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.
VSPMANI: Sir I have sold a 1bhk house after keeping it with me for about 20 years. After deducting my expenses on its improvement like re-wiring, floor replacing, compound wall erection etc.
I sold that house on 20 feb, 2021. I have parked my cap gain 10,69,000 in SBI cap gain savings account on 19 Jul, 2021. I declared 10,69,000 in my return on 31 Jul 2021. But neither I could purchase a house nor I constructed a house.
I am a senior citizen retired from IAF. Drawing pension. I do get vehicle insurance commission and MF distributor commission. How to avoid cap gain Tax.
As my Capgain ac completes 3 years my amount will be transferred to cap gain scheme A (savings ac). Am I to pay advance tax for this amount?
My pension and commission amount comes to yearly around 4.40 lakh. Will this amount also be added to cap gain and tax will be assessed as regular income and my liability to pay advance tax. Or I have to pay advance tax only for the amount 10.69 lakh.
Will my regular income other than Capgain be liable for 30% with Edu cess and with liability pay advance tax?
Considering you do not have business income and are a senior citizen, advance tax provisions do not apply to you.
As far as capital gains is concerned the amount of deduction claimed in the year when the said amount was parked in the capital gains account scheme will be reversed after the 3 year time period and same will be taxable.
Please take your advice from CA as well.
Anonymous: Hi Sir, I have one property which is valued of 2 cr i have one brother and no sister if i sell the property i get 1crore after the divide. how i can avoid paying less tax or to not to pay tax for govt how can that be possible please suggest any thing what i can do?
1. You can look at investing into another residential property in case you have only 1 property or
2. Investment in bonds to the extent of Rs 50 lakh
Rahul: Now as per new itr tax slab ay 24-25 is 7 lac or more than 7.25 lac no need to pay tax?
As per new tax regime, the tax slabs are as follows:
1. No taxes up to Rs 3 lakh
2. Between 3 lakh and 6 lakh: 5%
3. Between 6 lakh and 9 lakh: 10%
4. Between 9 lakh and 12 lakh: 15%
5. Between 12 lakh and 15 lakh: 20%
6. Above 15 lakh: 30%
All the rates are exclusive of education and health cess of 4%.
Oruganti: My name O S Rao. I am 76 years old. I have an income from interest about 2.5 lakhs per annum. Around 7th February, I redeemed around 18 lakhs from my MF account and reinvested again in the same fund next week. The statement issued by asset management company shows a capital gain of Rs 6.50 Lakh Long term Capital gain.
Now my questions are: 1) what is my tax liability for financial year 2023-24? 2) Do I have to pay advance tax on capital gain amount before 31st March 2024?
Depending upon the tax regime you choose, your tax liability may vary. If you are taking income tax deductions by investing in PPF, NPS etc then those need to be factored in.
As far as advance tax liability is concerned, considering you do not have any business income and you are over 60 years of age, you are not required to pay advance taxes.
Anonymous: Hello Sir, My wife has an income from home tuition (2.4 lac pa); earns from mutual funds (profit within 1 lac/y), earns interest from bonds, dividend from shares (almost 1 lac). Also she receives a lump sum each year from her mother (2 to 3 lakh). Which itr should she fill and how to show these income?
Just wanted to understand whether your wife sells mutual funds and earns profit or its notional profit of 1 lac/y? If it's notional then ITR 1 can be filed but if actual capital gain is booked then ITR 2 has to be filed.
Please take advice from your CA as well.
- 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.
