Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mihir Tanna, associate director, S K Patodia and Associates, will answer them.
Anonymous: Hi. I am planning to shift to new tax regime. Could you please let me know if the salary paid to driver or the fuel expenses are considered in new tax regime?
Salary paid to driver and fuel expenses by employee, reimbursed by employer, was never part of income. The said reimbursement is not income if the car is used purely for official purposes and the car is owned by the employee.
Anonymous: My sibling has an NRI ICICI account. Can she transfer Rs 7 lakh to my Indian account and I buy shares in my demat account with that money? Would either of us be charged any tax for doing this?
If it is gift from sibling, there will not be any tax impact on money received.
Anonymous: Hi Sir, I am a salaried professional working in a pvt company. Every year I get annual bonus in March. This year however, I have not been credited the amount. My HR is saying that it will transfer the money in April 2025, but the annual bonus will be considered for tax in FY2024-25. Is this legally possible? Looking for your kind guidance. Thanks and regards
Yes, salary (including bonus) is taxable even if same is not received. There is a concept of accural in income tax based on which it will taxable in FY 24-25.
Sunil: Hi, Mihir Sir, please answer my question. The various retirement amounts like (for govt servant) GPF, earned leave encashment, commutated salary, gratuity. Is it NOT required to be shown in tax return at all? All retired people told me this. Pl clarify. Thank you.
There are two aspects for disclosure.
First is receipt of income which includes income from salary (which will be included in Form 16 under salary covered in Sec 17).
Second is exemption portion. If particular component is exempt, it will be required to be shown in exempt income schedule (which will also be included in Form 16 in exemption u/s 10).
Kannadigarigagi: In the last ITR I had capital gains so I paid tax for that as I didn’t have any house purchase. But now, in April 2025, I booked flat which is still under construction. Can I claim my tax paid amount for capital gain showing I bought this house?
No. For claiming tax exemption, you have to file exemption u/s 54 or 54F in ITR filed within the due date. If you can't buy a new home within prescribed limit, you have to deposit the required amount in the capital gain scheme account before original due date of filing the ITR.
As you have not fulfilled the conditions, now you are not eligible to claim exemption.
- You can ask rediffGURU Mihir Tanna your questions HERE.
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