Question 1

1. What is gross total income?

admin · Accepted Answer

Total income of an individual from all sources of income like salary, income from house property, etc. is the gross total income.

Question 2

2. What is the difference between total income and gross total income?

admin · Accepted Answer

Gross total income is the total income of an individual from all sources of income.
From the gross total income, certain deductions can be made under various sections like Sec 80C, 80D, etc. The amount arrived at after deducting deductions is called total income or taxable income.
Total Income = (Gross total income) – (Deductions permitted)

Question 3

3. Can I claim deduction for my personal and household expenditures while calculating my taxable income?

admin · Accepted Answer

No, deductions can be claimed only for those expenses which are provided under the Income Tax Act.

Question 4

4. What is rebate under Sec 87A for FY 2019-20?

admin · Accepted Answer

The rebate under Sec 87A has been revised to Rs 12,500/- for FY 2019-20, i.e, Assessment year 2020-21.

Question 5

5. Can a partnership firm or HUF claim rebate under Sec 87A?

admin · Accepted Answer

Rebate under Sec 87A is available only to individuals. Hence any person other than individual cannot claim rebate under Sec 87A.

Question 6

6. Is it necessary to attach documents with Income Tax return?

admin · Accepted Answer

No document, be it proof of investment, TDS certificate, etc. needs to be attached along with the ITR. However, these documents need to be retained by the taxpayer and produced before the tax authorities when demanded, like during assessment, inquiry, etc.

Question 7

7. If I have paid excess tax, will it be refunded to me? How?

admin · Accepted Answer

The excess tax paid can be claimed as refund while filing IT returns. Once your return has been processed and if the ITR department accepts your refund claim, the refund amount would be electronically credited into your bank account.

Question 8

8. Should I pay advance tax at periodic intervals or make a single payment towards income in March?

admin · Accepted Answer

If your estimated tax liability exceeds Rs 10,000 for a financial year, then you are liable to pay advance tax by the due date prescribed.

Resident senior citizens, without any income from income or profession, are exempt from paying advance tax and can pay taxes at the time of filing returns by 31st July, after the end of the financial year.

Question 9

9. My employer has deducted TDS but has not deposited it. What do we do?

admin · Accepted Answer

Obtain Form 16A (TDS certificate issued by deductor) and verify it with Form 26AS. Bring any mismatch to the notice of the deductor and ask them to get the return rectified. However if you have proof of tax deducted like TDS certificate, you need not worry. As per Section 205, if tax has already been deducted, then taxpayer cannot be called upon to pay tax  to the extent to which tax has already been deducted from that income.

Question 10

10. Can I go with new regime for 1 year and switch to old regime for the next year?

admin · Accepted Answer

If you have income from business, you cannot. Else, yes you can switch from new tax regime to old tax regime in the next financial year.

Question 11

11. I am Mr. X my son will turn 18 in july this year. I intend to apply for a pan card and, subsequently , open a bank account, demat an trading accounts, as well as a PPF account, for him. As he still a student and not earning, these accounts will be funded by gifts from us, his parents. what would be the tax implication of these transactions ? Will any clubbing provisions apply in  this case?

admin · Accepted Answer

As per Section 56(2)(x) of the Income Tax Act, 1961, any amount that is received by a person from his or her ‘relative’ is considered a gift and is not subject to income tax, irrespective of the amount that has been received from the relative. Since you, as a parents, fall under the ambit of the definition of a ‘relative’, any amount received by your own son from you will not be charge able tax.

You have mentioned that your son will soon turn 18 and that you will be opening a bank account, demat account and a PPF account for him by using your own funds, The funds that are used to open the above mentioned accounts shall also be considered gifts and, hence, shall not be chargeable to tax in the hand of your son, irrespective of the amount used to open the accounts.

