By Chirag Nangia
* This 12 months I’ve incurred short-term capital losses. I additionally make long-term capital features. Can I set off the short-term loss in opposition to long-term features?
—S R Madhav
The short-term capital loss might be set off in opposition to long-term capital acquire. If the features are usually not sufficient to fulfill the losses, such loss might be carried ahead for eight years instantly succeeding the 12 months wherein loss is incurred.
* I’ll promote my flat for round Rs 70 lakh which I purchased for Rs 20 lakh together with registration 10 years in the past. How will I calculate the capital features tax? For what number of years do I’ve to speculate the cash in Part 54 EC bonds for the tax profit?
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—Suraj Bhasin
Capital features shall be computed after decreasing listed price of acquisition calculated on Rs 20 lakh (together with registration charges). The quantity of capital features ought to be invested inside six months from the date of switch of flat in bonds laid out in Part 54EC, for a lock-in interval of 5 years for tax profit.
* As I’d be retiring subsequent month and can withdraw 60% of my NPS corpus, do I’ve to point out the quantity whereas submitting ITR subsequent 12 months?
—A Okay Bains
The revenue which is exempt from tax is proven underneath Schedule EI – Exempt Revenue schedule within the income-tax return type. Accordingly, the quantity withdrawn shall be proven as exempt underneath Part 10(12A) underneath Schedule EI.
* I had filed ITR for AY2021-22 inside due time within the previous regime and received a refund of Rs 4290. Later I opted for the brand new regime and filed a revised return. A checking account not earlier added was additionally added whereas submitting the revised return. Now I’ve obtained a requirement of Rs 60,000 (as a result of financial institution curiosity on FD) underneath the brand new regime whereas within the demand discover tax underneath the previous regime continues to be NIL. Is there an choice to change the regime now?
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—Swarnalatha Pai
There isn’t a choice to change regimes after evaluation underneath Part 143(1). You could change regime within the subsequent 12 months offered you would not have any enterprise revenue.
The author is director, Nangia Andersen India. Ship your queries to fepersonalfinance@expressindia.com
