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: My client bought 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: Hi I am working in private company also I am 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.
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? Please 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.
Aniket: I am Sr Citizen aged 78 years old Have wife aged 74 years and One Son based in US (US Citizen) and one daughter based in India. I have made a will wherein after my demise the flat will be transferred in name of my wife. The MF and Direct equity will be transferred in name of my daughter. I have kept nominee as my daughter for my demat and trading account. I have the following questions: How do I make provisions in my that in case my nominee dies after me the proceeds will go to my daughter (My son is not interested as he is US Citizen and will incur additional Tax in case of Inheritance)?
A will if made in writing can always be amended in the form of new will. You may by giving reference of old will as well or can say that old will to be considered as null and void since this new will be being made.
You can make all the necessary changes in the will as you wish.
Please make sure that you get the will registered and witnessed.
- You can ask rediffGURU Vipul Bhavsar your questions HERE.
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