Request to inform about:-
Filed IT return during last FY 2022-23 - with old tax regime

1. yet to file for FY 2023-24 - already informed to company for old tax regime and they deducted TDS for the same, but before filling IT return shall change from Old regime to New regime

2. for current year FY 2024-25 - informed to company for old regime they also started to deducting TDS, shall change my regime as New

Pl advice on the same.

Thanks

Need Advice on below

Residential Property A - Purchased in 1981, Sold on 27 Sep 2023 Capital Gain of 1.94 Cr
Residential Property B: - Purchased on 18 Oct 2023 Purchased for 2.68 Cr#
Exemption on CG claimed u/s Section 54 in AY2024-25


Residential Property C -Inherited and sold on July 22, 2024 with Capital Gain of 0.55 Cr. Intend to claim capital gain exemption for Property C u/s Section 54 against residual purchase amount of property B in current AY2025-26, since Capital gain from A & C is less than amount invested in Property B

Queries
1. Can I claim CG exemption for property C under Section 54 since Property B was purchased within previous 1 year of selling property C and the amount invested in Property B was more than CG in Property A and Property C?

2. Is it possible to make Sec 54 claim twice spread across 2 seperate Assessment years, since it is generally said that this benefit can be claimed “once in a lifetime”?

3. If the answer to above two is yes, can i use the amount of 0.55 Cr received from sale of Property C in repaying the loan of 0.74 Cr I had taken at time of purchase of Property B?

4. Residential Property C: this was originally purchased by great grandfather in 1961, after which he had passed it on to his successors through a will in 1971. However, it was in 2017 only, finally a partition deed was signed / registered and each successor got his/her own share. Accordingly, my share in property was registered in 2017 only.

a. What year should be considered for inheritance in my name?
b. Since this is an ancestral property and cost of acquisition for me was nil, What should be the base year for considering cost of acquisition / indexation?

Hello Sir ,
My mom is pensioner and having income form agriculture more than 5K.
So we are filing ITR 2 and showing Pension, FD intrest and agriculture income .
This Year we select ITR 2 but forgot to ahor agriculture income . ITR processes and We got refund of Rs 1500 which was TDS deducted by bank which is correct.
Now we want to revised ITR to show agriculture income (which is exempted income ) but I am not getting where to show Refund amount in Revised ITR . As at last it is showing refund amount is again Rs1500. Will ITD department manage while processing ITR ?

Dear Expert

One of my friend received dividend income to his NRI account and TDS deduction made under section 195, But he was in India only in last FY year. Can anyone please help me how to show this income and which ITR should I use.

Thank you
Vijith

While filing ITR 3 return after successful verification message I am getting the error message as "In Schedule OS/ Schedule EI, the amount of dividend income mentioned is cannot be more than the dividend income reduced from Schedule BP;#;Kindly ensure that dividend income mentioned in schedule OS or schedule EI should be equal to dividend income reduced from Schedule BP." However it says u can file the ITR ... What is solution. I had not shown dividend in profit and loss account. I am having only Intraday loss that I have shown as expenditure, instead of gross receipts (sales) and expenditure (as purchase). Please guide urgently..

An Indian citizen (student) was in India till 8 Sep ~ 160 days in India. (never been out of India before)
And then left to UK for studies and haven't came back to India in the FY 23-24.
1- What is the status of the assessee (Resident, RNOR or NRI)?
2- He started a part time job with studies from Oct 2023 and received some money in his UK bank account. Is this amount taxable in India?
*The Assessee does not have any income from India except Rs. 21,000 interest received on FD.

Choosing new regime still to show house property loss in ITR2?
If not shown any impact in future
Please clarify

Hi
I would like to understand if a tax payer can opt to not setoff long term capital losses against long term capital gains, if the long term capital gains total to less than Rs 1 lakh. In this case can the tax payer carry forward these capital losses to future years.

Thank you so much for your response in advance.

Hello Sir,
My sister is LIC Agent and having income form capital gain and Bank FD.
This year she just got Rs. 4000 LIC commission.
Can we file ITR 2 or we need to file ITR3

Sir one of my client is Commercial Cylinder Gas Agency Distributor
Income can be covered US 44ad?
nature of business code?
regards