Regarding clubbing provisions, only the income of a minor child (below the age of 18 years)is clubbed and is taxable in the hands of the parent whose income is more. However, this does no t hold for an adult child. So. any income of your son on becoming a major will not be clubbed with your income and shall be assessed separately in the hands of your son at the applicable tax slab rates, respectively. He Will also have to file a separate income tac return in such a case

Question 12

12. I want to gift my wife stocks. Who will bear the capital gains tax in that case?

admin · Accepted Answer

Any gift of shares to a specified relative does not attract tax in the hands of recipient. As spouse of an individual falls under the defined ‘relative’, there will not be any tax implications in your wife’s hands on account of receipt of shares as gift from you.

However, since the shares are entirely funded by you, if your wife subsequently sells the gifted shares (resulting in capital gains or loss) or earns any dividend from the shares, clubbing provisions under the income tax law shall be attracted. Accordingly, any capital gains/ losses arising to your spouse from sale of the gifted shares will be clubbed in your income and taxable in your hands. The tax implications in your hands would continue to depend on factors such as period of holding, whether these are listed or unlisted shares, etc.

Question 13

13. What is the difference between TDS and TCS?

admin · Accepted Answer

TDS or Tax Deducted At Source is when the payer of the income deducts a certain amount of tax from the payment and forwards it to the government on behalf of the payee. Example banks deduct TDS on the interest on FD's, employers deduct TDS on salaries paid to employees, etc.

TCS or Tax Collected At Source is a system in which the seller of goods or services collects tax from the buyer and remits it to the government on the buyer's behalf. TCS applies to only a few categories of goods and services like precious metals, minerals and e-commerce transactions.

Question 14

1. If we make losses while trading of shares within one year, can the loss be carried forward?

admin · Accepted Answer

Loss under the head capital gains can be only set off within the ‘Capital Gains’ head.
Short Term Capital Losses are allowed to be set off against both Long Term Gains and Short Term Gains.
Can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.

Question 15

2. If the shares are held for more than one year, can the losses be carried forward?

admin · Accepted Answer

Yes, Long Term Capital Loss can be set off only against Long Term Capital Gains.
Can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.

Question 16

3. How to set off long term or short- term capital loss made in selling equity/ debt mutual fund?

admin · Accepted Answer

Long Term Capital Loss can be set off only against Long Term Capital Gains for both equity and debt mutual funds
Short Term Capital Losses are allowed to be set off against both Long Term Gains and short term Gains on equity and debt mutual fund.
Short term for equity mutual funds is 1 year whereas short term for debt mutual funds is 3 years.
Can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.

Question 17

4. I hold shares a company which has gone into liquidation. The shares cannot be sold in the market. Can I claim capital loss in my income tax statement? If so, how?

admin · Accepted Answer

As per section 2(47) of the Income Tax Act, 1961, transfer, in relation to a capital asset, includes the sale, exchange or extinguishment of any rights. In the event the company has gone into liquidation, you have to report the capital loss (if any) in your tax return. Please note that depending on the period of holding, this capital loss could be either long-term or short-term. While short-term capital loss can be set off against any gains (long-term and short-term); long-term capital loss can be adjusted only against long-term capital gain. In case you have any unadjusted loss, then it can be carried forward for set off for the next eight tax years.

Question 18

5. How is income from F&O trading taxed?

admin · Accepted Answer

Firstly even if one has made losses from F & O trading, they necessarily still need to file Income Tax Returns (ITR).

Income from F & O trading is treated as business income.

In case of losses from F & O trading, ITR needs to be filed before the due date in order to carry forward the losses to the next financial year.

Question 19

1. Is maintenance paid on house, part of income from house property?

admin · Accepted Answer

If maintenance is paid to owner, it will be included in income from house property for the owner. However, if the maintenance is paid directly to the society by the tenant, then it would not be part of income from house property.

