Amit Maheshwari

Articles By Amit Maheshwari

68 Articles

Gift from NRI dad not taxable, but you have to pay tax on income from it

Q. I am an NRI. If I gift Rs 20 lakh to my major daughter in India and if she invests it in a bank fixed deposit, will either of us be liable to pay income tax? – Wilson Furtado According to Section 56(2), any sum received

Income Tax Return 2019: Didn’t get Form 16? Here is how you may still file ITR

If the company has not paid TDS and filed the quarterly TDS returns, the income tax department can issue you a notice in this regard due to mismatch in TDS.

Under DTAA, you can claim credit for taxes already paid in Nepal

For unlisted shares, if capital gain is long term, it is calculated by deducting indexed cost of acquisition from sales considerati-on.

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Money received from certain relations exempt from income tax

Salary received from all the employers during the financial year will have to be clubbed to arrive at your total income and be taxed accordingly.

income tax, monetary gift, Income Tax Act, taxable monetary gift, money news

To avail Section 54 benefit, construction of new flat should be done within 3 years

I sold a residential property in 2011 and invested part of the long term gain in an under-construction residential property. The delivery was scheduled in October 2013. But there is no progress till date. How can I claim tax

NRIs can use ITR-2 if they have gain/loss on shares/MFs

It is mandatory for employers to disclose the income of employees in their TDS returns.

From mutual funds to bonds, your income tax queries answered here

The amalgamation of schemes is not regarded as transfer as per Section 47(xix) of the I-T Act

income tax, mutual funds, equity mutual funds

NRIs need to file income tax return to get TDS refund

Income from shifting from one scheme to another scheme of mutual funds is considered transfer and is subject to long term capital gains or short term capital gains depending upon the holding period.

Insolvency and Bankruptcy Board of India, charted accounts, national institute for valuers

ITR-2 Form queries answered: NRIs to report capital gains income

As per Section 145, the taxpayer has the option to declare income either on accrual basis or cash basis at his/her choice but the same method should be used every year.

The capital gain on the sale of your ancestral property shall be calculated by deducting the indexed cost of acquisition from the sale proceeds.

Interest on CPF retained after retiring liable to tax

As per some recent rulings, the interest earned subsequent to retirement is liable for tax in your hands at applicable slab rates.

Contributory Provident Fund, interest CPF, Public Provident Fund, PPF, NPS, Employees

Need to pay capital gains on non-rural agricultural land developed as housing layout

If the agricultural land under question falls within the definition of rural agricultural land, i.e., falls within the specified limits of the nearest municipal authorities, then it is not considered a capital asset, says wri

By reinvesting capital gains in new flat, you can claim tax deducted on sale of old flat

If capital gains reinvested in new flat, you can claim tax deducted on sale of old flat.

ITR for FY18 cannot be revised now, but you can still pay tax due

I have been investing in mutual funds since 2005 and have a fund value of Rs 20 lakh. If I withdraw all my units what will be the long term capital gains tax on it?

No need to file income tax return if buying property or selling without capital gains

For purchase of property for above Rs 30 lakh, no ITR filing is required,

income tax, income tax return, housing sector, housing industry

No need to file ITR if annual income within exemption limit even if payment is in dollars

As per Finance Act 2018, exemption for LTCG on equity-oriented mutual funds (including ELSS) has been withdrawn, therefore no exemption will be available in respect of LTCG from ELSS on or after April 1, 2018 and such LTCG in

how to calculate income tax in new finacial year

No income tax rebate on FD losses due to liquidation of firm

When the firm gives you Form 16 for FY18-19, there should be a clear bifurcation of the total gratuity received, into Rs 10 lakh considered as tax free amount and balance on which tax has been deducted.

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Senior citizens with business income to deposit advance tax by July 31

Last date of advance tax liability for senior citizen is March 15, 2019 for FY 2018-19.

Can add transaction charges to calculate capital gains on sale of house only

A short-term loss can be set off against both short-term and long-term gain but a long-term loss can be set off against only a long term gain.

real estate, real estate sector

Can both spouses claim HRA benefit of respective share of total rent paid?

Expenditure incurred on preventive health check-up for self, spouse, parents and dependent children is eligible for tax deduction of Rs 5,000 under Section 80D.

Income Tax: You have to invest in Section 54EC bonds within 6 months of sale of property

The investment period in Section 54EC bonds for saving capital gains tax is within a period of six months from the date of transfer of land or building or both.

Income Tax: Second self-occupied house is assumed to be let out and rental income taxed

As per Section of Income-Tax Act 1961, only one house can be considered as a self-occupied property and the other one shall be assumed to be let out.

Income Tax: Investment in 54EC capital gains bonds can’t be redeemed before 5 years

If you are not able to sell the old property after one year from the date of purchase of new property, you cannot claim capital gain tax exemption for the property purchased earlier.

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Your Queries: Can apply to settlement commission after paying additional tax and interest

The application to settlement commission for settlement under Section 245C can be made at any stage of the case if the proceedings for assessment is for previous six assessment years and additional amount payable exceeds Rs 5

Rental income taxed in hands of legal heir on death of owner

For transfer of lease in case of death, the rental income will be taxed in the hands of the legal heir to whom the property has been transferred.

Rental income, I-T return, IT department, mutation entry, Section 45, trasfer of property

What is the difference between salary on Form 16 and 26AS

Short-term capital loss is allowed to be set off against both long-term and short-term capital gains.

Only funds got on retirement can be invested in Senior Citizens Savings Scheme

Rule 4 of Senior Citizens Saving Scheme Rules states that any individual cannot deposit any amount more than what he/she has received on retirement.

Income Tax: Get interest on gratuity if payment delayed by more than 30 days

As per Section 56(2)(x) of Income Tax Act, if the purchase price of a property is less than the stamp duty value and the difference is more than 5% of the purchase price or Rs 50,000 (whichever is higher), then the difference

Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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