What will be taxation on capital gains if the primary holder of a joint account for mutual funds (MFs) dies and the survivor decides to redeem the units soon after. Consider a scenario where the joint account holders invested in an MF equity linked savings scheme (ELSS) on 1 January 2023. Soon after the death …
I am a salaried individual in India and have been allowed remote work by my employer. My husband is a non-resident Indian (NRI). If I were to live with my husband abroad for over six months in a year, how will it impact my residency status and subsequently tax liability and tax returns filing? Can …
In April every year, one tradition remains constant – employees finding their inboxes swamped with requests for investment declarations, marking a period for heightened financial awareness. With the dawn of the fiscal year, there is a pressing need to map out one’s financial and tax strategies for the year. Strategic tax management is integral to …
After serving abroad for 32 years, I returned to India in 2023. Can I accept foreign consultancy services income in my bank account outside India? Can I save any tax by retaining my income outside India? —Name withheld on request Assuming that you were a non-resident Indian (NRI) under the Indian Income Tax Act for …
I am a non-resident Indian (NRI) living in Germany. I have recently sold an immovable property in India and reinvested the sale proceeds (post tax deducted at source) in another residential property as per instructions of my tax consultant to save tax in India. Though the capital gains will not be taxed in India, I …
My wife and I are joint holders of two properties (one being self-occupied and the other let out for rent). Can the entire rental income from our jointly owned properties be declared as my income for tax filing purposes, or is it obligatory to split it between us? Considering my wife’s sole income source is …
If an Indian individual incorporates a company in Dubai for merchanting trade, will it have any tax implications in India? Will it have any foreign exchange restrictions as happens in India? —Name withheld on request Typically, a company incorporated outside India is not considered to be a resident of India under the Indian tax law. …
I am a senior citizen and my income is between ₹3 lakh and ₹5 lakh. Will form 15H help me avoid tax deducted at source (TDS)? —Name withheld on request Form 15H is a self-declaration for non-deduction of taxes at source which can be submitted by an eligible person to the payor of specified incomes. …
I inherited ₹20 lakh in cash and two house properties. Subsequently, I gifted ₹10 lakh in cash and one house to my maternal aunt residing in South Africa. Do I need to pay income tax on the entire inheritance, or only on the remaining amount after allocating my aunt’s share? Additionally, should I declare this …
Q. I am Ranjan. I want to harvest tax loss for my investments. How does tax-loss harvesting work? How can it help minimise my tax outgo? What are the risks? Tax-loss harvesting is a strategy used to minimise tax liability by selling investments that have declined or are declining in value. When an investment is …