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.
Key Points:
- Gifts from blood relatives are tax-free: Monetary gifts received from a blood relative are exempt from income tax, with no upper monetary limit.
- Transferring FDs may not avoid tax: Moving fixed deposits to a spouse's name solely to reduce tax could attract the Income Tax Department's clubbing provisions if the funds originally belong to the other spouse.
- Inherited gold sale attracts LTCG tax: If no acquisition records are available, the cost of acquisition may be treated as nil. Long-term capital gains are taxable at 12.5%, though eligible exemptions under Section 54 may be claimed.
Sukanta: Is monetary gift received from blood brother tax-free under India's Income Tax Act? If so what is the ceiling amount?
No Limit if received from blood relative.
Anonymous: sir ...i wanted to ask ...my wife annual taxable income after 75k standard deduction comes approx 12.3 lac under new regime but due to interest earned on previous FD it goes to 13.03 lac per annum which accounts to high tax payout ..to avoid tax liability can these be transferred to husbands name , i do not come under ambit of tax slab even if all the FD are on my name ....is it allowed and will it be good ...considering to divert them to MF or Physical gold if that's better ...kindly advice ...Thanks
You can do that.
However, Income Tax may take a view of clubbing since the FDs belong to her and you are putting in your name to avoid tax.
Chandran: Sir, Inherited Gold which was more than 50 years old and no records available, was sold in Tax Year 2025-26. Please help to calculate the long term capital gain of my share of Rs 176000 received for the above period.
You need to have some proof. A Will or something which mentions the gold.
Anyways the cost of acquisition of gold shall be NIL.
Rs 176,000 shall be considered your LTCG and 12.5% shall be the tax payable on this amount.
You may claim exemptions under section 54 subject to investments made in prescribed time limit.
Sachin: I have a Life Time Super Pension Policy (ULIPs) of ICICI Prudential with following details: • Sum Assured: 0 (Zero) • Premium paid for 19 years and monthly premium paid INR 2500/- • Current value of the fund is INR 20.38 lakh • I Surrendered policy before one month of policy matured. Is it comes under section 10 (10D) of Income Tax Act 1961. • How much income tax applicable?
Maturity benefits are generally tax-free if the premium paid does not exceed 10% of the sum assured for policies issued after February 1, 2021.
You need to share full details to ascertain exact tax liability if any.
Chandran: Sir, An ancestral property, an agricultural land (coconut garden) located 11 KM away from the nearest municipality will be sold in the near future. The sale proceedings will be shared by 5 siblings in unequal proportions as per previous agreement. There will be a 5% advance payment in one FY followed by the final payment at the time of registration in the next FY. Is the individual’s share of sale proceedings taxable? If yes, please give an idea as to how the tax calculation proceeds. If not taxable, how the gain is shown in the tax filing form and do the individuals need to keep declaration copies signed by all siblings as proof of transaction?
Your internal agreement between siblings, final agreement with proposed buyer, 7/12 extract of the property along with agriculture activity records on 7/12 is required to be kept.
Consult CA while filing Return of Income.
- You can ask rediffGURU Vipul Bhavsar your questions HERE
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