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.
Prakash: I am having flat in Hyderabad which was registered as gift deed in 2009 and if I want to sell the flat on today date the value may be 75 lakhs what can be capital gain? Actual cost was 2.2 lakhs in 1986.
As my age is 65 years and I don't want to use for construction or investment in new flat. How can I save capital gain? Your advice.
Whatever LTCG (Long Term Capital Gain) is there, you may purchase Capital Gain Bonds (maximum limit is Rs 50L to save your tax. Since you don't want to invest in a new Flat or House, this may be a good option. Please remember the time limit of purchasing the Bonds is within 6 months, from the date of sale of Asset/Flat.
Anonymous: My ppf A/c with P.O. matured on 01-04-2026. I have withdrawn full amount. How to show this in Income tax return ITR2?
You should show Interest earned during F/Y 2025-26, while filing ITR for the same period. However, this interest earned is tax free. No other tax implication is there & you may reinvest or use this amount withdrawn, in any way you like.
Anonymous: Dear Sir/Madam, in my present company I have NPS paid through employer since May 2019. I'm going to have a job change from next month.
In my future company, NPS facility is not there. So, can I apply for closure of NPS and withdraw the whole amount or is it mandatory to keep the account active until the age of 58 by paying some minimum amount yearly?
It is better if you continue your NPS by making self-contributions. Later on you may join some other company, where NPS facility is there or your new employer (where you are going to join now) may extend the facility of NPS at some later stage.
Surya: Which term insurance is better for me? I am a 31 year old male. I am unmarried and plan to marry in the next 1 to 3 years. I plan to have children later and take a home loan in future.
My current salary is 24.5 LPA. I already have assets worth more than 10 crore. My family members have lived beyond 75 years. My mother passed away at 40 due to brain stroke. I am considering two plans: Option one cover of 3 crore till age 75. Option two cover of 4 crore till age 65 Which option is better?
Your selection of Option One: Cover of Rs 3 crore till the age of 75 seems better, in view of your family age history.
Hello sir I have purchased the resale flat at Indirapuram, Ghaziabad in (Sector) 19-20, as sale deed is 72lakhs but as the circle rate is high the govt sale rate 77.09 lakhs, paid stamp duty of 5.4 lakhs on 77.09 lakhs. Now I got income tax notice 131(A). Will I have to pay tax or not? Why this notice came to me?
You have purchased a Flat for Rs 72.00 (L) in 2019-20 & paid the Registration Charges for Rs 77.09 L. Your bank transaction should support these facts. There should not be any problem for you. Please reply to the notice, based on facts of the case only. You don't have to pay any tax further.
However, it could be questionable for the seller of the flat. He should have paid tax on Rs 77.09L.
- You can ask rediffGURU T S Khurana your questions HERE
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