'Any tax liability for women earning 6L via stocks?'

Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Samkit Maniar, a CA from The Institute of Chartered Accountants of India with eight years of experience, will answer them.

Faisal: If a female, not a Sr. citizen earns Rs 6 lakh from STCG or LTCG (Shares equities only), contribute Rs 150,000 to PPF what will be her tax liability?

Considering the net income i.e. 4.5 lakh (6 lakh - 1.5 lakh) is less than 5 lakh, she will not have to pay any taxes. This is considering that she doesn't have any other source of income.

Please take assistance of your CA as well.

Anonymous: If i have invested in New York Stock Exchange, being an Indian, working in India, what is my tax implication and regulatory liability?

As an Indian person, you are subjected to taxation on worldwide income. Hence, in case you receive any dividend or you have sold any investments then you will be subjected to taxes in India.

You may also consider India-US treaty and choose the favourable rate (ie rate as per Indian laws or rates specified in India US treaty whichever is lower).

Anonymous: I purchased NSC IX (10 year tenure) in name of my mother amount of Rs 4 lakh that is sum of past many year saving and my mother is housewife and no income to file ITR. My question is at maturity of NSC IX (10 year tenure) will whole interest is show in AIS like 5.44lakh (only interest) so what action i take? Do I need to pay tax on 5.44 lakh?

Depending upon your mother's age, you may need to understand the slab rates applicable to her.

Typically this is a cumulative interest of all years taken together.

Ravi: Hello Samkit, I have retired from Govt. PSU service during Oct.2022 and had filed my ITR (Form 1) for FY 2022-23. For FY 2023-24, will there be any change in filing of returns or do I file in Form 1 itself which includes present employer salary, FD / SB interest and dividends. Secondly, from the buyback of shares by a company, which I am holding, the profit (purchase price less buyback price after brokerage, if any), do I need to account through Form 1 itself or do I need to change to other form in which this profit, present employer salary, FD / SB interest and dividends to be accounted. Kindly advice.

You may continue with Form 1 itself. You need to show the buyback amount under the head exempt income in the form.

Please take assistance of your CA on this.

Dilip: I want to sell my house property at a price higher than govt market value and I shall purchase another property with the sale consideration. What will be the tax implication for buyer and seller (me)?

The buyer will deduct 1% TDS.

Depending upon the sale consideration and purchase cost, capital gains will be in the hands of the seller. However, if the same is intended to be reinvested in a residential property (assuming you own only one residential property in your name) then there may not be tax implications. Clarity on numbers will provide better indications. Please take help of your CA.

• You can ask rediffGURU Samkit Maniar your questions HERE.

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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.