Till now Aadhaar was not mandatory as the case was sub-judice. My aunt is 85 and is a heart patient. Her children took her with them to Sydney last year. Will her pension and bank accounts be frozen?
– Manoj Sapru
As per gazette notification of Ministry of Finance, resident individuals are required to provide Aadhaar number for linking all their bank accounts before March 31, 2018. Further, as per the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016, only a resident who has resided in India for a period amounting to 182 days or more in a year can be issued an Aadhaar. Non Resident Indians or Overseas Citizens of India are not required to obtain Aadhaar. For NRIs having bank accounts/ pension accounts in India, it is suggested that they disclose their non-resident status with proof to their bank in order to prevent their accounts from becoming non-operational. Therefore, you must check your aunt’s residential status to determine her course of action.
I bought a flat on housing loan and will get possession next month. I have a residential plot which I intend to sell next year. Can I use capital gain from this plot to repay part of my housing loan to avoid LTCG?
A seller of a residential house property held for a period more than 24 months, can save entire tax outgo under Section 54 if he uses the long-term capital gains for buying a new house located within India within one year prior to the sale date or two years from the sale date. If the property is under construction, the time period permitted is three years. If the amount of capital gains on such a sale is more than the price of the new house, then the differential amount is taxable as capital gains in the year in which the property was sold. You have bought a house by taking a loan and intend to sell a residential plot and utilise the capital gains to pay off your loan. Exemption under Section 54 shall not be denied to you if this is done within one year of purchase of house property.
As my income tax returns filed in July this year was defective, I have refiled it in November. How long will it take to get my refund?
Refund claimed in the return filed in the month of November shall be processed once an intimation under Section 143(1) is issued. If return is filed electronically, the processing shall be faster.
The writer is partner, Nangia & Co LLP. Send your queries to firstname.lastname@example.org