024

Question by Anmol - Nov 28, 2024Hindi

Career

Sir ,maine class 12th 2024 me complete kiya with pcb aur mujhe b.tech me admission chahiye.Toh isilye maine as a cbse private candidate maths as an additional opt kiya h 2025 ke liye.kya mai jee ke liye eligible hu ya nahi ??

Ans: Hello Anmol
No, you are not eligible for JEE. You have to clear the PCB and maths as an additional subject in the same year i.e. 2025.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Radheshyam Zanwar |1076 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 30, 2024

Asked by Anonymous - Nov 29, 2024Hindi

Career

Hello sir, I am a 11th grade student. Now iam very confused amd depressed that what should i study now. Let me tell my goals. 1st thing is i want to get top 3 rank in my school examination and 2nd is to prepare for JEE MAIN examination and 3rd is to complete 12th std portions before May month 2025 to score a very good mark in my 12th board examination at 2026. And i also need to complete my JEE MAINS portions before november month for my Jee mains examination which is at Jan month and i need to crack it with 99 percentile at my first attempt and get into any one of the prestigious colleges. But iam very confused that what engineering should i choose. According to me I love all the engineering fields but i need to choose a field which will give the highest salary.These are the things that are revolving in my mind. Can you please give me perfect solution for my 5 confusions..

Ans: Hello dear.
Without taking an examination, without any score in hand, without any college in hand, without any course in hand, you are thinking and thinking and thinking for no reason. The goals/targets set by you are appreciable. But to convert them into reality, you have to work hard and excel in all the examinations. The highest salary is not only based on your degree or only on the college name. There are a lot of other parameters. Your journey is very long. Please keep your eyes only on your studies. Crack JEE (Mains + Adv) with a high score, get admission to a top IIT college, and choose the best course of your liking. Excel in the engineering then test the flavour of success. Best of luck for your upcoming bright future.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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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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