DO YOU HAVE A QUERY?

The Times of India (New Delhi edition) - - TIMES PERSONAL FINANCE - Part­ner,AshokMa­hesh­waryandAs­so­ci­ates

The money that you have been trans­fer­ring to your grand­daugh­ter will not be tax­able in her hands. Ac­cord­ing to Sec­tion 56(2)(vii) of the In­come-Tax Act, gifts re­ceived from rel­a­tives are not tax­able. Also, nei­ther of you not need to fur­nish the gift de­tails when fil­ing tax re­turns.

Part­ner,N.A.ShahAs­so­ci­ates

You will be li­able to pay long-term cap­i­tal gain tax at 20% plus the sur­charge and cess. Cap­i­tal gain is com­puted by re­duc­ing the in­dexed cost of ac­qui­si­tion of the plot from its sale price. You should mul­ti­ply the pur­chase cost by 1.0606 to ar­rive at the

I just sold a plot of land, which I had pur­chased two years ago, and made a profit. What will be my tax li­a­bil­ity?

I am an 82-year-old pen­sioner and I gift 12,000 ev­ery month to my grand­daugh­ter. Are we re­quired to show this in our tax re­turns?

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