Hello experts,

From next year, the tax slabs have been increased to 12 lakhs.. i have invested a good amount in debt funds on my spouse name in July 2024 and planning to redeem it august 2025.. she is not working right now.. the expected profit gains from redemption is around 11 lakhs.. should i pay any tax on the profits ? the debt funds are held for 13 months only..

During the FY 2024-25 my Capital Gain - Long term is Rs.410,000 and Short Term Rs. 80,000. My Query is:
1. what is the exemption available on LTCG and STCG.
2 What is the rebate available u/s 87A for LTCG and STCG (Referring to the recent High Court Matter on claiming rebate u/s 87A for Capital Gain)
3 What is my Tax liability on the above both Capital Gain income.
4. Does my above earning fall within or outside the slated income tax slab.
5. Should i pay advance tax now ie in Feb 2025 as the earnings has been mostly during June-Dec 2024.
6. Until now i have been filing returns as Individual under old regime, is it advisable to file returns under new regime as my other Income is within 3.50 Lacs p.a. comprising of House Rental income, Dividend and Bank Interest.
pls advise

SIR
Mr A. Run of one wholes sales trade name xxxx. up to the FY year 2023-24.He purchased land of cost 75 lakes as on 10.05.2023. and debited in the trade balance sheet. He closed this business as on 31.3.2024. and he desired sold this land under real estate business from1.4.2024.how this land transferred from trade business to real estate business and pass this business entry.
thansk

if we file return under section 148 for assessment proceeding under section 147 then such return under section 148 can be revised again?

When I have tried to file correction statement it was rejected due to Line No 2 - Invalid Previous RRR Number.I have mentioned previous quater RRR nubner

Respected Sir, With due respect assessee want to know that the assessee is the holder of credit card and filed her income tax return under section 44AD and the case of the assessee has been opened on accoount of transaction made through credit card.Sir from the record it is found that more than 50% of total credit card deposit has been used by the husband of the assesse, who is also an filed his income tax return under seccton 44AD That the gross receipt of the husband is more than 30 lac. That the gross transacton is about 24 lac.Sir, all the trnsaction deposit in the case husband of the assesse made by swap credit card i.e. online, but the husband of the assessee has been return the said amount in the shape of cash. Sir, I requested that please guide me can the husband of the assessee used the credit card of his wife and deposited the cash in the credit card account in the mode of cash and oblige. Thanking you.

Please share Excel Tax calculator for salaried govt. Employees for AY 205-26,FY 2024-25.

1) What will be deemed rental value of house property if --
a) House is in remote village and is unfit to reside in and due to remote area there is no value of rent ( rent value is nil) as nobody is ready to take house on rent
How to convience income tax authority that deemed rent is nil??
Kindly guide
Thanks

DEAR SIR,

ONE OF MY CLIENT PURCHASED A RESIDENTIAL HOUSE IN THE YEAR 2023-2024 COST OF RS.9,00,000/-, HE HAS SOLD THE PROPERTY COST OF RS.15,00,000/- IN THE YEAR OF 2024-2025, AND ALSO HE HAS PURCHASED AN AGRICULTURAL LAND OF COST OF RS.15,00,000/-.

NOW MY CLIENT AVAIL THE CAPITAL GAIN EXEMPTION BENEFITS OF U/S 54

THANK YOU

An Indian working & paying Income Tax in Singapore for last two years but visits India for more than 60 days then he becomes a Resident for IT purposes.

1. What is the significance of 60 days rule?
2. What would be benefit/disadvantage if he visit less or more than 60 days?