I want to build a corpus of 5 cr in next 15 years a how much I need to invest monthly

I sold my father's house for Rs 2.30 crores and bought another house for 1 crore 40 lakhs Out of the amount I received for my sold property I transferred 28 lakhs to my sister's account as a gift from my side Pls note i just transferred the money didn't give it like a gift deed How much tax would I need to pay

I have only income from interest from saving bank a/c and from LTCG by selling of equity mutual funds, as a housewife. Can I get the zero tax advantage by totaling the above 2 sources amounting upto Rs 7 lacs pa under new Tax regime or Rs 5 Lacs pa in FY 2023-24 . Need your clarification urgently. If possible kindly explain with example.....Thanks

Assessee Company filed IT Return on due date for the AY 23-24(FY 22-23). It claimed all the Tax credit as per 26AS. However one of the client deposited tax very lately in Jan 24 for the FY 22-23 and the 26AS was updated and now the TDS as per 26AS is more than the TDS claimed in Return. The possibility of belated returns ended on 31.12.23. Newly introduced Form 71 is for claiming a credit of tax which was deducted in the subsequent financial year but the income thereof was offered in the preceding financial year. Rectification opportunity u/s 154 may not be available as it is not an mistakes apparent on record. What is the option available to Assessee Company to claim the TDS as refund. Thanks in Advance.

Husband (H) and Wife (W) sold Co-ownership Flat for Rs. 100 Lakh. Buyer mistakenly Transferred entire Rs. 99 Lakh to H’s Bank Account. Buyer mistakenly Deposited entire TDS (1 %) of Rs. 1 Lakh in the Name of W u/s 194IA. 26AS of W reflects Transaction Value of Rs. 100 Lakh and TDS of Rs. 1 Lakh. 26AS of H does not reflect anything u/s 194IA. ITR of H and W for AY 2024-25 will offer for Tax 50 % each of Long Term Capital Gains (LTCG). W will claim entire TDS against 50 % LTCG and H will not claim any TDS against his 50 % share of LTCG. This will result in mis-match in both the cases. What is the possible resolution for the said mis-match?

Hi i am trustee of a minority trust which owns a oldage home. We want to sell a small portion of our land for generating corpus fund. Would this income be taxable

Hello Mihir, Hope this mail finds you welI ! I purchased a flat jointly with my father in 2008 for 14 lacs. I am the first owner. My father passed away in 2014. Now I want to sell this flat for approx. 40 lacs. I have below queries : 1) I have 1 brother & my mother, will I have to do some legal documentation to transfer their rights to my name ? What is this process & how much time & money it takes ? 2) Will it be advisable to sell the flat by transferring full share in my mother’s name ( Sr. Citizen) to save tax ? 3) How much will be tax in my mother’s case and also if I sell the flat in my name ? 4) How can we save the taxes ? Thank you in advance

Hello Mihir, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceed 12 lacs & plan to file ITR in coming June, so can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

I have sold my housefor Rs.45 lacs in November 2023 which was originally bought in 2001 for 2.7 lacs. 1. Should I show this income in the IT return of 2023-24 FY ?.(2). Can I invest this amount in FD for two years and pay no tax for two years, as I am not planning to invest in other properties or LTCG Account ?

Sir, I am a Senior Citizen of 70 years having income from Pension,Capital Gains and other sources. What is the basic exemption limit if I am to opt for old tax regime for filing my Return of Income for the F.Y.2023-24. Assessment Year 2024-25.