LTCG
NRIs want Budget 2024 to ease 6 tax troubles: TDS on property sale, disparity in LTCG, dividend taxation and others
Under Indian tax laws, NRIs are taxable on their Indian-sourced income, such as capital gains, dividends, and interest. They are generally taxed similarly to residents but may face less beneficial rules in specific scenarios. The upcoming Budget 2024 may offer relief to NRIs in these areas.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
Best arbitrage mutual funds to invest in June 2024
There is no change in the list this month as all schemes have retained their place in the list. Watch out for our monthly updates to ensure your schemes are faring well.
Date of house possession key for tax benefit under section 54 says ITAT; all you need to know
Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely investment in a new house to reduce tax liability on profits from selling an old property.
Best arbitrage mutual funds to invest in May 2024
There is no change in the list this month as all schemes have retained their place in the list. Watch out for our monthly updates to ensure your schemes are faring well.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
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LTCG tax saving from sale of property: Builder’s error in allotting flat will not impact tax benefit claim, says ITAT
The tax tribunal ruled that this assertion cannot be refuted due to an error made by the builder in assigning the apartment. The builder mistakenly allocated the apartment purchased by the claimant to another buyer.
Stock market trading: Know all about charges, fees and taxes
When one buys or sells shares, they have to carry out the transaction through a broker. There are various costs involved in such transactions and it is important to understand the same to arrive at the real cost of purchasing or selling. Text: Centre for Investment Education and Learning (CIEL)
Though no change in interim budget, full budget should ease these pain points of investors
With reforms having flattened fluctuations, budgets become quiet affairs focused on tweaks, not shocks
Budget 2024 could unify equity, debt long term capital gain tax, holding period
The interim budget of the government is likely to be announced on February 1, 2024. Like with every budget, there are certain expectations of a common man to ease the taxes on the capital gains (LTCG and STCG), simplify the capital gains structure. Will Budget 2024 fulfill this wishlist? Read on to know about it.
Senior Citizens’ Savings Scheme (SCSS): Can I deduct penal interest while filing ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Retirement planning: How to be tax-efficient in retirement
Tax rules for several retirement products have changed in recent years. Find out how to get past these changes.
LTCG tax: How to save long-term capital gains tax
Investors can set off their long-term and short-term capital loss against long-term capital gains. This minimises the tax liability and only the difference is subject to the LTCG tax. All you need to know
What is most tax-efficient way to encash my leaves before March 2024?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
I sold property for Rs 1 crore; To avoid paying high tax, should I buy another house or pay tax amount and invest in MFs?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
‘Non-deposit of LTCG cannot lead to denial’
Under section 54 of the Income-Tax (I-T) Act, long-term capital gains (LTCGs) arising to an individual from sale of a residential property are exempt to the extent that such gains are invested towards purchase or construction of a new residential house, within the specified time frame.
Non-deposit of LTCG cannot lead to denial, rules Income Tax Appellate Tribunal
The new residential house is to be purchased either one year before or two years after the transfer of the original property that was sold. Or it should be constructed within three years from the date of sale of the original property. The time limit that is available for investment under section 54, is longer than the due date of filing the I-T return.
SGB vs Sensex: Ahead of gold bond redemption, which one shines brighter?
The RBI has set the redemption price at Rs 6,132 per gram which is a 128% (Rs 3,448) premium over the issue price of Rs 2,684 per gram, the interest income is calculated over the issue price at 2.5% per annum for the maturity period of eight years
I want to buy a house in Canada by selling all my stocks in India. What will be my tax liability?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Euroclear settlements could widen demand for Indian government bonds
This could significantly widen overseas ownership of Indian government debt, which now will also be included in the globally tracked JPMorgan index.
How to get cost inflation index (CII) for LTCG calculation for earlier years
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
PPFAS Mutual Fund to launch Parag Parikh Arbitrage Fund
According to the scheme information document, the investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments.
5 things to know about capital gains account
The I-T Act lets you save long-term capital gains on property if you invest the entire gain in a residential property or capital gains bonds. Know how it works
I sold a flat and earned LTCG of Rs 28 lakh. What will be the tax liability, how to save tax
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away. This week, we tell you what your tax liability will be for selling a house, taxation of an NRI and more.
I invested Rs 45 lakh in a Noida property in 2009; sale deed was made in 2014. Which year will be considered purpose of indexation of capital gains?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Riskier bonds find takers in new debt mutual fund tax regime
These bonds are mostly offered by non-bank finance companies (NBFCs), small finance banks, fintech companies and microfinance lenders among others. Their tenure is mostly one to five years and are available on online platforms such as Indiabonds, BondsIndia, GoldenPi, Wint Wealth, Bonds Kart, Grip Invest and Leaf Round.
I redeemed Rs 7 lakh worth of mutual funds. Will I have to pay any long-term capital gains (LTCG) tax?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Lower your tax outgo by offsetting losses in equity investments
The STCG is taxed at 15% if the investor sells equity shares within 12 months of purchasing it. STCG applies when shares are sold at a price higher than the purchase price. Meanwhile, LTCG is taxed at 10% on the sale of equity shares over a threshold of Rs 1 lakh after holding it for at least one year. In both cases, the applicable cess will apply. LTCG also provides the benefit of indexation
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