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Source: Live Mint If we sell our residential house for, say, ₹50 lakh, do we have to invest the full 50 lakh to buy another residential house property, or do we only need to invest the long-term capital gains? I was under the impression that only the capital gains amount needed to be invested in…
Source: Live Mint I have listed shares and fixed deposits with a few banks in my HUF account. I have two sons and a daughter. All are married. After my death, how will the HUF assets be transferred to my son? Or should I dissolve my HUF now and distribute all the assets among my…
Source: Live Mint Three sisters inherited one piece of land in 2003, but it was partitioned among the sisters in 2010. For the indexed cost of the purchase in the calculation of long-term capital gain, should we take the market value as of 2003 (date of inheritance) or the market value as of 2010 (date…
Source: Live Mint I am a resident individual taxpayer. I purchased a residential house for ₹1 crore a few years back. Now, I have sold the house for 1.25 crore in 2024. What would be my tax liability for the capital gains under the new scheme? The indexed long-term capital computed for the house is…
Source: Live Mint Taxes can hurt, but one can be smart about them. One of the many ways to save taxes is to create a family unit and pool assets to form a Hindu Undivided Family (HUF). An HUF has its own permanent account number (PAN) and files tax returns independently of its members. “Think…
Source: Live Mint I am a retired bank employee. My total annual income is around 15 lakhs, which is comprised of a pension, LIC annuity, rent on house property, and interest on fixed deposit. I get the advantage of one per cent being ex-staff and half per cent being a senior citizen. I am also…
Source: Live Mint My HUF had filed its income tax return (ITR) for the A.Y. 2024-25 on 1.08.2024. So I was late by one day. The income was below the exemption limit. In the ITR, I mistakenly forgot to claim tax credit towards TDS, which was reflected in 26AS. The ITR was duly processed, and…
Source: Live Mint Is it true that non-resident Indians (NRIs) can no longer avail of the indexation benefit, while residents still can?—Name withheld on request Vide The Finance (No. 2) Act, 2024, there have been significant revisions to the scheme of taxation for capital gains. Taxpayers can continue to use the fair market value as…
Source: Live Mint A HUF consisted of a father, his wife and their son. The wife passed away in 2010, but the HUF continued with the father and son as members. Differences arose between the father and the son. The son was allotted specific properties and separated himself from the HUF. No order was sought…
Source: Live Mint We are residents of Mumbai and have an HUF in the name of our father, who owns various movable and immovable properties. It has three married sons, and their family members are members of the HUF. After my father’s death, my eldest brother worked as a Karta at the HUF. We plan…