Question 20

2. Can we claim tax exemption for land loan?

admin · Accepted Answer

Housing loans are eligible for tax deduction for payment of both interest as well as the principal amount. Land loans do not offer any tax benefit.
You can avail tax deductions only if you are constructing a house in the plot. The deduction in that case is applicable only for the loan amount taken against construction, and only after completion of the construction activity,

Question 21

3. Is there any tax exemption on sale of immovable property?

admin · Accepted Answer

Any immovable capital asset held for more than 24 months is considered to be a long-term capital asset.

One can reinvest the capital gains earned under the following sections and avail the capital gains exemption.

– Section 54 – Purchase of a new house residential house property – Section 54EC – Investment in specified bonds issued by NHAI or by Rural Electrification Corporation Limited or any other bond notified by the Central Government in this behalf – Section 54GB – Equity shares of an eligible start up

Question 22

4. Can I get home loan if the land is owned by me and my sibling?

admin · Accepted Answer

Two brothers can be co-applicants of a home loan only if they live together in the same property. They must be co-owners in the property for which they are taking a home loan.
However, a brother and sister cannot be the co-applicants of a home loan.

Similarly, two sisters cannot be co-applicants.

Question 23

5. Is the co-applicant borrower clause in Sec 24 applicable in Sec 80C also for repayment of principal?

admin · Accepted Answer

Yes, same rules apply for Sec 24 and Sec 80C as well.

Question 24

6. Can I claim Sec 24 on two properties?

admin · Accepted Answer

Yes, you can.

Question 25

7. If OC is given but property is not registered, can one claim Sec 24 benefits?

admin · Accepted Answer

Yes, one can claim Sec 24 benefits after getting Occupation certificate even if the house has not yet been registered.

Question 26

8. I plan to renovate two of my houses – one where I live and one which is let out by taking a loan. Will I get any tax deductions for the repairs?

admin · Accepted Answer

On the home which is let out, you can deduct a notional standard deduction of 30% of annual rental value (rent received minus actual taxes paid). Also you can offset the interest paid on loan taken for acquiring, construction or renovation against the rental income.

For self-occupied property, only a deduction of interest on a loan availed of for acquiring, constructing, repairing, renewal or reconstruction can be claimed, subject to the prescribed limits. However, if you choose new tax regime as per Budget 2020, no deduction towards interest payment on a self-occupied property or loss from a house property can be claimed as deduction from financial year 2020-21.

Question 27

9. In a real estate sale transaction, am I allowed to deduct brokerage from the selling price while determining the capital gains? What documentation proof do I require to show brokerage amount paid?

admin · Accepted Answer

Yes, you can deduct the brokerage charges while calculating the capital gains but need to provide the proof of payments made to the broker

Question 28

10. I jointly own a house with my wife, which is rented out. How much of the rent received should I show in my income tax returns?

admin · Accepted Answer

Rental income earned from jointly owned property is taxable in the hands of each co-owner in proportion of the share in property. This amount would have to be disclosed in each of your income tax returns separately.

Question 29

11. I sold my house recently and have long term capital gains. Can I purchase an agricultural land and show the expense to claim tax exemption?

admin · Accepted Answer

No, you can not claim exemption from long term capital gains tax for expenses towards reinvestment in an agricultural land.

Question 30

12. Registration of flat was done later but it was rented out earlier after possession. Payment made to builder was higher than rent received. Does rental income received have to be declared and can it be offset against payment towards cost to the builder?

admin · Accepted Answer

You would be considered the owner of the property from the date of receipt or possession of the property. So even if the registration is done later, the income shall be taxable as rental income from the date of possession.

Only specified deductions like municipal taxes, standard deduction of 30% of net rent received and interest on housing loan can be claimed against the rental income received. Deduction for amount paid to the builder is not available as a deduction against the taxable rental income.

Question 31

13. While purchasing a property and making the agreement, I got to know that the owner is an NRI. Few days later, they said they are returning to India permanently. What would be the TDS amount on sale of property? What documents do I collect from the seller to safeguard my interest?

admin · Accepted Answer

As per Income Tax Act of 1961, the buyer of an immovable property is supposed to deduct TDS at the time of making payment to the seller. If the seller is a resident of India, TDS @1% is to be deducted if the sale consideration is Rs 50 lacs or more. If the seller is an NRI, TDS needs to be deducted at the applicable tax rates on the taxable income.

