Retirement is a crucial period in one’s life, and it is important for individuals, whether they are self-employed or salaried employees, to prioritise financial security in their golden years. Many financial experts emphasize the importance of tax saving in financial planning for individuals of all income levels, including senior citizens. It is essential to consider … Read more
I am a senior citizen and my husband, who is also a senior citizen, has invested in stock markets. He has Rs 5 lakh in short-term capital gains from listed shares and earned interest of about Rs 2 lakh. After deducting Rs 1.50 lakh under Section 80C under the Old Tax Regime, his taxable income is … Read more
The area of the house proposed to be sold is 1725.9 sq.ft and the sale price is Rs 1.72 crore to be shared equally between my elder sister and myself. The circle rate as on 01.04.2001 was Rs 3400 per square metre and the present circle rate April 2024 is Rs 19000 per square metre. … Read more
In the Union Budget 2024, the capital gains tax regime for short-term capital gains (STCG) and long-term capital gains (LTCG) on different capital assets was changed. Additionally, the Budget adjusted the holding periods for these gains. These changes were implemented to streamline the tax system and promote better adherence to tax regulations. Changes were made … Read more
SGB premature redemption: The Sovereign Gold Bond (SGB) Series VIII (2017-18) is scheduled for premature redemption on November 19, 2024, in accordance with the guidelines set by the Reserve Bank of India (RBI). The redemption amount has been determined at Rs 7,460 per unit, determined by the average gold price of 999 purity recorded over … Read more
Tax query: I am 28 years old and still unemployed. My mom gives me Rs 30,000 as pocket money every month. Will I have to pay taxes? I am going to file my ITR nevertheless but not sure if I have to pay any taxes on the money that is credited into my account. My … Read more
I entered into an agreement to purchase an under-construction flat on 6 May 2022. The building has just been completed. I have decided to sell that flat now before taking possession. How will the tax be calculated in such a case? Will it still be treated as short-term capital gain though two years have already … Read more
In Union Budget 2024, there has been an increase in capital gains taxes for both short-term and long-term capital gains on different capital assets. Additionally, the holding periods for short-term and long-term capital gains have been adjusted in Union Budget 2024. With the new capital gains tax regime adopted in Union Budget 2024, how will … Read more
I am 45 and I have invested in 5 new fund offers in July and August. How are NFOs taxed? Is there are changes introduced in Union Budget 2024? Name withheld on request How much tax do I have to pay? Calculate now Reply by CA (Dr.) Suresh Surana The taxation of NFOs, like other … Read more
I plan to sell my flat and would like to allocate a portion of the proceeds toward my child’s education. My question is: can I use approximately ₹40 lakh for my child’s education and apply the remaining funds toward a second home loan? Raj Khosla, Founder and MD of MyMoneyMantra.com You are free to utilize … Read more