'No income but 4L LTCG. File ITR?'

Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mihir Tanna, associate director, S K Patodia and Associates, will answer them.

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

I understand that you got flat in inheritance as legal hair as sole owner of property for income tax purpose. In case entire capital gain amount is invested in another property as per specified conditions, no tax on gain amount of property.

Further with reference to gift deed, tax will not depend on execution of deed, however, it is advisable to execute gift deed.

VA: 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 lakh pa under new Tax regime or Rs 5 Lakh pa in FY 2023-24? Need your clarification urgently. If possible kindly explain with example. Thanks.

If a resident individual's total taxable income is up to Rs 7 lakh and chooses the new tax regime, s/he will be eligible for rebate of lower of the following:

• An amount of income tax payable on her/his total income, or
• An amount up to Rs 25,000

Anonymous: 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 mismatch in both the cases. What is the possible resolution for the said mismatch?

If W files feedback in AIS for the fact that she is beneficial owner of 50% of property, issue may get resolved.

I understand that W paid consideration at the time of acquisition of property, from own source of money.

Damayanti: Sir i am a housewife. I have no earnings. Got 4 lakh long term capital gain from mutual fund. Shall I pay tax and file income tax?

Yes. Person having income above 3 lakh (for new tax regime) is required to file ITR. However, you will be eligible for tax rebate up to Rs 25,000 and not likely to pay any tax on gain.

• You can ask rediffGURU Mihir Tanna your questions HERE.

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