C
Chintan
Sir, i have fd worth rs 43845 and tds alrrady 4303 rs deduce by source.but in e filling if i put figures in income from other sources then it shows to pay additional tax of 4303. Pls help me what to do
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TDS deducted at 10% rate however actual slab rate can be higher. Hence you will have to pay the additional tax
T&C applyM
Mohd Anas
Hello,
I have a property which i purchased in 2011 on home loan. I received allotment letter in 2011 only however I got possession in December 2014. I am planning to sell this property at earliest. Now I have following 3 questions
1) I have claimed 80 C benefits on the Home loan principal amount since FY 2014-15 till FY 2017-18. Now If I sell the flat in August 2018 will those benefits be reversed? I am thinking that when I got allotment letter in 2011 so ideally the 5 year holding period should start from 2011 and not from 2014 (at the time of possession). Pls suggest
2) Now as per what I know that Capital gain tax can be exempted if we use that Capital gain in buying another property either 1 year before the sale or till 2 year after the sale. Now I have already purchased a new flat (under construction) for which I have only paid 5% of amount(not complete Capital gain Amount) Now my question is, is there any time period by which this under construction flat should be completed? If builder delays the construction, then will it going to impact me and I have to pay capital gain tax?
3) This property is on my name only. Now in current year I am planning to sell it and I have a plan to book a new flat. But this new booking I will do on joint name (Myself and my wife).So I need to know, even though old flat was on my name only and new flat have joint owner including me, still I can invest all the Capital gain amount in order to save Capital gain Tax?
Regards,
Anas
1. ACCORDING TO SECTION 80C(5)(iii), 5 years starts from end of financial year of possession and not allotment which in your case would be upto 31.03.2020.
2.If builder delays the constuction and if you can prove the fact, you would be allowed the exemption.
3.Yes you can invest all your amount as tax planning.
M
Madhukumar
I sell my land for Rs 800000 am i elligible for paying tax?
Dear Madhukumar,
It depends on type of land and the location of land,
If the land is agriculture land and located in rural area as defined under Income-tax Act then it will be exempt.
Else it will be taxable, however you may claim exemption u/s 54B.
E
Esha
I have an income of stipend and interest. Its total comes around 30,000.
I have received gift from grandfather of 8 lakhs.
Do I need to file ITR?
Legally not required to file .. but since the amount involved is high, it's always better to file and be clean to avoid further departmental hassles in case of worse come situations
T&C applyS
Sonia Rodrigues
I have incurred a loss by trading in F&O (that is less than a year) and I run a business and wish to file under presumptive taxation 44ADA. When I was going through the ITR4 form on the income tax website I was unable to find any field that allows me to input these losses.
Please let me know where I can declare these losses. Can I consider these losses as Non Speculative and deduct it from my Business gains?
F&O is NON Speculative income and loss if any can be adjusted with any income other than SALARY.
in F&O your turnover would be total of (profit made + loss incurred+ premium in case of options).
if you bought 1 lot of 100 rupees sold for 105 than your turnover is 5 not 105.
adding to the above if you bought another lot of 100 and sold for 96 your loss is 4 rupees but your turnover adding this would be (5+4)=9 but profit would be (5-4)=1.
I hope it's easy for you now
