 | « Back to article | Print this article |
Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mahesh Padmanabhan, founder, RelaxWithTax, will answer them.
Anonymous: I purchased flat in Pune in Jan 2005 at 12 lakh. I sold flat on June 2024 at 61 lakh. What is my capital tax gain? Can I adjust my capital gain losses which is carrying forward from 2021-22 of about 23 lakhs?
The approximate Long Term Capital Gain would be about Rs 22.45 Lakh. Subject to all conditions of carry forward of losses being met, the loss of Rs 23 lakh brought forward could be set off against the long term capital gain.
Anonymous: Interest income on FD does not exceeds 40000 yet tds 10 percent is deducted, why? Suppose FD of 25 lakh and 2 FDs and for 46 days at 4.5 percent tds gets deducted at about 5500. Pls explain this
Assuming that the interest is out of deposit with an eligible institution viz., Bank, Coop Bank & Post Office, the threshold amount is Rs 40,000 otherwise the threshold would be Rs 5,000. If your interest is from the eligible institutions then you will need to speak with them.
Parameswaran: Hi sir, Now I am working in UK. I want to sell my house in Bangalore and buy a house in the UK. In that case can I get capital gain rebate?
The reinvestment benefit as visualised in section 54 is for residential property purchased in India and not outside India, hence the property purchased in UK would not be considered as eligible reinvestment.
Krishnamurti: Sirji I took VRS and in sanction I was a loser by what was described as statutory company rules allowed me retirement based on minimum 90 days letter of notice. It said I had requested for relief on 31st December and Notice period was short to disallow the short notice of less than a month.
Sirji I'm not allowed even arguably any scope of lost settlement in settlement order and hence I have a desire to know your reputed comments for advice
I have not understood your query as it does not bring out the facts clearly. Regardless, i would state in broad terms how the VRS tax exemption works.
Section 10(10C) of the Income Tax Act and Rule 2BA of the Income Tax Rules define the exemption of amount received on VRS and the conditions to be met. If you meet the criteria as laid down therein then you would be eligible to consider the exemption.
I did not understand your point on minimum 90-day notice period. Is that applicable to all employees opting for VRS or limited to you? I state this because VRS rules have to be common for all and there cannot be variations to the policy and different implementation to different classes of employees.
I guess you may need to take the full set of documents either to your CA or a lawyer to evaluate if there is any legal flaw in the manner of implementation of the VRS scheme.
Alok: I am a senior citizen and had my last PF contribution in May 2019, had not worked thereafter. However, because of various issues faced with EPFO regarding final withdrawal claim in all these years I could only get my PF withdrawal this month. My question is will I have to pay income tax on the interest earned post last contribution in May 2019.
Yes you need to pay tax on the interest earned post the last contribution to the fund.
Disclaimer: This article is meant for information purposes only. This article and information do not constitute a 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.