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.
Gvbk: I want to sell my 2900 sft for 2.03 crores. I purchased it on 01/12/2009 for 9317170 lakh including registration fees. What would be capital gain tax? With indexation and without. Thank you.
LTCG with Indexation may result in a Loss (LTCL - Long Term Capital Loss) & hence no tax payable. You may opt for the same. It is however subject to the F/Y 2024-25.
Anonymous: After Budget by FM Which TAX regime to choose if Income is around 18 lacs PA. Having Home Loan Principal 1.50 Home loan Interest 2 lacs Other 80C - 1.50 lacs 80 D - 40K
Kindly make sure, that you are talking about above details for F/Y 2025-26 only.
Broadly speaking, New Tax Regime may be more suitable in this case.
Rakesh: Sir, on 29/02/2024 I had filed an updated Return for the A.Y. 22-23 by correcting all the data and also paid the additional tax liability with 25% penalty. But now I received a demand notice u/s 156 & that contains only the intimation u/s 143(1). That intimation shows that all tax calculation is ok except interest u/s 234B and so the tax payable arise. what can I do, shall i pay the demand amount or file a rectification for the same? And it has been more than 30 days on receipt of such demand notice.
It seems a case of Advance Tax, paid late.
Kindly check whether your tax calculations are correct, with reference to Advance Tax Provisions. If the demand seems correct after checking & also if the amount is not much, just pay of the demand & go ahead.
Anonymous: I have sold an ancestral property below the circle rate, now when I checked with my CA he said the Capital gain tax would be applicable on the property value as per the circle rate and not on the value I received. The property was full of tenants who were living on it before it was purchased by my grandfather and for me it wasn't easy to get rid of them. Is there any way that tax can be saved on the proceeds of the above sale?
No. You will have to calculate your LTCG based on the Sale Value of Circle Rate only. However, you may plan your tax savings, by investing in another Residential property or by Buying Capital Gain Bonds etc.
Arun: Dear Sir, My mother is a senior citizen. She is 85 years old. She has income from pension and interest on savings which together is less than 5 lacs per year. A TDS of 7275 was deducted in FY 2023-24 by bank even after submitting Form 15 H and TDS is being deducted in FY 2024-25 also. Can she file return for FY 2023-24 now or along with 2024-25 for refund of TDS and how? Pls advise.
Last date of filing of ITR (Belated Return) for F/Y 2023-24 was 31.12.2024, which was further extended to 15.01.2025. Now, you cannot file belated ITR to claim TDS Refund.
You are also not eligible to file UPDATED ITR, since you have claim of TDS Refund.
However, for next year (F/Y 2024-25) you may file ITR in time (by 31.07.2025) & claim Refund of your TDS Deducted.
Anonymous: Hello My father in law wants to transfer his owned residential property to my wife's name. Apart from will what are the other ways through which he can transfer? And what would be the taxation component?
He may Gift the property to his daughter.
Another way would be to transfer the property through Registered Sale Deed, BUT in this case Registration charges would be applicable.
Best option is WILL or GIFT. Income Tax shall not be applicable, in either these cases.
- You can ask rediffGURU T S Khurana your questions HERE.
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