It would be advisable if you obtain a written declaration/affidavit (preferably a chartered accountant’s certificate) from the seller that they would be permanently relocating to India and that they would qualify as resident of India from tax perspective for the financial year in which the sale occured. The onus of verifying all documents and paying tax accordingly lies with the buyer of the property.

Question 32

14. Do I need to pay tax on gift received by selling ancestral property?

admin · Accepted Answer

Any sum of money received from the relatives as gift or under a will or by inheritance is fully exempt from tax in the hands of the beneficiary.

However the exempt gift amount needs to be disclosed under the schedule “Exempt Income” in the ITR.

Question 33

15. How can I reduce tax to be paid on capital gains made by selling property?

admin · Accepted Answer

You can invest the capital gains amount or Rs 50 lakhs, whichever is lower, in Sec 54EC bonds within 6 months from the date of sale to get exemption from capital gains tax from sale of flat. These bonds have a minimum lock-in period of 5 years and the interest is taxable.

If capital gains are not reinvested, you need to pay tax at 20.8% of the capital gains amount.

Question 34

16. How can I calculate capital gains on sale of property?

admin · Accepted Answer

You should know the fair market value of your flat as on 1st Apr 2001. This value needs to be multiplied by the CII of the year of sale. This would give the cost price.

Capital Gains = (Selling price) – (Cost price) – (Transfer expenses and any cost of improvement).

Question 35

17. Due to delay in construction of property, I received refund from the builder. How will this amount be treated for tax purposes?

admin · Accepted Answer

Refund of amount paid by you will not have any tax implications. Regarding the interest received, it will be taxable under the head “Income from other sources” in the proportion of contributions made by each owner. Compensation received over and above the booking amount will be taxable based on the terms and conditions mentioned in the document under which the said amount will be received.

Question 36

18. My son has a property in India but he stays abroad. He has asked the tenants to pay the rent to me. Is he still liable to pay tax?

admin · Accepted Answer

Rental income from house property is charged to tax in the hands of the owner. As your son is the owner of the property, he is liable to pay tax on the same even though you receive the rent on his behalf.

Question 37

19. What if we have taken home loan and possession is next year, can we claim loss on housing property and HRA both?

admin · Accepted Answer

One can claim Sec 24 only after possession of the house.

Question 38

20. I am planning to sell a plot in the name of three brothers and use it in the construction of a residential house. The house plot is in the name of two brothers. How to avail tax benefits by utilising the sale proceeds in construction of residential house? Is there any way to get tax break for the third brother if his share also invested in the house property?

admin · Accepted Answer

Section 54F of the Act provides for deduction while computing taxable capital gains arising from sale of long-term capital assets other than residential house property. Certain conditions are attached for claiming this deduction. Some of them are:

The residential house should be constructed in India either one year before the date of transfer of plot or within three years after the said date.
Net sale consideration from sale of long-term capital assets (Plot) is invested in purchase/ construction of a residential house.
The new residential house should not be transferred within a period of 3 years from the date of its acquisition / construction.
The individual claiming the deduction should not own more than one residential property apart from the new property at the time of selling the plot.

Deduction is not available if the individual purchases a third property within a period of two years after the date of transfer of plot (or) constructed within a period of three years after the date of transfer of plot other that this new property. If the conditions are not fulfilled then, capital gains deduction referred above is taxable in the year in which the conditions are breached. An individual may not be able to get a tax benefit on sale of plot unless the investment in new asset is also done in his name. In this case, since the 3rd brother does not own the plot on which house is going to be constructed, he’ll not be able to get section 54F deduction. However, he can still explore deduction under section 54EC wherein he can invest up to ₹50 lakh on prescribed bonds within six months from the date of sale.

