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.
Anonymous: Sir my brother is an employee working in private sector. His gross salary income is 10 lakh. He has received some profits from shares, mutual funds and options trading. Which ITR he needs to file? Thank you
Options' trading is typically considered a business income and you may need to file ITR 3 / ITR 4. Please take your CA's assistance before filing the return once.
Suvir: I want to liquidate Gold I have for buying a property. Will it be taxable?
If it is a residential property then you may get capital gains exemption subject to (1) residential property owned and (2) amount of investment made into such residential property.
Anonymous: Hi, I've an HRA of 512,429/- and currently live in Bangalore in a rented accommodation of 24K. I also own a house (under housing loan) within Bangalore and have rented out the same. Is it better to claim HRA for rented house or go for home loan loss (up to Rs 200,000)?
HRA may be preferred. However, you may need to also consider your salary and dearness allowance and take a call accordingly.
Please take assistance of your CA as well.
Anonymous: I have a house where I currently staying since May 2013 (possession date), booked under construction in Dec 2009. I purchased at 40L and now selling price is 85L. As my family is growing, I have purchased relatively bigger under construction house in March 2022.
I am expecting to get possession between APR-Jun 2024. Since I don't want to carry much of loan burden (loan amount 1.5CR) I am planning to sell my old house after we shift to new house.
Will there be any complications? Can I avoid capital gain tax?
In order to claim capital gains tax deduction, one needs to buy a house one year prior or two years after selling the house OR construct the house three years after selling the house.
In facts of your case, it looks too difficult to claim such a deduction. However, you can invest in bonds to get the exemption which may not serve your purpose but at least you can obtain deduction.
Please take assistance of your CA in this regards as well.
Anonymous: Hello Samkit, first of all thanks for sharing your valuable inputs in this column. I am a salaried person & my income tax on salary income gets deducted automatically. But i am planning to do share trading (buying equity shares on dips & selling in 5-6 months with some profit & continue), so i guess i will be liable for 15% tax as it will be STCG, so where i need to pay this tax.
If I declare it only in ITR, will that be sufficient or have to select some option in Demat Account as well?
I am in old tax regime, my Salary income (in hand) is around 12 lacs, FD Interest around 2 lacs p/a & i take all tax exemptions like 80c, 80CCD (1B), 80 G etc.
Also advise shall i avoid this profit booking in shares & hold for long term considering i am on threshold of higher tax slab. Thanks again for your valuable guidance.
Your understanding in relation to STCG is correct. You need to declare this at the time of filing ITR and nowhere else. Further, please ensure that you pay advance taxes on STCG booked.
If you can hold the shares for long term it would be good, you will further save taxes to the extent of 5% of your gains.
- 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.
