We had purchased a residential property in joint names which included me, spouse & daughter. Since property value was Rs. 77 lakhs, TDS has been paid in fy 2019-20 & agreement to sale was signed in 2020-21. Subsequently the sale deed has been signed in 2024-25 and this transaction of sale deed is reflecting in AIS of 2024-25 for me, my spouse & daughter.

I have 2 queries:

1. Since the TDS has been paid in fy 2019-20 should we correct the same in AIS by option it under - Information pertains to previous year/PAN.

2. The entire TDS was paid by me since the entire payment is made by me. Should I show the transaction value as "0" for my spouse, daughter and the entire transaction value of Rs. 77 lakhs in my AIS.

Thanks

My parents have expired leaving behind a registered will in the name of three children and out of three children. Two are US citizens. I am Indian citizen and I want to pay them their 33% share each and claim the property as mine. Both the children in USA. agree to this, how to go about executing this keeping in mind tax implications for all the children. Property is in Noida. We are Hindu. Thanks

I had claimed 54 f last fy 23-24 of rs 74.58 lacs. shares sold on 10/08/2023 / flat purchased on 25/08/2023 .

I purchased another flat in FY 24-25 on 18/11/2024.

Since I have purchased another flat on 18/11/2024 ie within two years of sale of original asset ( sold on 10/08/2023) , understand that the capital gain of rs 74.58 lacs claimed last fy 23-24 will be added back in FY 24-25.

QUERRY - SINCE THE CAPITAL GAIN TRANSACTION TOOK PLACE BEFORE 23 JULY 2024 , WILL I BE TAXED AT 10 % LTCG

regards

Dear All
One of my client received ex gratia payment from govt school on regular monthly basis and the amount was 12 Lakh. Employer deducted TDS u/s 194C on INR 3 Lakh i.e.90000.

what form of ITR and where it will be show? can we show under income from other sources all amount?
please advice.
can we show income under salary to file under ITR-1?

Dear Colleagues
Based on ITR of USA which has details of income and taxes paid for a calendar year while in we have Apr - March . In order to match the same how to delete Jan- March of 24 and add Jan-Mar 25 and corresponding taxes for the period . Also when the ITRs in U.S was filed jointly by Husband and wife how to split up and attache tax paid challans which is for a whole amount

Dear Sir,

While submitting an ITR if an Assessee is in receipt of Funds from siblings getting reflected in Bank Statements then where to mention such credits while submitting an Income Tax Return an Assessee is a Salaried Employee, kindly advice.

Warm Regards,
Aditya Ghatge

Dear All,

My father owned a house and assigned my mother as the legal heir in registered will. This house was bought 20 years back. He passed away post which my mother got the house transferred in her name. She sold the house after 3 years but the buyer insisted to have my name and my brother's name included in sale deed to avoid any claim later on by either me or my brother. Later, within 6 months, my mother bought an apartment to offset the LTCG.

Now, this sale transaction is reflected in my AIS and my brother's AIS. But we did not receive any proceedings from the house sale and it went only to my mother's bank account (single holding). Now the issue is how do both of us avoid paying tax on the LTCG and the whole sale amount should be assigned only to my mother.

Please suggest how to proceed.

Hi,

An assessee has income from other sources - Rs. 6.2 lacs and LTCG from sale of equity oriented MF units - 1.60 lacs. The assessee can claim 80C, 80D & 80TTA deduction tottaling to Rs. 1.65 lacs via old regime.

Since LTCG u/s 112A is not taxable upto 1.25 lacs and if assesse opts for old regime and claims VI-A deductions of Rs. 1.65 lacs, his total income will be below Rs. 5.00 lacs, will he be eligible to claim rebate u/s 87A under the old regime?

Thanks
Niki

Dear Sir,

One of my client has sold his mutual funds in fy 2024-25 and invested that amount in purchase of property in May 2025. He has received OC of that property in July 2025.

The sale agreement was made in the year 2019 but due to covid the work was started late.

My query is will he get the capital gain exemption on LTCG gain in this scenario. Please help me in this matter.

Regards,
Divyesh Jain

Sir,
Someone please suggest
My wife had a share in her mother's property
Which was got registered by her brothers in their name. Now they agree to give her share.
Should we make gift deed or sharing agreement papers to save income tax.
Thanks