Question 39

21. Mr. X was allotted a flat in a group housing society in Jan-2001. He sold the flat in FY2021-22 and there is capital gain out of this sale and the amount is available with him in capital gain account scheme. He is planning to sell another flat within a year where he may have long term capital loss. Can he adjust capital loss arising out of sale of second property from the gain of his first property lying in his capital gain account and pay tax only for the balance amount?

admin · Accepted Answer

Section 74 of Income tax Act, 1961 allows setting off of long term capital losses against long term capital gains. Unadjusted loss can be carried forward for setting off. However, roll back of capital loss incurred for example in year 2 against the long term capital gains in year 1 is not permitted. You can adjust in the future and not the past. Therefore, in your case, you would not be able to adjust the gain from sale of your first property (lying in capital gains accounts scheme) against the loss that you may incur on sale of the second flat.

Question 40

1. Under Sec 80D, can we claim senior citizen parents medical bills? What would be the limit?

admin · Accepted Answer

Section 80D of the Income Tax Act allows deduction for medical expenditure incurred on senior citizens. This deduction can be claimed by the senior citizen himself/herself or by his/her children, if the latter are incurring medical expenditure for their senior citizen parents.
If individual and parent both are above 60 years, maximum deduction is Rs 1 lakh.

Question 41

2. Can I claim for premium paid towards top up plan under Sec 80D?

admin · Accepted Answer

Yes, you can.

Question 42

3. Can one claim under Sec 80D for health insurance and under Sec 80DDB?

admin · Accepted Answer

One can claim under Sec 80DDB up to a maximum of Rs 40,000/-. But remember the amount claim will be reduced by the amount received from an insurer or reimbursed by employer for medical treatment of such person.

Question 43

4. I am a senior citizen getting pension but don’t have any insurance policy. Can I include amount paid for different test reports and registration fee of hospital to claim the Rs 50,000/- deduction under Sec 80D? For how long should I preserve the bills and receipts?

admin · Accepted Answer

As per Section 80D of the Income Tax Act, any amount paid towards medical expenditure on the health of a senior citizen (aged 60 years or above) is allowable as a deduction, up to a maximum of ₹50,000. But no amount should have been paid to keep in force any health insurance for the said senior citizen.

Further, such payment should have been paid by any mode other than cash.

Medical expenses incurred for doctor’s consultation fees, medicines, diagnostic tests, etc, qualify for claiming the deduction benefit under Section 80D.

It is recommended to maintain the supporting documents for a period of two years. Maximum time period for retention of documents can be regarded as seven years.

Question 44

5. Will contributions made towards PM Cares Fund be claimed under Sec 80G?

admin · Accepted Answer

Yes.

Question 45

6. Can children’s school fee be claimed to the full amount?

admin · Accepted Answer

Yes, A parent can claim a deduction on the amount paid as tuition fees to a university, college, school or any other educational institution.
The maximum deduction on payments made towards tuition fee can be claimed for up to Rs 1.5 lakh together with the deduction with respect to insurance, provident fund, pension etc. in a financial year.
The deduction is available to a maximum of 2 children for each individual. Therefore, a maximum of 4 children’s deduction can be claimed, i.e. 2 by each parent.

Question 46

7. Is FD interest included in Sec TTA?

admin · Accepted Answer

No, only interest from savings account is included in Sec TTA.

Question 47

8. I pay insurance premium for my daughter where she is the insured person and I am the proposer. She is also employed and earns an income. Am I eligible for tax benefits as a proposer?

admin · Accepted Answer

Any sum paid by an individual in the financial year towards insurance on the life of any child of the individual is eligible for claiming deduction. Hence you are eligible to claim deduction under Sec 80C for the life insurance premium paid by you for your daughter.

Question 48

1. Would gratuity be impacted due to tax regime?

admin · Accepted Answer

No.

Question 49

2. Would contributions and returns from EPF still continue to be exempt in new tax regime?

admin · Accepted Answer

Yes.

