If total tax liability above Rs 10k, pay tax on STCG in advance

Your queries: Income Tax

I have gained around Rs 2 lakh after selling shares with a holding period of six months. Do I have to pay the capital gains now or can I pay at the time of filing returns?

—Manoj Sharma

Since your holding period is six months, the capital gains will be classified as short-term capital gains (STCG). STCG on equity shares is taxed at 15% for any transfer before July 23, 2024 and 20% for any transfer thereafter. While you can report and pay the capital gains tax when you file your returns by July next year,if your total tax liability for the year exceeds Rs 10,000 (after considering TDS and TCS), you have to pay advance tax in applicable instalments. Failing to do so may attract interest under Sections 234B and 234C at the time of filing your income tax return.

Also ReadFestive Season Perks: Why now could be the perfect time to buy a home

My wife and I jointly own a flat and have put it on rent. The amount is credited to our joint account. How do we calculate the tax on the rental income? Also, will that be possible in the new tax regime?

—Shiv Kumar Joshi

If you and your wife own the flat equally, the rental income will be split in the same proportion. If the ownership ratio is different, the income will be divided according to that ratio. Each person’s share of the rental income will be added to their respective total income under the head “Income from House Property” in their tax return. You can claim a standard deduction of 30% on the rental income, and you can also deduct any interest paid on a home loan (if applicable) related to the property. This deduction will be eligible under both the old tax and new tax regime.

I got an electronic gadget from my company and the value is reflected in my AIS. Can I ignore it as a gift and not pay any tax?

—Name withheld

If the value of the electronic gadget you received from the company is reflected in your Annual Information Statement (AIS), it is likely that this item has been categorised as a taxable perquisite rather than a gift.

 » Read More

Related Articles

Marico expects double-digit revenue growth in FY25 on price hike, better volume

Home-grown FMCG major Marico expects to deliver a double-digit revenue growth in FY25 helped by sequential improvement with price hike and better volume, its MD & CEO Saugata Gupta said. However, he also mentioned that as far as profitability is concerned there is inflationary pressure on the material inputs in the second half of FY25

Bacardi high on India, ramps up investments as business grows

Bacardi, known for its flagship rum of the same name, Grey Goose vodka and Bombay Sapphire gin among other labels, has stepped up its investment in India amid a premiumisation wave in alcoholic beverages. India has been identified as Bacardi’s top-five growth markets, Vinay Golikeri, managing director, Bacardi India and neighbouring countries, told FE. ALSO

Sebi mulls expanding investors pool for angel funds

Markets regulator Sebi is looking to expand the definition of qualified institutional buyers (QIB) and remove the 200-investor cap, allowing angel funds to access a broader pool of accredited investors. This move will enable more wealthy investors to participate, boosting funding for startups. It ensures that only financially strong investors take on high-risk investments, helping

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Marico expects double-digit revenue growth in FY25 on price hike, better volume

Home-grown FMCG major Marico expects to deliver a double-digit revenue growth in FY25 helped by sequential improvement with price hike and better volume, its MD & CEO Saugata Gupta said. However, he also mentioned that as far as profitability is concerned there is inflationary pressure on the material inputs in the second half of FY25

Bacardi high on India, ramps up investments as business grows

Bacardi, known for its flagship rum of the same name, Grey Goose vodka and Bombay Sapphire gin among other labels, has stepped up its investment in India amid a premiumisation wave in alcoholic beverages. India has been identified as Bacardi’s top-five growth markets, Vinay Golikeri, managing director, Bacardi India and neighbouring countries, told FE. ALSO

Sebi mulls expanding investors pool for angel funds

Markets regulator Sebi is looking to expand the definition of qualified institutional buyers (QIB) and remove the 200-investor cap, allowing angel funds to access a broader pool of accredited investors. This move will enable more wealthy investors to participate, boosting funding for startups. It ensures that only financially strong investors take on high-risk investments, helping

Ranking India’s Most Livable Cities: Read this before you decide where to live!

In the evolving landscape of urban living, factors like rent affordability, food costs, commuting ease, and air quality significantly influence how we experience city life. As India continues to urbanize, millions of people are choosing between cities for job opportunities, lifestyle, and overall quality of life. But what makes a city truly livable? Here, real

Why are luxury villas becoming the top investment choice for HNIs?

India’s villa market is witnessing unprecedented growth, driven by rising affluence, evolving lifestyle preferences, and increasing investments from both domestic and NRI buyers. With the post-pandemic shift towards spacious living and premium amenities, luxury villas are becoming a preferred choice for high-net-worth individuals. Additionally, rapid urbanization and strong economic performance have fueled demand, leading developers