I am 71 years old and I have sold my house in Delhi for Rs 90 lakhs. If I don’t want to buy a new house with this money or reinvest in any new commercial property, how much total tax, capital gains and others, will I have to pay this financial year? Name withheld Reply … Read more
When Finance Minister Nirmala Sitharaman presents the Union budget later this month, investors, taxpayers, corporates, and mutual fund houses will be hopeful for some significant tweaks in the structure of the capital gains tax, which is currently not standard. The Capital gains tax burden experienced by investors can differ depending on the type of asset … Read more
ITR filing in July: As per the provisions outlined in the Income Tax Act of 1961, it is clarified that no tax liability is incurred upon the inheritance of assets, be they movable or immovable in nature. Nonetheless, a tax obligation arises should the subsequent owner opt to sell the property. When an individual dies, … Read more
A non-resident Indian, similar to a resident taxpayer, is obligated to pay tax in India on their Indian income. Many NRIs possess income or assets in India, which may include bank deposits, shares of listed companies, immovable properties, jewellery, and business ventures. Consequently, the presence of such income or assets results in tax filing obligations … Read more