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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 1 day 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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I, Dilip Shah, retired, age is 63 years. My question is : I surrendered ULIP (Reliance Life Insurance policy) in 09 January 2021 which was taken, one in 26 July 2011 and second in 07 May 2014 paying s

Posted 4 days ago


A. Hi,
The income from ULIP is considered as income under the heading income from capital gains for the assessment of income tax. You can claim deduction under Sec 80C. However, it is advisable that you consult with a CA to calculate your exact tax liability.
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I am a housewife and my husband has made certain FDs on my name. I have received Form 16 for interest on FDs with TDS details. So, for this interest I need file It return or my husband is supposed to

Posted 1 week ago


A. Hi,
Interest earned on a fixed deposit is entirely taxed. It will be added to your total earnings and taxed at the same slab rates as the rest of your earnings. However, only one individual should file an IT return for taxes, which would almost certainly result in tax duplication. As a result, you should get advice from a professional before proceeding.
Thank you very much.
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my mother who is senior citizen 75 years old ,got notice for filing ITR FOR YEAR 2013-2014 , can income tax send notice like this for a case as old as 2013-2014, since now senior citizens are exempte

Posted 3 weeks ago


A. Dear Sir,
Normally, four years is the limitation and you must approach through Income Tax Advocate or Chartered Accountant and get clarify the matter thereafter it will be quashed.

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my mother is 75 years old & very sick,,now she has got notice from IT Dept to file her returns for year 2013-2014 under section 148A stating she escaped from assessment .Is it Legally rightfor IT

Posted 4 weeks ago


A. Dear Sir,
Normally, four years is the limitation to issue such notices. You may approach Advocate practicing on income tax matters or approach any chartered accountant to solve the problem.

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My father was a state govt employee retired in 2017. My mother getting cancer treatment from a govt hospital. Now the problem is tax is levy on reimbursement because for example if income is 5,00000 a

Posted 1 month ago


A. Dear Sir,
You have to approach local chartered accountant to solve your problem. In many cases such being happening and it will be solved by the Auditor or chartered accountant very easily.

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My income for the year 2020-21 (1) ​Amt Rs. 31000/- (only one month due to work only one month) received from Govt. department as consultant (appoint after retirement) under section 194j​Amt of Pe

Posted 1 month ago


A. Hi,
I would advice you to consult with a practicing chartered accountant or tax consultant, as they will be better suited to calculate your total tax liability and advice you as to how to file your tax return.
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WIFE CONSTRUCTED BUILDING GIFTED BY HER HUSBAND WITH HER SAVING AND LOAN AMOUNT. RENT RECEIVED FROM THE BUILDING WILL BE ADDED TO THE WIFE'S INCOME OR HUSBAND'S INCOME. BOTH ARE INCOME TAX ASSESSES.

Posted 1 month ago


A. Hi,
Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two con

Posted 1 month ago


A. Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
Thanks
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Dear Sir, I am a lady of 75 years old. I am residing in a society flat in PitamPura. I am the original member of society and I got the possession in 1986. I want to sell it and buy somewhere else in

Posted 1 month ago


A. Dear Madam,
You may approach local advocate or chartered accountant
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