Question 50

3. Do I have to declare my EPS contribution yearly if corporate contributes for it?

admin · Accepted Answer

You need to only show EPF contribution based on Form 16 issued by employer.

Question 51

4. I receive annuity installment per month from my company’s superannuation scheme. Can I get a refund on the tax I have paid for the last 10 years on this amount?

admin · Accepted Answer

No, the Section 10(13) grants exemption from tax in case payment is received from an approved superannuation fund by an employee in lieu of or in commutation of annuity on his retirement. However, annuity received from superannuation fund of LIC is taxable under the head “Salary”.

Question 52

5. Can you please explain the tax implications of EPF/VPF and NPS in the New tax regime?

admin · Accepted Answer

Employee contributions of up to 12% of basic to EPF qualifies for tax deduction under Sec 80C. However, from April 2021, if employee contribution towards EPF and VPF exceeds Rs 2.5 lakhs in a financial year, then the interest earned on contributions above Rs 2.5 lakhs will be taxable. For employees whose employer is contributing to NPS account, income tax deduction of 10% of salary (basic + DA) is available under Sec 80CCD (2) even in new tax regime.

Question 53

6. Can ITR-1 be used for cases where RSU is held but not sold and no gains made?

admin · Accepted Answer

Yes, as it is considered at unlisted shares held.

Question 54

7. Is tax for RSU be considered for the invested year or withdrawal year?

admin · Accepted Answer

Tax for RSU is considered in the year that it gets vested and then sold.

Question 55

1. I am staying in one city but have a property in another city. Can I claim both HRA and Sec 24?

admin · Accepted Answer

Yes.

Question 56

2. My parents are staying in one city and I am paying rent for them. I am staying in another city on rent. Can I claim deduction towards the rent I pay towards both properties?

admin · Accepted Answer

No, you can claim deduction on rent only for the property that you are residing in.

Question 57

3. Can I claim monthly maintenance as part of rent paid?

admin · Accepted Answer

No, maintenance paid to society can not claimed as part of rent paid. Only the amount paid to the owner as rent qualifies to be claimed as rent.

Question 58

4. Can i claim rent paid by me for my son who lives in another city under my HRA?

admin · Accepted Answer

No, you can claim HRA only for the rent on the house that you live in.

Question 59

5. The house where we stay is in my wife’s name. Can I pay rent to her and claim HRA benefit?

admin · Accepted Answer

Exemption of HRA is not available if employee resides in his own house or does not incur any expenditure on payment of rent. Hence payment of rent to close relatives will not be considered legitimate unless there is substansive documentary evidence to prove it.

Question 60

6. I pay some amount of rent in cash. Can I show this for availing House Rent Allowance (HRA)?

admin · Accepted Answer

As long as the rent agreement is in your name and the total amount paid (whether in cash or cheque) is mentioned, you can claim it in HRA.

Question 61

7. What needs to be kept in mind while paying rent to NRI?

admin · Accepted Answer

Tenants paying rent to NRI landlord need to keep the following things in mind:

Ensure the landlord has appointed a representative in India who can act on his behalf in case of any maintenance or legal issues.
Have a clear and detailed rental agreement in place which includes information on rent payments, security deposit and any other fees or charges that may be applicable
Obtain a TAN number (One can apply for a TAN number on the NSDL website). TAN number is a tax deduction and collection account number that is required for deducting TDS on rent payments.
When a tenant pays rent to an NRI landlord they are supposed to deduct TDS at the rate of 31.2%. TDS can be deducted by filling Form 16A with the Income Tax Department.
Rental proceeds must be paid to the NRI landlord's NRO account
Within 15 days of the end of each quarter, tenant must issue a TDS certificate to the NRI landlord in Form 16A.

https://www.financialexpress.com/money/tenancy-rules-nri-landlord-obtain-tan-number-to-deduct-tds-of-31-2-on-rent-proceeds-3214090/

