Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU T S Khurana, a fellow member of The Institute of Cost Accountants of India, will answer them.
Sohandeep: I have two questions on one scenario. I have invested 10 L in say XYZ Largecap MF and current value shows 14L, now if I move this entire amount to same XYZ Debt fund without withdrawing money, will I need to pay LTCG tax on the 4L profit?
Second scenario: Now the XYZ Debt fund shows investment value as 14L and I continue it for next 10 years and invest 10L more. Now it shows investment as 24L and total value say 30L.
If I withdraw now, do I need to pay LTCG on 6L profit or 6L plus previous profit of 4L also? Hope I am able to clearly articulate my questions.
SCENARIO 1: You will have to pay Capital Gains Tax on Rs. 4.00 (L), if you shift from Large Cap MF to a Debt Fund. This shifting will be treated as Sale in one fund & investment in the other.
SCENARIO 2: Now your total investment is Rs. 24.00 (L) & if you sell the same for Rs.30.00 (L), you will have to pay tax on Rs 6.00 (L) only.
Vishnu: Dear Sir, in our society we have done major repair and color work. We are not a GST registered society. So our contractor have charged GST to us and submitted it as B2C.
We are asking them to provide the details of GST paid to GST authorities OR the at least confirmation with evidence that he has declared these invoices in GST portal while filing GST return. But he is saying there are no such details available on GST portal.
We need your guidance on this how can we get those details. Currently we are holding contractor's money for these details.
You should get a proper GST Invoice against this payment/bill & payment should be made by any other mode than cash.
He will have to pay GST under the head Business Receipts -- B2C. This fact can be verified from their GST Returns. You may request him to confirm you in writing that he has paid GST against this invoice.
I would suggest that if he has issued a proper Invoice, showing GST & payment is made through banking channels, he will have to pay GST. There does not seem to be any need to worry about the payment to the GST department.
Anonymous: Can I claim both HRA and home loan benefits if I own a flat in another city? I own a 1BHK flat in Jaipur, which is rented out, and I work in Hyderabad, paying 25,000 as rent.
My annual salary is 16 lakh. I claim interest on home loan under Section 24 and also want to claim HRA exemption. Is this allowed under current income tax rules, or will one claim cancel out the other? How can I maximise deductions legally?
If you are declaring your RENTAL INCOME from Jaipur Flat in your ITR then you are justified in claiming HRA.
TARUN: My mother 75 years old , sold a commercial plot of Rs. 1715000/- in May 2025. It was purchased by her in 2005 costing Rs. 700000/- from Govt in installments. My question is how much income tax is payable through indexation cost.
I feel you may not have to pay a big amount as Income Tax on Capital Gains, after Indexation. Moreover basic exemption limit may also serve as a cushion to save your tax, provided she does not have income from any other source. Kindly note that for exact calculations, you need break-up of Investment (amount & date of investment).
Anonymous: If my mom got allotted some shares from her son-in-law's firm 20 years ago and now by selling sharing there is a capital gain, of course, capital gain will be paid by my mom but how to return that money to son-in-law?
If it's send to unrelated person then unrelated person will have to pay tax or my mom also? Isn't it better to send money to blood relatives?
Gift to daughter or her spouse (Relative) is exempt from income tax. Amount may be transferred to her son-in-law, without any tax implications.
- You can ask rediffGURU T S Khurana your questions HERE.
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