Should I record income tax return (ITR) if I buy of belongings for above Rs 30 lakh; sell assets with none capital benefit and provide presents to the family?

– Pardeep Kapi

For the buy of assets for above Rs 30 lakh, no ITR filing is needed, as there’s no provision mandating submitting of ITR handiest because of buy of property, assuming that assets have been purchased in India. For sale of belongings with none capital gain, no ITR is needed. However, if there is a loss on sale such assets, then you could record those losses and bring forward to subsequent economic 12 months for set-off in opposition to any capital gains by way of submitting an ITR. For gifts to a relative, no ITR filing is required.

* We have assets in Bangalore if you want to be acquired by way of metro BMRCL. We were advised that 10% tax could be deducted at supply. Can I declare the TDS?

—Syed Khader

Yes, you can declare the refund of TDS by means of filing ITR for the yr in which the tax may be deducted. For filing ITR, you will need to calculate capital advantage on such property, i.E., sales rate- a fee of acquisition (the value will be listed as in step with earnings tax provisions if the belongings are held for extra than years). If your total income inclusive of this advantage might be less than the minimum exemption restriction, i.E., Rs 2.5 lakh (Rs 3 lakh and Rs five lakh for senior and super senior citizen respectively), you can claim a refund of the whole TDS amount.

* Though I actually have no longer were given my Form 16, can I begin submitting ITR for 2018-19 now?

—Ashok Kumar

Yes, you may begin filing ITR for FY 2018-19 as the paperwork have also been notified. However, your organization could be filing its TDS go back through May 31, 2019, and your TDS for the area January-March 2019 could now not replicate on your Form 26AS till then. If you still want to continue, then you may check with 26AS so as to be reflecting TDS until December 2018 and all payslips from April-March 2019 and make a calculation of your taxable salary and document the go back.

* On retirement, my father obtained gratuity, go away encashment and commuted pension. He also was given income, pension, and interest from a financial institution. Which ITR shape ought to he use?

—SM Gopalkrishnan

As your father has earnings and interest profits and assuming that he’s a resident in India, he has to file his go back in Form ITR 1. Tax-loose amount acquired on retirement needs to be pronounced in ITR.

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Property is your priced commodity and promoting it poses many technical problems. A domestic can be bought for one of a kind motives, whatever be the cause, income should be the final final results. A few years of funding in assets ought to give a handsome advantage.

Before you sell assets, solving an inexpensive fee may be very important. A charge may be set with a number of alternatives like using a professional evaluator for the belongings or you can settle for an ongoing charge after checking with neighboring homes being sold lately or simply provide the specifications and opt for online evaluation. Whatever be the way, pricing is a massive component even as going for a sell. A property should by no means be specially priced as it might ward off shoppers, nor it has to be priced low, as unwanted doubts about the belongings may arise leading to stagnant belongings.

There are two methods of selling property

Use an actual property agent

The primary course is to go for a reputed real estate agent. It is the maximum hooked up and tremendously used the direction to sell assets. Before setting a property on the market the subsequent gadgets must be saved prepared.

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