Question 62

1. I received an amount of Rs 20 lakhs as gift from my father for my marriage. Would this amount be taxable?

admin · Accepted Answer

Any sum of money received from a relative or on the occasion of marriage, or under a Will or by way of inheritance would not be taxable in the hands of the recipient

Question 63

1. Can an NRI who has inherited some agricultural land sell the land, and what are the tax implications?

admin · Accepted Answer

NRI’s can’t own agricultural land in India but may acquire it through inheritance from a resident of India. The NRI can sell the land only to a person who is a resident of India. As per exchange control rules, a maximum remittance of $1 million per financial year is only permitted from sale of an agricultural land from NRO account.

No income tax is levied upon inheritance and sale of agricultural land in India unless the agricultural land is situated in or within the periphery of certain specified urban areas such as urban agricultural land.

Question 64

2. If an NRI has one house in India but the same is locked and no income from the same. The only other source of income is interest from banks which is less than Rs 2.5 lakhs. Is the NRI required to file income tax returns?

admin · Accepted Answer

No, the NRI need not file Income Tax returns if he does not have taxable income to the amount not chargeable in India (less than Rs 2.5 lakhs) and if he/she is not covered under specified conditions which are:

a) Has deposited an amount of Rs 1 crore or above in one or more current accounts maintained with a banking company or a co-operative bank.
b) Has incurred an expenditure of an amount exceeding Rs 2 lakhs for himself or any other person for travel to a foreign country.

c) Has incurred an expenditure of an amount exceeding Rs 1 lakh towards the consumption of electricity.

ITR Form	Base Rate **	Services Offered
ITR 1	Rs. 750+taxes	Only for ITR 1 filing, Single Form 16 and only Salary Income
ITR 1	Rs. 1000+taxes	Multiple form 16, interest income from FD/Savings ac & salary income
ITR 2	Rs. 3500+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, 1 Demat account, RSU Disclosure
ITR 2	Rs. 5000+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5, sale of RSU
ITR 2	Rs. 7500+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5,sale of RSU, filing of form 67, dividends from foreign stocks
ITR 2	Cost will be discussed based on complexity	Other than the above cases
ITR 3	Rs. 12,500	F&O Income and RSU
ITR 3	Cost will be discussed based on complexity	If Audit required

TAXATION

FAQs

Taxation

1. What is gross total income?

2. What is the difference between total income and gross total income?

3. Can I claim deduction for my personal and household expenditures while calculating my taxable income?

4. What is rebate under Sec 87A for FY 2019-20?

5. Can a partnership firm or HUF claim rebate under Sec 87A?

6. Is it necessary to attach documents with Income Tax return?

7. If I have paid excess tax, will it be refunded to me? How?

8. Should I pay advance tax at periodic intervals or make a single payment towards income in March?

9. My employer has deducted TDS but has not deposited it. What do we do?

10. Can I go with new regime for 1 year and switch to old regime for the next year?

12. I want to gift my wife stocks. Who will bear the capital gains tax in that case?

13. What is the difference between TDS and TCS?

1. If we make losses while trading of shares within one year, can the loss be carried forward?

2. If the shares are held for more than one year, can the losses be carried forward?

3. How to set off long term or short- term capital loss made in selling equity/ debt mutual fund?

4. I hold shares a company which has gone into liquidation. The shares cannot be sold in the market. Can I claim capital loss in my income tax statement? If so, how?

5. How is income from F&O trading taxed?

1. Is maintenance paid on house, part of income from house property?

2. Can we claim tax exemption for land loan?

3. Is there any tax exemption on sale of immovable property?

4. Can I get home loan if the land is owned by me and my sibling?

5. Is the co-applicant borrower clause in Sec 24 applicable in Sec 80C also for repayment of principal?

6. Can I claim Sec 24 on two properties?

7. If OC is given but property is not registered, can one claim Sec 24 benefits?

8. I plan to renovate two of my houses – one where I live and one which is let out by taking a loan. Will I get any tax deductions for the repairs?

