Income Tax threshold for tax free pension
1 week ago
I am defence pensioner and fully retired. My defence pension is tax free as I am a gallantry award winner (this is approx. Rs 14 Lakhs PA).
My only other income sources this year are interest from a Fixed deposit (approx. Rs 28000/-) and rental income of approx. Rs 2,76,000/- (without standard deduction). There may be some long term capital gains on sale of mutual funds which I will accrue over the Financial year
Will I be liable to pay income tax for the rental income & FD Interest in the FY 2024-25 as I barely over the threshold of the taxable income of Rs 3 lakhs? I understand that capital gains will be taxable. Kindly advise.
A.Dear Client,
It is important to identify and analyze the intricacies involved in your sources of income to calculate the taxable amount. The details on the same is vital to identify the head of income and precisely answer this question. It is advisable to connect with an Income Tax Practitioner or a Chartered Accountant to get assistance in this matter. They will be able to get into the nuances of the matter and provide a solution.
Hope it helps.
Thank you.
It is important to identify and analyze the intricacies involved in your sources of income to calculate the taxable amount. The details on the same is vital to identify the head of income and precisely answer this question. It is advisable to connect with an Income Tax Practitioner or a Chartered Accountant to get assistance in this matter. They will be able to get into the nuances of the matter and provide a solution.
Hope it helps.
Thank you.
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A.Dear Client,
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested to contact one of them for proper advice to your query.
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested to contact one of them for proper advice to your query.
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