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‘I accept aloof my abounding EPF amount. Where on the ITR do I appearance the EPF bulk withdrawn?’
Anil Rego, CEO, Right Horizons, answers your claimed assets tax queries:
G Anandkumar: I accept taken an SBI accommodation of Rs 40 lakhs for purchasing a collapsed which is beneath construction.
I started advantageous EMI back May 2020.
I would like to apperceive whether I can account I-T account for the year 2020-21.
Some bodies told me that you can account tax account alone afterwards the collapsed is completed and the architect easily over the keys.
Anil Rego: You can affirmation the tax account on your collapsed alone already the collapsed is handed over to you by the builder, on achievement of construction.
You can affirmation the acknowledgment for the accumulated pre-EMI absorption (while the acreage is beneath construction) in bristles according installments by abacus it to the accustomed absorption of that year.
However, accumulate in apperception that the absolute absorption that you can affirmation in a year is belted to Rs 2,00,000.
Wizzy Wiki: Hope you are well. I am a approved clairvoyant of your Rediff column.
I will acknowledge if you can bandy ablaze on the following:
I awash my abode on March 31, 2020, and plan to reinvest the assets in addition abode that I will acquirement in FY 21.
While these assets will not be enough, I will accept to cash some of my investments in shares and alternate funds to accommodated the obligation.
My doubts are:
1. If I advertise shares and alternate funds to armamentarium the abode purchase, will the continued appellation assets be absolved from LTCG (sec 54), acceptation I would not accept to pay tax on the continued appellation assets that I would accomplish on the shares/MF units.
2. Are the abbreviate appellation assets on MF units absolved from tax if utilised for abode purchase?
3. I accept fabricated some continued appellation losses (in shares) in 2020-2021 (previous FY). How do I acclimatize these while filing my I-T allotment this year?
Can I backpack these to the accepted FY and acclimatize with the abode acquirement somewhere?
Anil Rego: To acknowledgment your questions:
1. You cannot booty account of both area 54 (arising out of the auction of a house) and 54F (arising out of the auction of any added asset) at the aforementioned time.
You can accept to use either of them, depending on which gives you a college benefit.
2. No, you cannot reinvest abbreviate appellation basic assets into a abode acquirement to save tax. Set-off is alone accustomed for continued appellation basic gains.
Thus, your abbreviate appellation assets on equities will be burdened at 15 per cent and debt abbreviate appellation assets will be burdened as per your tax slab. Surcharge will additionally be as applicable.
3. The continued appellation basic accident can be set off adjoin the continued appellation basic assets in the antecedent year.
If you do not accept acceptable continued appellation assets in that year, again you can backpack advanced this basic accident up to eight years.
But there is no accouterment to acclimatize with the abode acquirement because that was in the antecedent banking year.
Vina Vin: I am 57 years old. I absent my job in March 2020, appropriately had no assets in FY 20-21.
So I awash some of my continued appellation alternate funds (for the aboriginal time in my advance tenure) in which I acquired some LTCG bulk afterwards grandfathering, over and aloft the Rs 1 lakh exempted limit.
Also, I accept aloof my abounding EPF amount. The afterward are my queries:
1. Which ITR anatomy needs to be filled?
2. How to appearance taxable bulk in ITR? Only the bulk needs to be apparent or complete adding needs to be apparent with grandfathering NAV?
3. Where to appearance EPF bulk withdrawn?
4. Is taxable bulk aloft Rs 1 lakh additionally to be apparent as assets from added sources?
Anil Rego: To acknowledgment your questions:
1. ITR 2, back you accept basic assets from alternate funds.
2. The ITR would accept a abstracted agenda for basic assets in which the capacity would charge to be filled.
3. The EPF aloof should be apparent as allotment of absolved assets beneath Area 10(12) of the assets tax acknowledgment in case of recognised provident fund.
4. Your catechism not clear. If you are allurement about the accretion on the auction of your disinterestedness shares, you charge to appearance it beneath assets accountable beneath the arch — basic gains.
Do you accept any claimed assets tax query? Please mail us at [email protected] with the accountable band ‘Ask Anil’ and Anil Rego will acknowledgment all your tax queries.
Anil Rego is the architect and CEO of Right Horizons, an advance advising and abundance administration close that focuses on accouterment banking solutions that are specific to chump needs.
You can acquisition added of Mr Rego’s answers here.
Feature Presentation: Ashish Narsale/Rediff.com
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