Do you have income tax-related queries?
Please ask your questions here and rediffGURU Anil Rego, CEO, Right Horizons, will answer them.
BHARAT: Hello Sir, I would like to confirm whether there is any exemption in STCG on sale of equity shares? Like 1.25 Lakh in LTCG
No, there is no exemption for STCG (short term capital gain) on STT (securities transaction tax) paid on equity shares like LTCG (long term capital gain) but in case other income is less than basic exemption limit (i.e. 3 lakh under the new tax regime), then basic exemption limit can be used for STCG.
Sunil: Is the LTCG same for commercial property?
Gain from sale of commercial property after using for 24 months is LTCG and taxed @20%. In case of STCG, it is taxed at slab rate applicable to individuals.
Anonymous: Sir I inherited a plot of land in 2003, which was purchased by my father in 1995. I am planning to sell the plot. My question is whether I will get indexation benefit on LTCG tax or not?
No, in the budget proposal for 2024-25 indexation benefit has been removed for property transferred from 23rd July, 2024. However, cost of acquisition for calculation of capital gain can be FMV (fair market value) as on 1.4.2001 or stamp duty value as on 1.4.2001 (whichever is lower).
Krishnan: Is family pension received by widow of employees taxable?
Yes it is taxable as income from other sources and as per budget proposal for FY 24-25, deduction will be 20000 or 1/3rd of pension, whichever is lower.
Ashok: If annual income is Rs 12 lakh what will be tax under the new regime?
As per budget proposal for FY 24-25, tax on Rs 12 lakh of income will be Rs 71500 under new tax regime, assuming there is no special rate income.
Nilesh: Respected sir, for consultancy income, how tax would be calculated as per new tax regime? Is there any benefit available like home loan interest, 80c?
For professionals, new slab rate will be applicable as per budget proposal for new tax regime. However, interest on self-occupied house and 80C is not available under the new tax regime.
Ashish: Hi Sir, how will LTCG be calculated on sale of property which is purchased 20 years ago?
As per budget proposal for FY 2024-25, there will not be any indexation benefit so gain will be sale price minus actual cost. You have to pay tax @12.5% on this gain.
- You can ask rediffGURU Anil Rego your questions HERE.
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