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Anonymous: Hello Sir, I received RSUs (Restricted Stock Units) from a US-based multinational as part of my performance award. At the time of grant, tax was deducted by reducing the number of shares (6 out of 30 were withheld for tax), and the remaining were credited to my account with a 3-year vesting period (8 shares vesting each year).
However, I noticed that the full value of the vested shares is also reflected in my Form 16 as income, which has moved me into a higher tax bracket. Could you please confirm if this amounts to double taxation or if this is the correct process?
Indian employer is required to deduct TDS on entire amount, however, at the time of filing, you can take foreign tax credit (as a resident) and make sure that it is not doubly taxed.
Parth: Respected Sir, I am a working person in a private office. In September, 2022 I (primary applicant) along/joint with my mother (senior citizen, housewife, no income as such) took a 50L Home loan for purchasing a resale/old flat for Rs 69L.
In addition to this in reality total cost/expense against the property is 96L approx which included standard repair, mutation, brokerage charge, flat registration/stamp charges, along with the total interest that I have been paying to bank till date. Now I would like to sale this flat.
Do I need to pay long term capital gain tax for this property if I sell this property @103L and out of this amount? I have to pay 49L to Bank (for Loan closure).
Can you please help in elaborately explaining how much tax if any will I need to pay? Or my mother being a senior citizen (house wife, no major income) can showcase that.
If the purchaser directly pays the loan amount of Rs 49L to my bank loan account for settling, will that way also save tax and the remaining sale amount is credited to my mother's account?
Will be really helpful, if you help in providing in detail your valuable suggestion in order to save some tax here or any alternate way/option.
Repayment of housing loan will not reduce capital gain tax directly. However, if you want to save tax, you can invest gain amount in another residential property.
Capital gain calculation will depend on contribution given by each of the owner at the time of acquisition of property. If mother doesn't have source of income or old savings, she will not be considered as owner of property. Also brokerage is not allowed as deduction.
Assuming you are 100% owner, for income tax purpose and allowable cost is 90L, appx capital gain would be 4,30,000 (assumed March 31, 2025 as date of transfer) on which tax would be 85k plus applicable surcharge cess.
Debasis: I have sold some ancestral property to a promoter. I have invested half of the money in infrastructure bond and I am purchasing a property for the rest of the money and for that I have opened a capital gain account. I have received the sale deed. I believe I do not have to pay any capital gain tax.
Is it mandatory to get circle rate 2001 for filing income tax return? Kindly help me.
If any capital asset (acquired before April 1, 2001) is transferred then assessee has an option to take its cost of acquisition either as fair market value as on April 1, 2001 or its actual cost.
So if you don't have actual cost of property, it is advisable to obtain fair market value.
Anonymous: My mother is an 87 year old retiree. She receives a monthly pension, and interest from a few fixed deposits. She last filed her returns around 2004. She has not been filing her returns since then as her earnings were below Rs 100,000. If she wants to restart filing her returns this year (even though her earnings are still below the basic exemption limit around 150,000), will it be a problem?
Filing of income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit.
Thus, if in earlier year she was not liable to file ITR, no issue in filing ITR from current year.
Sanjay: My question is related to HRA. I am salaried employee with a private company and I had shown the HRA of amount approx 3.4 lakh in FY2024-25 and given owner PAN of my known in company. Now that 3.4 lakh is shown in the income my relative who is non-working and no income as being a home maker.
Sir, my question is that is it mandatory for her to file the ITR or not? If she doesn't file an ITR is that ok? Please advise on this. Thanks in advance.
Filing of income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. Against rent income, 30% standard deduction is available and after that income will be below exemption limit. Thus, it is not mandatory requirement of filing ITR.
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