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ask_a_question

Naresh Mohan Gupta

I want to invest the amount received from sale of land in 54EC bond jointly with my wife. I was the sole owner of that land. Will I get tax exemption if I invest it as stated above?

Posted 1 month ago


A. Hi,
Asper section 54 of the Income Tax Act, taxation over capital gains from sale of property can be avoided by investing the money in other property or bonds. 54EC bond also comes under this category whereat is exempted. Thus, you can invest in the 54EC bonds to get such exemption. For further clarifications, please reach out to us.
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Naresh Mohan Gupta

I retired from a CPSU. I was the member of pension fund of LIC under NHPC self contributory and post retirement benefit scheme( I have switched over to HDFC life on my retirement). At the time of swit

Posted 1 month ago


A. Yes, commuted pension will be exempt as per Section 89 of Income Tax Act read with rule 21A(4) from taxability. Therefore, you can very well avail this benefit.
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Anonymous

Hi Everyone, i have a taxation query. I joined company1 in 2013 November and the EPF for this company was opened under UAN ,lets call it UAN-A. In september 2016, i left this company and joined compan

Posted 1 month ago


A. Hi,
Please visit the UAN portal for knowing the tax details. EPF contributions are tax-deductible under Section 80C of the Income Tax Act, 1961. On meeting certain conditions, you are allowed to make premature withdrawals, and you need to produce documentary evidence for the same.
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I am resident individual having the following source of income for the AY 21-22 Business income Non speculative loss- 1,00,000 Speculative profit- 20,000 Income from other sources- Interest from FD-

Posted 1 month ago


A. Hi,
As an F&O trader if your turnover does not exceed 2 crores you can choose to declare income at the presumptive rate. Under the new clause, an audit is required only if a taxpayer has declared income at the presumptive rate in any of the previous five years but wants to declare losses or income at less than the presumptive rate in the current year, provided his total income in the current year exceeds the basic exemption limit.
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Anonymous

I was residing outside India from 2007 to 2020 and moved to India in August 2020. I have taxable income in India for FY 2020-21. I am aware that since I qualify for RNOR status any income generated ou

Posted 1 month ago


A. Hello Sir
Yes you could surely file an Income Tax Return in India.
The ITR-1 form is also called Sahaj form, ‘Sahaj’ meaning ‘Simple’. The form is filed exclusively by a single taxpayer. An individual becomes eligible for filing ITR-1 in the following conditions:
1. If the individual is a salaried employee and not a businessman or an entrepreneur
2. If the individual receives a pension
3. If the individual earns from 1 house property
4. If the individual earns a tax-free income that is ...ReadMore
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Anonymous

I was residing outside India from 2007 to 2020 and moved to India in August 2020. Hence, I qualify for RNOR status. However, I have taxable income in India for FY 2020-21. Am I required to file a tax

Posted 1 month ago


A. Hi,
In your case, you are allowed to keep your RNOR status for up to 3 financial years post your return back to India. Your taxation will be very much in line with that of an NRI and therefore income that you may earn outside of India will continue to be not taxed in India.
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Nitesh Petwal

My father is a post office employee and he has basic pay of ₹66000 (monthly) DA of ₹18480 HRA of ₹5940 non metro city TA of ₹1800 In which contribution to GPF is ₹12000 PLI of ₹2229 He h

Posted 2 months ago


A. Hi,
You can refer to the government notifications to get the detail of the income tax to be paid in a year. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income-tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.
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In July 2019, I deposited the income from sale of land into CGAS account. I could not invest in house property within 2 years from CGAS deposit. In July 2022, 3 years is getting over for me. If I am n

Posted 2 months ago


A. Hi,
Please go through the recent notifications of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
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I was the co owner of some mutual funds with the capacity of the second applicant. Now the first applicant or I must say the real owner of those mutual fund dies. Now as per rule all the units of the

Posted 2 months ago


A. Dear client,

The transmission of the Mutual Fund takes place as a process where in if the first holder dies, it is either transmitted either to the joint holder or nominee, and if no nominee is their it us transferred to the legal heirs.
The Mutual Fund need to be in the name of a single investor for the units to be transferred to the registered nominee.
And for capital gains it is perfectly mentioned by the advocates to the reply.

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Lucem  Leg
Lucem Leg
Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal
I bought a Single Premium ULIP (Reliance) (1) in 26 July 2011 for 1 lakh (1.25 lakh Sum Assured) and (2) in 07 May 2014 for 1 lakh (1.25 lakh Sum Assured). I surrendered both the policies in 09 Janua

Posted 2 months ago


A. Hello Sir.
Your query could be better understand and acknowledge by an chartered accountant or a income tax lawyer. You could find income tax lawyers in your through Vidhikarya.
Thanks
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