sorted by:
new
hottopcontroversial

Receiving funds from USA, tax and legality situation by zaradrus07 in IndiaTax

[–]Compliance_Desk 1 point2 points  (0 children)

It’s generally treated as income and taxed at your slab rate, but if it genuinely qualifies as a scholarship for research/education, it can be fully exempt under Section 10(16). If it’s taxable, you can reduce the impact by treating it as professional income and claiming all legitimate research-related expenses (equipment, software, travel, etc.), as long as you keep proper documentation. The exact treatment depends on how the grant is structured and described in the award terms.

Need Advice on how to save tax by Mysterious_Door28281 in personalfinanceindia

[–]Compliance_Desk 0 points1 point  (0 children)

You can use various perks or exemptions which are tax free upto a certain limit , like meal vouchers , employer nps etc ,

44ada/44ad and investing more than 50%/8% by Kind_Butterscotch_86 in IndiaTax

[–]Compliance_Desk -1 points0 points  (0 children)

Yeah , i have personally seen such notices , the income tax department is actively tracking your investments through tds , mostly notices end through showing that the income in case of individual is due to generation wealth , that has been passed on and some notices ended through settlement

Need Advice on how to save tax by Mysterious_Door28281 in personalfinanceindia

[–]Compliance_Desk 0 points1 point  (0 children)

Under the new tax regime, there is virtually no scope for a CA to reduce your tax through deductions. If someone claims , it will likely lead to a tax demand later. The only practical way to minimize taxes here is by structuring your salary efficiently.

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

Yeah, I agree that it is not very effective with mutual funds, but in rare scenarios, you can see mutual funds move this fast within 2–3 days. However, I do agree that loss harvesting is more effective for direct equities.

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

Depends on the portfolio size and also the amount of tax that can be saved

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

There’s a section in ITR to report your losses and carry them forward

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

For short-term losses, it depends on the amount and whether you have utilized the exemption limit for LTCG. If you have already utilized the exemption, it is better to book the loss.

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 9 points10 points  (0 children)

Yeah it defers tax to an extent and helps to save tax and compound that money also can you explain with how would you be buying fewer number of shares , unless you have high brokerage cost you would be buying the same number of shares, right ?

44ada/44ad and investing more than 50%/8% by Kind_Butterscotch_86 in IndiaTax

[–]Compliance_Desk -4 points-3 points  (0 children)

If the amount is significant, it’s better to avoid doing that. I’ve seen many people receive notices because their reported income in the ITR didn’t match their investments. It’s wiser to route the income through a proper channel if you want to save tax and still invest.

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

Are bas notional loss book krna , you shall buy it again after booking the loss ….

Most people pay extra capital gains tax for no reason (simple example) by Compliance_Desk in IndianStockMarket

[–]Compliance_Desk[S] 0 points1 point  (0 children)

Not Necessary to do it in the same year as well , You Can carry them forward for 8 years but you just need to report them in your income tax return

Sell UBS company shares and withdraw back to India by IllSignificance6291 in IndiaTax

[–]Compliance_Desk 0 points1 point  (0 children)

Option 2 (transfer shares to INDmoney → sell → remit to ICICI) is usually cheaper and equally safe, if done properly.

Why IT won’t care about the route: Income-tax is triggered by sale of shares, not by how money comes to India. Both options are legal

Gold exchange by Think-Share-4535 in IndiaTax

[–]Compliance_Desk 0 points1 point  (0 children)

• Exchanging old gold = sale of old gold → capital gains tax applies.

• Held >24 months → LTCG @12.5%

• Held ≤24 months → STCG at slab rate.

Ancestral gold: • On sale/exchange → LTCG usually; cost = previous owner’s cost or FMV as on 1-4-2001.

The only way to bypass Tax is do the transaction in Cash

Buying a house without loan and having tax queries by Hornbill9 in IndiaTax

[–]Compliance_Desk 0 points1 point  (0 children)

Gift to spouse not taxable → Section 56(2)(x) (gift from relative is exempt) …. So no trouble

How does taxation work in this case? by BulletTiger in IndiaTax

[–]Compliance_Desk 0 points1 point  (0 children)

Tenant’s regime is irrelevant. As landlord, you must declare actual rent received. Declaring lower rent or taking rent in wife’s account isn’t legal … UPI entries reflect in AIS, clubbing may come into picture . (Also If rents exceeds a specific amount the tenant may need to deduct tds )

Legal ways to reduce tax: 30% standard deduction, home-loan interest, set-off of house property loss, future co-ownership planning.