Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Vipul Bhavsar, a chartered accountant -- with 16 years of experience -- from The Institute of Cost Accountants of India, will answer them.
Anonymous: I have sold my ancestral dry agri land property of my mother's for more than 100 years. I am a 4th gen beneficiary. Am I liable to pay LTCG? Pl clarify.
If the land is outside the mentioned city limits, it is not considered as Capital Asset. The cost of acquisition in this case shall be the FMV (Fair Market Value) as on Apr 1, 2001 and capital gain, if any shall be calculated accordingly.
We strongly suggest you consult CA before taking any decision.
Anonymous: My client bought the land in 1965 and guideline value obtained in 2001. He sold the property in September 2024. Is it 115jc applicable or computation at special rate. If any suggestions or computation may welcome.
Long Term Capital Gain shall be calculated. Since sold after July 23, 2024, new provisions of Taxation shall be applicable.
Various other points like whether the land is rural, agriculture or other land is required to be ascertained.
Neil: I am 62 yrs old. Have 3 flats in Mumbai. So I have to pay deemed rent as tax on 1 or 2 flats. Please clarify the law for FY 2025-26. Thanks
Income Tax Act, 1961 allows 2 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out.
Anonymous: My Mother is 88 years old. Her income from pension and FD interest is expected to be below 12 lakh for FY 25-26. But there is short term capital gain of around 4 lakh. Will she be eligible for Rs 60,000 rebate under section 87A. I am not sure if capital gain from equity is part of total income or not while considering this rebate.
The information provided is not in full. However, yes, you may be eligible for rebate under section 87A.
Anonymous: Hi, I am working in private company and also doing technical consultancy. The company I am doing technical consultancy is deducting 10% TDS. Will this income qualify under sec 44ADA? Both my salary and consultancy income is taxable?
Yes, you will have to disclose income under Salary and Business separately.
Further, you need to look for provisions of GST since your total receipts may go above statutory limit requiring you to get the GST registration done.
- You can ask rediffGURU Vipul Bhavsar your questions HERE.
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