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Anonymous

I am the sole owner of a residential flat in Kolkata. In 2018, I had purchased another under-construction residential flat in Mumbai in 50-50 ownership with my wife. We jointly took loan for the flat

Posted 1 month ago


A. Dear client,
All you questions are relevant for a Chartered Accountant and a CA will be the best person to clarify your questions. Hence suggested that you get in touch with a Chartered Accountant for your answers.
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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 2 months 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.
If you like my answer, then please rate me.
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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 2 months 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

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 4 months 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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Anonymous

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 5 months 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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DAYANANDA GUBBI SADASIVAIH

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 5 months 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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Anonymous

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 5 months 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 5 months ago


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

For the FY 20-21,In my 26AS & Form 16 has wrong income credits. My salary is 58K per month so annual is 696,000. But in 26AS & Form 16 has 870,000/-. Its because the 26AS7 Form 16 has the wrong salar

Posted 5 months ago


A. Dear Sir,
Please contact chartered accountant.
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Surya Prabhakar

Hi, I bought a land in the FY2016-2017(Jul-2016) from 5.3 Lakhs and sold it for 11.3 Lakhs in FY 2020-2021(Feb-2021), so the capital gains tax will be on the profit I gained which is around 5 Lakhs c

Posted 5 months ago


A. As per the Section 54 of the Income Tax Act since you have already put the money into another residential apartment the question of capital gain should not arise any more. But still to be on a safer side you are advised to be in touch with your CA and close this for ever.

Section 54. Profit on sale of property used for residence.—2[Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the ...ReadMore
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