'Can I Claim TDS Refund On FD Interest?'

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.

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Anonymous: Sir, i have FD approx 19 lakh. my earnings are well under the 7 lakh per annum. Can i claim refund when filling ITR, for the tax deducted on the interest on my FD whenever they renew or mature as the interest earned when added to my annual income, i suppose will not come under tax bracket. Kindly provide your valuable opinion.

I suppose your question is related to F/Y 2024-25.

While filing your ITR, if your tax liability is less than the TDS deducted (plus self-assessment tax paid, if any), you can claim refund for the difference (excess paid/credited Income Tax).

Anonymous: Property purchased in the year 1998 for rs. 150000, Sale Agreement made in year 2005 for Rs. 440000, and paid in year 2005, but sale deed done in year 2024, what is the tax liability now?

Kindly clarify following points, so that I may be in a position to respond your correctly:

Payment of Rs. 4.40 (L) received in 2004 was in cash or through banking channels? Whether the same was declared in your ITR for the same period?

What is the amount for which Sale Deed was registered in 2024 & its date?

Whether any further payment was received in 2024?

Please note that officially you have sold the property in 2024 (the year in which sale deed was registered). LTCG shall be worked accordingly. Payment received in 2005, may be treated as advance payment against the sale of property. Your tax liability shall be for the F/Y 2024-25 (assuming that sale was registered after 01.04.2024).

Gvbk: Capital gain tax: 2025-26 2009-10 purchase value 93,17,170; 2025-26 sale value 2,11,30,000. What would be the capital gain tax and income tax if any? Pension amount 560000

You have the option to pay LTCG either 12.50% without Indexation OR 20% with Indexation. In your case, you may go for the option of 20% with Indexation, which may result in loss.

Your total tax liability shall depend upon some other factors also. However, we have suggested you to calculate LTCG only, which shall minimise your LTCG liability.

Anonymous: Sir I am a NRI, can money gifted by my parents to me via gift deed be transferred to my NRE account, money source is from rural land sale and there will be no capital gains tax payable. If and which tax or TCS is to be paid by my parents for the transfer of funds to me, can they claim it back?

Gift received from your parents can not be transferred to your NRE account. It can be received in your NRO account. No tax or TCS is payable by your parents, since the gift money is being transferred in you Indian NRO account & the same is not being Repatriated.

Anonymous: Calculate my tax liability for FY 2025-26. Income is generated by POST office time deposit/recurring deposit and savings account interest income. Also through Bank fixed deposit and savings account interest income all these amounts to 11,50,000/-. LTCG on MF redemption is 100,000/-. I don't work thus no salary. No other source of income.

Exemption of Rs 1,25,000.00 on LTCG on Securities/MFs is available, if these are Equity based MFs. The amount of exemption is Rs 1,25,000 only.

You would be entitled to Rebate u/s 87, only when your taxable income is under Rs 12,00,000.

If your income exceeds this limit, you would be entitled to marginal relief only.

You can ask rediffGURU T S Khurana your questions HERE.

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Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.