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.
R: Dear Sir, Recently, in July 2025 I sold a residential property and got a LTCG of Rs.25 lakh. I propose to deposit this money in the Long Term Capital Gain Saving Scheme Account for a period of 2 years so that I get time to select and buy another residential property. Here, please clarify what happens or way out if I am not able to buy the new house before the specified 2 years?
In that case, you will be required to offer the entire capital gain and pay capital gains tax along with interest.
Rajesh: Hello, my wife received her share of 15 lakhs from sale of ancestral property in Aug-2025. She is planning to buy flat probably during Oct-Dec 2026. Does she require to pay capital gain tax while filing return? She do not know purchase price of ancestral property so how capital gain to be calculated in this case?
I assume you are asking the tax situation for FY 2025-26 for which return of income to be filed on or before July 31, 2026.
Government valuation as on Apr 1, 2001 needs to be taken, which shall be her cost of acquisition for her share. She can purchase new property within 2 years from Aug 2025 however, till then she needs to deposit the funds in capital gain scheme and she will not be required to pay capital gains tax.
You need to consult CA since there are other things to be considered to arrive at the decision and tax event in your case.
Anonymous: In the year 2026 from April to March 2027 my pension salary will be 7 lakh & will be getting doubling NCD 10 lakhs during October 2026, kindly give my tax implications on my total income?
Capital gains need to be calculated for NCD. It shall be added to your pension and tax shall be calculated.
You need to consult CA, who will guide you the further process
Arabinda: My colleague’s monthly salary 1 lakh. Basic in PF account 50,000. Can he increase basic in PF? What is the maximum basic for an employee? What are the positive & negative impacts in long run?
PF contribution can go up to 14%.
Your friend needs to talk to his employer.
Sameer: I am 50 yrs old. I have own car and paying driver salary monthly 20k for office purpose. I am also getting uniform allowance, driver salary, communication allowance, etc., from salary. Annualised salary is closed to 55L. Which salary regime i would need to select so that minimum tax can I pay?
New Regime.
However, we request you to consider all other items mentioned in salary slip to calculate exact tax liability under both regime.
You need to consult CA, who will guide you the further process.
Saurabh: Hi, I have salary income and one royalty income from books. Can I show royalty income in other source and which form I have to file at the time of filing of ITR?
No. Royalty has to be disclosed in separate section provided while filing income tax return.
You need to consult CA, who will guide you the further process
- You can ask rediffGURU Vipul Bhavsar your questions HERE
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