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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.
Anonymous: Sir, I'm unemployed & for trading my parents gave me Rs 5.8 lakh and I've made a loss of Rs 2.52 lakh, since money received from parents is not taxable so do I need to show Rs 5.8 lakh can I show this loss in ITR and carry forward this loss?
Your understanding is correct as far as you receive money from your parents it is a gift from relative and not taxable.
You can carry forward the losses depending upon type of loss that you have incurred (that is, loss on equity, options, futures and timing of asset held, that is, more than 12 months or lesser).
SANDESH: Sir, recently I have sold one house registered in my name. I have got 1 cr from the transaction. Now i have got one running home loan of around 70 lakh. Suppose if i repay the existing home loan from the amount obtained, whether i can save capital gain tax. or if i purchase one plot using some part of the amount (for eg: 30 lakh) , how much capital gain tax i have to pay? The house which i have sold was purchased for Rs 7.5 lakh in 2003. Kindly enlighten me regarding this
Please note that capital gains exemption is available only upon acquisition of a new residential house property (if the same is within the time limit).
Purchasing a plot will not help in saving capital gains tax.
When did you acquire the house where you have the home loan running needs to be considered? Please let me know that to answer this question appropriately.
In any case you have an option to reinvest the amount in 54EC bonds to the extent of Rs 50 lakh and save the capital gains to such extent. The tax will need to still be paid.
Please consult your CA once before proceeding. Thanks!
Anonymous: What is income tax new slab for salaried person?
As per the Budget announced on 01 February 2025, up to Rs 12.75 lakh there is no tax payable under new tax regime for a salaried employee.
The slabs and slab rates under new tax regime have also been revised.
Anonymous: Hi, while I was doing calculation basis new tax slabs, I found out that a person earning Rs 40 lakh has still to pay more taxes in new regime than old regime. Pls let me know if am calculating it correctly considering the fact that the person has fully exhausted his 80C (1.5 lakh) and 80D (Health Insurance) and also has home loan wherein he is claiming 2 lakh as interest rebate.
The new tax regime as announced in the Budget on 01 Feb 2025 lays down revised slabs and revised tax rates.
In case you are salaried and earning Rs 40 lakh then you will be better off in the new tax regime as compared to old tax regime. Please note that the slabs in the old tax regime have not changed. Even after claiming the deductions highlighted above, you will be benefitted under new tax regime.
Please consult your CA before proceeding.
Nikhil: Hi, I have few stocks granted by an US company which got vested before 31st Jan 2018, while computing LTCG for this stocks, do i have an option to provision for grandfathering law and claim the value of cost based on 31st Jan 2018 value? Thanks for the reply in advance.
The Income Tax Act, 1961 clearly states that such grandfathering provisions apply to shares which are listed on a recognised stock exchange in India. The shares of US company though may be listed on US stock exchanges; they are not listed on Indian stock exchanges and hence you may not be eligible for the grandfathering.
You may also check on your residential status and accordingly determine the capital gains tax implications (considering the double tax agreement between US and India). The taxes will also be withheld at the time of sale and appropriate tax credit need to be taken at the time of filing of your tax returns.
Please check with your CA once before proceeding.
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