Pensioner Asks: Is TDS Included in My Taxable Income?

Ans: 01. Individual share of LTCG (Sale price - Cost of plot) will be taxed, as under :
(a). Tax Rate 12.50% without indexation OR
(b). Tax Rate of 20% in case of Indexation.
You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
Most welcome for any further clarifications. Thanks.

Ans: 01. In case of Sale of property by one or both of you, to a single buyer, its date of purchase shall remain 1968 only.
02. In the instant case, you would be entitled to the benefit of Indexation.
Most welcome for any further clarifications. Thanks.

Ans: 01. There is no issue of inheritance involved in this case, as far as income tax is concerned.
02. If you sell shares, it would be subject to LTCG Tax under Income Tax.
03. Please note that only Gain would be taxed & not gross receipts from sale of shares.
04. There would be a tax exemption of up to Rs.1,25,000.00 per year on LTCG. Beyond this amount, it shall be taxed @12.50%.
05. If LTCG amount is more, then you may plan for certain other exemptions available under the income tax (u/s54F).
Most welcome for any further clarifications. Thanks.

Ans: 01. You may withdraw maximum amount (which is eligible for purchase of a house) from your PF Account & Invest the same in purchase of a house or Flat. This may reduce your tax burden on account of heavy interest on PF & gives you the leverage of appreciation of value of your purchased house.
02. You may open a PPF Account & put your future savings in that account.
Most welcome for any further clarifications. Thanks.

Ans: 01. When you make a Gift to someone, it can't be claimed back. At least it is not your legal right to claim it back. However, its just mutual understanding between two parties.
02. If your maternal uncle has divided the amount in 6 parts & shared the same with all 6 brothers, you can't exercise any choice or preference. It is his prerogative, to utilize the property in a way he likes.
Your mother probably has no right to reclaim her share.
Most welcome for any further clarifications. Thanks.

Ans: Yes. It is good, You can even create some games. Best of luck. Professor........:)

Ans: 01. You may sell the flat purchased earlier & pay off its loan. However, you would be entitled to LTCG Exemption only if the Purchase of New Flat & sale of old Flat is with in one year. Please compare the dates of Registration of both flats, since timeline is very important in this case.
02. Are you earning any income from the old flat ? If not, you may sell the property & repay the housing loan against new flat.
03. However, if you are earning reasonably from old flat, it would be beneficial to keep the same & utilize its income to pay EMIs.
Most welcome for any further clarifications. Thanks.

Ans: He must be comfortable with one or more computer languages like C & C++. Apart from that he must be comfortable with CODING, Data Science, Basic Mathematics. It's an age of AI and Machine Learning. He must go for some good certification course which is having collaboration with some reputed IIT. Before going for the certification course he must know their syllabus and practise at least two months by viewing good YOU TUBE videos of the concerned subjects and relevant topics. Please note he is changing his line from Civil to IT. So he has to compete with the students who are doing B.Tech in circuit branches like Electrical, E&TC, Computer, IT and Instrumentation. So he has to prove his merit. Be in touch with me. Best of luck to your son. MAY GOD BLESS HIM. Regards. Professor

Ans: Bets way seems to be to visit EPFO office to seek details.
However, your previous employer(s), who deducted PF & deposited in your account may also help you to get the relevent details.
Most welcome for any further clarifications. Thanks.