Should I record an income tax return (ITR) if I buy belongings above Rs 30 lakh, sell assets with no 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 the acquisition of property, assuming that assets have been purchased in India. For the sale of belongings with no capital gain, no ITR is needed. However, if there is a loss on the sale of such assets, you could record those losses and bring them forward to subsequent economic 12 months for set-off in opposition to any capital gains by submitting an ITR. For gifts to a relative, no ITR filing is required.
* We have assets in Bangalore if you want to be acquired through metro BMRCL. We were advised that a 10% tax could be deducted at supply. Can I declare the TDS?
Yes, you can declare the TDS refund utilizing filing ITR for the yr in which the tax may be deducted. For filing ITR, you must 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 more 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 citizens, respectively), you can claim a refund of the whole TDS amount.
* Though I have no longer been given my Form 16, can I now begin submitting ITR for 2018-19?
You may begin filing ITR for FY 2018-19, as the paperwork has also been notified. However, your organization could be filing its TDS going back through May 31, 2019, and your TDS for the area January-March 2019 could not replicate on your Form 26AS until then. If you still want to continue, check with 26AS to reflect TDS until December 2018 and all payslips from April-March 2019, calculate 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, assistance, and interest from a financial institution. Which ITR shape ought he use?
As your father has earnings and interest profits and assumes he’s a resident in India, he must file his return in Form ITR 1. The Tax-loose amount acquired on retirement needs to be pronounced in ITR.
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There are two methods of selling property
Use an actual property agent
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