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Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU T S Khurana, a fellow member of The Institute of Cost Accountants of India, will answer them.
Narayanaswamy: If NRI sells a plot or house in India what will be TDS with and without PAN with a new budget 2023-2024?
Rate of TDS on Long Term Capital Gain for NRIs (having PAN) selling house in India shall be:
- Income Tax - 20%
- Surcharge - 10% OF I.T. (effective 2%)
- HEC - 4% on both of above (effective rate 0.88%)
- TOTAL - 22.88%
It is highly advisable to get PAN issued before the deal, since the same can be applied online also.
PAN would also be required to file ITR & claim TDS refund later on.
Anonymous: Good Morning Sir. I am working as Assistant Manager in Odisha in khordha district central cooperative Bank (DCCB). It is under Odisha state cooperative bank (OSCB) and works as per coperative act odisha 1962 and in accordance with NABARD and RBI. We have a board which makes all the decisions. In FY 23-24 I invested frequently in FNO and INTRADAY Trading.
Recently i came to know that govt. employees are not allowed to do speculation as per law. Does this rule applies to cooperative banks?
Am I gonna be in any trouble and how to show FNO and Trading while filing income tax returns? Kindly guide me Sir.
You may show FNO Gains or Losses, under the head Short Term Capital Gains in your ITR for respective year.
However, we are unable to comment on the first part of your question, since it relates to Service Rules and not Income Tax.
You are most welcome to write for any further details. Thanks.
Satish: I bought a 2BHK apartment during August 1998 for Rs. 5.75 lakhs and sold it now for Rs. 55 lakhs along with furniture, furnishings, lighting, fans, AC, washing machine, refrigerator, microwave oven, and geyser. How much capital gains tax is liable to be paid?
Sale price of apartment is Rs. 55.00 lakhs in July-2024.
- Cost Price is Rs.5.75 lakhs, in 1998.
- You can add Cost of Renovation of apartment during this period.
- You can also add depreciated cost of its furnishing (AC, Washing machine, Refrigerator, Microwave oven & Geyser) etc.
- Under Tax proposals of Budget 2024-25, Net Capital Gain (which cannot be calculated in absence of above info) shall be taxed @ 12.50%.
You are most welcome for any further clarifications. Thanks.
Anonymous: My father in law had a house which he constructed in 1990 on a plot cost was 2 lakhs. After his demise the house is being sold for 78 lakhs jun 2024. The proceeds of sale went to mother in law and two daughters. 33.3% each. How will be the capital gain tax be calculated and how will it tax liability for all three? All three are not working now. Help
Each of the beneficiaries shall file ITR separately and pay tax under the head Long Term Capital Gains. Since the plot is sold in June 2024, it shall be reported in ITR of A/Y 2025-26.
Rate of LTCG Tax will be 12.50% (on gain only).
Cost of plot as mentioned remains Rs.2,00,000, however please add Cost of Construction (which is not mentioned in the question) of house in the cost.
All the three are eligible for relief either by investing in house property or purchasing Capital Gains Bonds of NHAI or REC etc.
Most welcome for any further clarification. Thanks.
PADMAKUMAR: Sir, I had booked a flat for which possession was in 2016. But the builder delayed it and therefore, I had filed a legal case. Now, the builder is ready to pay the entire amount. My concern is whether the amount which will be refunded is taxable or otherwise. Kindly guide
Amount paid by you, which is being returned now, is not your income, so it is not Taxable under Income Tax law.
However, if you get some extra amount, like Interest etc., then this Interest amount shall be taxable under the act.
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