'Bought US stocks; shall I make tax declaration?'

Do you have income tax and personal finance queries?
Please ask your questions here and rediffGURU Vivek Lala, who is a partner at S L Wealth, will answer them.

Roshan: Hello Mr. Vivek, I am retired from private service and now doing technical consultancy, earning some monthly amount which is coming below taxable income. My father built a house on a plot, which was on my name about 30 year back at Chandigarh. The plot was on lease for 30 years and not a free hold. Now we like to sell it off. I have one younger brother and I have share 50% of sell amount with him. Can the tax liability on capital gain, which may be on me, be shared with him or not. Please advise. Thanks in advance.

Hello, yes the liability of tax can be shared by both. If the income is coming in your account, you can pay the entire amount of tax and then split the remaining with your brother.

Ashley: Hello Sir, I am currently earning a CTC of 7.20 Lacs PA, and I have opted for the new tax regime, I am told under this new regime for a CTC of 7.20 Lacs PA the tax would be ZERO, I wanted to know if this is correct and also i wanted to sell some mutual funds wherein the capital gains will be Rs 95000-98000. Since this too is exempt as per the IT act, will I have to pay tax once this amount of Rs 95-98k is added to the total earnings, please clarify. Thanks in advance.

Yes there is no tax with your CTC amount.

Any gains on equity MF till 1L in one particular FY is tax free, so no tax liability, but nonetheless you should file your ITR on time.

Anonymous: Vivek, I have invested in US stock market using platforms available in India. So far, only purchase and no sale. What kind of tax declaration do I need to make here in India? I do not plan any sales for the next 5 to 7 years, so how would LTCG and STCG play out for me?

Dividends will be taxed at flat 25%

Duration for LTCG is 24 months and more and the LTCG tax rate is 20%.

Omkar: I have two flats. Out of that one is registered in my name and the second flat is registered in my name along with my wife's name. We are co-borrowers of the loan for the second flat; and I am only paying loan for first flat. As in my name, there are two flats, so I have filed the ITR2, but my wife is co-owner in one flat only, so which ITR type to be filled by wife, ITR 1 or 2?

Query is not clear, but as per my understanding if you are taking a loan then you can file ITR 1 and not compulsorily ITR 2.

Shyamal: If a senior citizen has annual income less than 4 lakh including LTCG, does he have to pay tax on LTCG as per new tax regime?

The tax liability depends on the break-up of your other income and LTCG.

• You can ask rediffGURU Vivek Lala 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.