Ask Tax Guru: Your IT Queries Answered

Amit Gupta, MD, Sag Infotech answers your personal income tax queries.

Do you have personal income tax queries? Please mail your questions to getahead@rediff.co.in with the subject line 'Ask Amit' along with your name and Amit will offer his unbiased views.

Nikunj Varma: My father passed away because of Covid last year without filing his tax returns. We want to file his income tax return now. How can we rectify this situation? Can one file tax returns of a dead person? How to go about it? Please inform us at the earliest.

Amit Gupta: Yes, you can file the returns of your father. First of all you have to register as his Legal Representative through his Login at Income Tax Portal through submitting the necessary documents. The Income Tax Department then deactivates your father’s login ID from the Income Tax Portal and then you can file the return of your father through your login.

Masood Khan: I am an NRI based out of Muscat but my family stays in Bahraich, UP. I have not filed my income tax return for the last two years. I have income from investments and capital gains made from my investments in shares and mutual funds. I also have some fixed deposits the interest for which is taxable.

Will I be penalised for not filing my returns since assessment year 2019-20? Need your help to get out of this situation. Please help.

Amit Gupta: It depends on Department Assessment procedure. If your case comes in for scrutiny then you will get penalised for not filing your tax return.

Vinoo Rao: I invest in shares and mutual funds. How do I show my income from shares at the time of IT return filling? Is income from shares amd MFs taxed?

I am a salaried individual & file ITR1 return.

Amit Gupta: Yes the income from mutual funds and shares is taxable as per the provision of Section 112, 112A or 111A.

Pinky Kapoor: I bought a house in the financial year 2020-21 for Rs 65 lakh. While making the payment I had deducted TDS and deposited it in the government account my CA asked me to. Could you let me know if I should declare this purchase transaction while filing my return and the TDS payment I made to the income tax department? I earn from my salary and interest out of FDs.

Amit Gupta: No there is no need to declare the purchase in the Income Tax Return.

Ketan Dalal: Being a freelance consultant I file ITR3 and 44ADA.

Could you respond to these queries?

a. How do I enter LTCG and STCG for Equity and Debt Mutual funds scheme?

b. Is Indexation applicable to Equity MF redemption – over 12 months?

c. For Equity MF, it asks me to enter in the tab titled Sec112, where it doesn't consider Indexation.

d. For MF, there is no separate tab.

Amit Gupta: Please elaborate your query.