 | « Back to article | Print this article |
Do you have financial planning or income tax queries?
Please ask your questions HERE and rediffGURU Anil Rego, founder and CEO, Right Horizons (external link), will answer them.
Arup: Normal income below 12 lakhs PA but stcg is there? how will tax be computed? Normal income above 12.75 lakhs stcg tax how will be computed?
Capital Gain (STCG and LTCG) are taxed separately and do not qualify for rebate. STCG is applicable at 20%. If it is below 12.75 together there will be no tax on income but capital gain will be taxed at applicable rates.
If your income is above 12.75 lakhs, you will pay tax on the regular slab for your income and applicable taxes on STCG separately.
Shatrughna: My gross salary is Rs 34 lakhs P.A. under new tax regime, what amount will be saved for FY25-26 after standard deductions?
As per previous new regime your income tax payable after standard deduction of Rs 75,000 would have been Rs 687,500. However, as per the revised new regime announced on Feb 1, 2025, your tax payable shall be Rs 577,500 (Before applicable cess). Therefore, your Net Savings shall be Rs 110,000.
Anonymous: As per Budget 2025 I understand that taxpayers can now claim zero tax on 2 self-occupied properties. I own two house properties one of which is in Mumbai and the other one is in Goa.
I stay in Mumbai flat and my father stay in the Goa flat. The Mumbai flat was purchased in August 2008 and I got possession of Margao -- Goa flat on March 22, 2024. There is no housing loan taken.
I am confused after the budget 2025. Since I own 2 properties in my name do I need to pay income tax for Margao-Goa property while filing IT returns for the assessment year 2025-2026 even though my father is staying in Goa flat and it's not on rent?
As per the proposals made in Budget 2025, the taxpayer can easily claim both houses as self-occupied and will not be required to pay any tax. Thus, both Mumbai and Goa flat will be having no tax liability.
Ravi: Is NPS from employee contribution exempted under new tax regime?
No, the NPS from employee contribution is not exempted under new tax regime. Only employers contribution is exempted under section 80CCD(2).
Ujjwal: In this budget how much tax will I pay if I earn Rs 18 lakhs? Tax on 6 lakh only or as per slabs below 12 lakhs also?
Income tax is nil only on income upto Rs 12 Lakhs. Considering an annual income of Rs 18 LPA as salary income, you've to pay tax for the entire 18 Lakhs starting from Rs 0 to Rs 18 Lakhs as per slab rate.
So here the standard deduction of Rs 75,000 is applicable, resulting in a tax liability of Rs 1,45,250 under the new tax regime. After including the 4% cess, the total tax payable will be Rs 1,50,800.
If the income is from sources other than salary, the standard deduction will not be applicable.
Disclaimer: This advisory is meant for information purposes only. This advisory and the information in it does not constitute distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.
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.