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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Neeraj on Feb 01, 2023Hindi

Money

Is NPS contribution exemption in new tax regime ? what is surcharge in new tax regime for income upto 20 Lakh ? How capital Gain is treated in new tax regime whose income is above and below 7 Lakh?

Ans: Hi Neeraj
Employer's contribution to NPS is allowed as deduction.

No surcharge on income of Rs. 20 Lakhs

The income (including capital gain) may need further evaluation or comparison as marginal relief concept would be applicable in working out the tax on regular income vis-a-vis capital gain income with special rates. It would be difficult to specify the best tax regime option without real comparison

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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If i have a salary of more than 15 Lakhs, What are the exemptions available in new tax regime. Heard EPF(12% of basic) and corporate NPS contribution(10% of basic) is exempted. Please confirm. Also confirm 80 ccd2 NPS is available in new regime?

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1. In the New Tax Regime, I can save Tax via NPS or Not. I am in a Private Job. 2. Long Term Capital Gain and Short Term Capital Gain both combine 1.25 Lakhs or separations we have to consider . With respect to the Share Market and Mutual Fund .

Ans: Under new tax regime, person can claim deduction of NPS for contribution by employer.

Further, exemption limit of 1.25 lacs is applicable to long term capital gain covered u/s 112A which covers equity shares on which STT is paid at the time of acquisition as well as transfer (subject to specified condition) and equity based mutual fund scheme

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Question by Anshu - Feb 15, 2025Hindi

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Good morning sir , while submitting the form in 1st attempt I wrote my name As "name surname" but in my board 10th marks certificate in Maharashtra board my name was written as "surname name fathername " but my 1st attempt form was accepted I thought I can change my Name on second attempt but there is no option and new registration is also no the way I am concerned about jossa councilling will be there any issues due to

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I am a senior citizen. I am selling my flat at 54 lakh. I bought it 13 years back for 19 lakh 80 thousand 600. My son is the co applicant. He is working in IT and he has a family of wife and a son. Me and My husband are unemployed, no pension, not earning. What would be my capital gain and what would be the tax we have to pay.

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My question is regarding purchasing 1 bhk flat as investment. I am living in good society in Wagholi in terms of amenities and basic facilities. I am planning to buy 1 bhk flat for 34 lacs. Which bit lesser than what actual price in our society. I am thinking of paying emi through the rent which I am going to receive. Please advise

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As of now I have opt for Old tax regime.. With my income of 11.89 LPA , can you please suggest which regime is good ,, Old or the new .. Also guide on tax saving components for the respective option

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Hello.sir, FM says no tax upto 12 laks but she has also said tax Slabs where there are slabs varying from 0 to 30percent , not clear what to infer. Is this for those whose income is overand above the 12laks per amnum

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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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