Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU T S Khurana, a fellow member of The Institute of Cost Accountants of India, will answer them.
Vdn: If i sell my site this year bought in 1989, hw much capital gain tax i have to pay?
Any gain arising from sale of site shall be Long Term Capital Gain.
You may opt any of the options (in case of Long Term Capital Gains), as under:
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.
Anonymous: My daughter is an NRI in Dubai she had bought a residential apartment. Now she wants to transfer the same to me, that is, her father.
Would like to know what is the best way to transfer Gift deed or any other option? Would stamp duty be applicable? Property is around Rs 2 crore and in Gurgaon
Your daughter can Gift the property to you. Gift deed should be executed, so that property is transferred in your favor. Applicability of Stamp Duty is a state matter & the same varies from state to state; you may refer to Haryana Govt. rules for this purpose.
Most welcome for any further clarification. Thanks.
Inderpal: My wife is a senior citizen with bank FD of Rs 46 lakh. She is annually receive around four lakh and have no other sources of income She has submitted from 15G for non-tax deduction at source still it is being deducted. What is the way out? Total annual income is approx four lakh only kindly guide.
Since income of your wife is more than the basic exemption limit of income tax, bank has to deduct TDS and deposit the same with the Income Tax department. In future, you may not submit Form 15-G for this purpose.
Most welcome for any further clarification. Thanks.
Abhishek: I am a 42 year old unmarried person living with my parents in Navi Mumbai. The house was brought 20 years back and is held jointly in the name of both my parents. Due to my parents old age they want to transfer the house in my name.
Please advise what is the best suggestion whether they gift the property to me or should they register a joint will.
My brother expired few years back and I am the only son left. I also own property brought by my own money so will owning two properties lead to wealth tax? Please advise.
01. Your parents may transfer the property in your favor, which shall be treated as a Gift from parents to their son.
02. Other way out is they execute a REGISTERED WILL, in your favor & you can get the property transferred in your favor, after them.
03. You may be having one or more properties at present, but this will not affect the above transaction, in any way.
Most welcome to any further clarification. Thanks.
Anonymous: I receive a monthly pension of 50k. Additionally, I hold a mutual fund worth Rs 12 lakh, from which I have not made any withdrawals. I would like to know if I am required to disclose this information to the tax authorities and if it is taxable. Thank you for your assistance.
Any Income from MFs is taxable. This income may be in the form of dividend payouts or dividend reinvested, in the same fund. This income is taxable, even if you don't sell the same or get its redemption.
When you sell MFs in full or in part you would be liable to Capital Gains Tax.
You must disclose all the facts in your ITR, wherever required.
Most welcome for any further clarification. Thanks.
Anonymous: I purchased an under-construction residential apartment in February 2024 and sold my other residential apartment in August 2024. Thus both the transactions have happened in different financial years and purchase of property has happened not only before the sale of another property but also in previous financial year.
Will the capital gains made out of the property sold are tax-free considering the fact that property purchased was of significantly more value than the sale price of the other property?
Yes. You are entitled to claim exemption for the apartment purchased in February-2024, against Sale of your other apartment in August-2024. This is within time limit of one year, in which you are supposed to purchase a new residential property to be eligible for exemption u/s 54.
Most welcome for any further clarification. Thanks.
Disclaimer: This article is meant for information purposes only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.
Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.
'15L From Land Sale. How To Save Tax?'
Capital Gain On Homes: Tax Qs Answered
How OCIs Are Taxed
'What Will Be My Tax Outgo If...?'
How To Avoid Being SCAMMED For Tax