9. In a real estate sale transaction, am I allowed to deduct brokerage from the selling price while determining the capital gains? What documentation proof do I require to show brokerage amount paid?

10. I jointly own a house with my wife, which is rented out. How much of the rent received should I show in my income tax returns?

11. I sold my house recently and have long term capital gains. Can I purchase an agricultural land and show the expense to claim tax exemption?

12. Registration of flat was done later but it was rented out earlier after possession. Payment made to builder was higher than rent received. Does rental income received have to be declared and can it be offset against payment towards cost to the builder?

13. While purchasing a property and making the agreement, I got to know that the owner is an NRI. Few days later, they said they are returning to India permanently. What would be the TDS amount on sale of property? What documents do I collect from the seller to safeguard my interest?

14. Do I need to pay tax on gift received by selling ancestral property?

15. How can I reduce tax to be paid on capital gains made by selling property?

16. How can I calculate capital gains on sale of property?

17. Due to delay in construction of property, I received refund from the builder. How will this amount be treated for tax purposes?

18. My son has a property in India but he stays abroad. He has asked the tenants to pay the rent to me. Is he still liable to pay tax?

19. What if we have taken home loan and possession is next year, can we claim loss on housing property and HRA both?

1. Under Sec 80D, can we claim senior citizen parents medical bills? What would be the limit?

2. Can I claim for premium paid towards top up plan under Sec 80D?

3. Can one claim under Sec 80D for health insurance and under Sec 80DDB?

4. I am a senior citizen getting pension but don’t have any insurance policy. Can I include amount paid for different test reports and registration fee of hospital to claim the Rs 50,000/- deduction under Sec 80D? For how long should I preserve the bills and receipts?

5. Will contributions made towards PM Cares Fund be claimed under Sec 80G?

6. Can children’s school fee be claimed to the full amount?

7. Is FD interest included in Sec TTA?

8. I pay insurance premium for my daughter where she is the insured person and I am the proposer. She is also employed and earns an income. Am I eligible for tax benefits as a proposer?

1. Would gratuity be impacted due to tax regime?

2. Would contributions and returns from EPF still continue to be exempt in new tax regime?

3. Do I have to declare my EPS contribution yearly if corporate contributes for it?

4. I receive annuity installment per month from my company’s superannuation scheme. Can I get a refund on the tax I have paid for the last 10 years on this amount?

5. Can you please explain the tax implications of EPF/VPF and NPS in the New tax regime?

6. Can ITR-1 be used for cases where RSU is held but not sold and no gains made?

7. Is tax for RSU be considered for the invested year or withdrawal year?

1. I am staying in one city but have a property in another city. Can I claim both HRA and Sec 24?

2. My parents are staying in one city and I am paying rent for them. I am staying in another city on rent. Can I claim deduction towards the rent I pay towards both properties?

3. Can I claim monthly maintenance as part of rent paid?

4. Can i claim rent paid by me for my son who lives in another city under my HRA?

5. The house where we stay is in my wife’s name. Can I pay rent to her and claim HRA benefit?

6. I pay some amount of rent in cash. Can I show this for availing House Rent Allowance (HRA)?

7. What needs to be kept in mind while paying rent to NRI?

1. I received an amount of Rs 20 lakhs as gift from my father for my marriage. Would this amount be taxable?

1. Can an NRI who has inherited some agricultural land sell the land, and what are the tax implications?

2. If an NRI has one house in India but the same is locked and no income from the same. The only other source of income is interest from banks which is less than Rs 2.5 lakhs. Is the NRI required to file income tax returns?

3. I worked for a few years in the USA, Where I had a 401(K) account. Now, I am a resident Indian. However, I still maintain that account want to know whether I have to declare this in my Income tax return (ITR)?

1. What is the taxation applicable on life insurance policies

1. What are the types of income tax notices ?

2. How to deal with income tax notices?

Index

Contact

Commercials for ITR filing services

Commercials for Financial Counselling