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.
Shyamal: Regarding LRS I have two queries: 1. TCS deduction over Rs. 7 Lakh - this amount also includes a personal tour ticket amount or only a commercial package tour cost (including ticket amount)?
2. If TCS can be reclaimed while filing IT returns, what is the objective of doing TCS only to refund it a year later? OR are there situations in which TCS is not refunded?
TCS is required to be collected on any amount received from buyer of tour package and it includes expenses for travel, hotel stay, boarding, lodging or any other expenses of similar nature.
In my view, purpose of TCS is to keep the records of spending on foreign tour and compare it with capacity of buyer from Income offered to tax.
Anonymous: 1. In the New Tax Regime, I can save Tax via NPS or Not. I am in a Private Job. 2. Long Term Capital Gain and Short Term Capital Gain both combine 1.25 Lakhs or separations we have to consider with respect to the share market and mutual funds.
Under new tax regime, person can claim deduction of NPS for contribution by employer.
Further, exemption limit of Rs 1.25 lakh is applicable to long term capital gain covered u/s 112A which covers equity shares on which STT is paid at the time of acquisition as well as transfer (subject to specified condition) and equity based mutual fund scheme
Dinesh: My salary is 10.50 lakh. What would be my tax in the new regime?
For AY 2025-26, on taxable income Rs 10.50 lakh tax under new tax regime will be Rs 70,200.
You can calculate the same with income tax calculator: https://incometaxindia.gov.in/Pages/tools/tax-calculator.aspx
Sandeep: If I have a flat jointly in my name and my wife name and there is no loan on the property. Can my wife file the rent from property in her income tax as she is taking the whole rent and rent agreement is also in her name?
In case of joint ownership, person who makes contribution in the purchase consideration will be considered as owner of property for income tax.
Thus, if you have made contribution at the time of purchase of property and/or in loan repayment; rent income will also be taxable in your hand in the proportion of contribution.
Himanshu: I earned capital gain of 234 lakh in August 2022 on sale of my house. I invested rupees 239 lakh in the purchase of a new flat costing 334 lakh on 9th November 2022 jointly with my son.
My son paid 84 lakh on 9th November 2022 (total 323 lakh) and sale agreement was registered on 11th November 2022. My son paid the remaining 11 lakh on 1st August 2023 and the possession was given by the builder on 3rd August 2023.
My question is, from which date lock-in period of 3 years will start for my exemption claimed for the capital gain reinvested under section 54. From the date of registration of sale agreement i.e. 11th November 2022 or from the date of possession i.e. 3rd August 2023.
Person claimed exemption u/s 54 should not transfer new asset within 3 years from its purchase or construction. Thus, in your case 3 years start from date of possession (date on which construction completed).
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