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 a Life Time Super Pension Policy of ICICI Prudential with following details: Sum Assured: 720000 Premium paid from 2007 till date and total premium paid Rs 669,000 (Rs 3,000 per Month) and maturity in 2027.Current value of the fund is around 21 lakhs. My queries are: In case I surrender before maturity or opt for annuity, what is the tax implication?
If surrendered before maturity then Fully taxable
If opted for Annunity then Taxable as Other Income as per your Tax Slab and regime
Please consult to CA to get the exact liability as the policy document, term, payment done needs to be checked.
'Relax. Wait for Income Tax to Process Your Returns'
Anonymous: Sir, I hv filed my returns in time in form itr2. I had some STCG on account of sell of shares n also LTCG on account of sale of property. The tax calculated was paid before Sept 15, 2025.
I am a sr citizen. What is disturbing is, so far I hv not recd any communication from tax deptt. What does it mean? Is my filing gone under scrutiny or it is usual? What should I do, pl advise. Thnx n regards.
I trust you have cross checked the AIS and TIS before filing Return of Income. From this year, Income Tax has purposefully not processed returns where there is discrepancy evident from the details filed in the Return and then those details available in AIS TIS.
However, if there is no such case, you must relax and wait for Income Tax to process the Returns. Have patience.
Anonymous: My client brought 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.
'IT Act allows only two houses to be declared as...'
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: 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 LTLG? 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 as on Apr 1, 2001 and capital gain, if any shall be calculated accordingly.
We strongly suggest that you consult CA before taking any decision.
- You can ask rediffGURU Vipul Bhavsar your questions HERE.
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