Fire your tax related queries and i would get it solved!!!

[canikhil]

i have some savings in nri account. was abroad, quit my job last year and settled in India now. so you know NRI money is not taxed. so i use this as capital and at the time i file my return (trading income) do i have to declare the source, pay tax for the capital too?
i understand if it is a gift, or money used now had been paid tax before. thank you.

you missed one word from my reply...i said, earlier income where, tax, if any, has been paid...that means if no tax was payable when that income was earned, nothing is payable now on the capital...only the income earned on this capital shall be taxable.

 

[gemat]

cankhil ji, thank you very much.

 

[NCDEX Boss]

I am getting gift from my mother's father. How I will it be taxed? He is selling a piece of land and giving the money to me.

 

[canikhil]

I am getting gift from my mother's father. How I will it be taxed? He is selling a piece of land and giving the money to me.

you wont be taxed. Covered under exempted gift as received from lineal ascendants under section 56(2)(vii)

 

[vijraj33]

If i have profits in f&o and loss in cash market how will the tax calculation be?In cash markets losses are mostly in shares taken for delivery for short periods like 3 months.also the volume in cash is quite high.

 

[NCDEX Boss]

you wont be taxed. Covered under exempted gift as received from lineal ascendants under section 56(2)(vii)

Thank you! Very Much glad to hear.

 

[amitagg]

same as last year....

Sir there has been changes as per new rules.... In format

 

[Kabira 21]

yes,15G and 15H form format is changed.I submitted both.15H for my parent and 15G for my younger brother.

SBI 15G/15H format is changed,but Bank of Baroda's form is same as earlier.Different bank,different formats.

 

[Kabira 21]

now my query to Nikhil Sir-

if Income is above 3 lakhs+FD interest around 1lakh=4lakhs
after 80C,it's only 2.5Lakhs.Still we need an audit?

 

[canikhil]

If i have profits in f&o and loss in cash market how will the tax calculation be?In cash markets losses are mostly in shares taken for delivery for short periods like 3 months.also the volume in cash is quite high.

your cash market transactions in equity will be taxed as short term capital gains. If you hold fore more than 1 year, then gains from shares is exempt from taxes.

F&O profit generally will be taxed as business income. The losses from cash market transactions will be carried forward to the next year as the set off won't be available against business gains.