I’ve taken a two-year leave of absence from my job to travel and indulge in my interests. My revenue from mutual fund redemptions last year was ₹5.1 lakh; all of these were long-term holdings. The approximate long term capital gain was ₹2 lakh. Is there going to be any tax due this year, and if … Read more
I am 78. I sold a shop I purchased in 1999 for ₹2.40 Lakh and spent ₹1 lakh on better looks and convenience in 1998. I am planning to sell it for ₹18 lakh in August 2024. Can you advise me how much the capital gain will be?How can I save the tax? As the … Read more
Though income tax laws generally do not differentiate between a resident Individual taxpayer and a non-resident taxpayer, certain tax benefits/concessions are available to a resident individual only and not to a non-resident taxpayer. Let us discuss this in detail. Age-based differentiation A resident taxpayer below 60 years old enjoys total tax exemption for income up … Read more
Land and building owners now have a reason to cheer. The government has proposed an amendment to the Finance Bill 2024 regarding long-term capital gains (LTCG) tax, thereby relieving property owners of the extra tax burden that would have arisen on account of the latest changes announced by Finance Minister Nirmala Sitharaman on July 23 … Read more
My father-in-law had a residential house in Jodhpur. He had eight children. After his death, my wife got 1/8th share in 2010. She passed away in 2017, and after her death, ownership rights of her share were transferred to me and my two sons. We have sold our shares for ₹1.02 crore and have received … Read more
The finance minister’s latest announcement may have unsettled some investors, but the overarching goal of the Union budget is clear: simplification. For years, taxpayers have called for less confusion and more straightforward tax compliance. In response, the Finance Bill 2024 introduces changes designed to streamline capital gains provisions significantly. Currently, the capital gains regime features … Read more
Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains (LTCG) tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. “There will be no rethink on LTCG provisions made in the budget as it is beneficial for … Read more
This year’s union budget has introduced a slew of changes that have a bearing on our personal finances. The long-term capital gains tax for equities was modified for the first time after it was reintroduced in the 2018 budget. The government, however, did not announce a much-anticipated relaxation in the tax treatment of debt mutual … Read more
While the allure of zero opening fees might initially seem like a win-win situation, it’s crucial to understand the financial responsibilities that come with managing a demat account over time. Just when you thought you were diving into the world of investing to grow your wealth, along comes the taxman, ready to take a slice … Read more