April 17, 2024 New York


Activate non permanent capital loss in opposition to long-term capital acquire

Activate non permanent capital loss in opposition to long-term capital acquire

Via Chirag Nangia

* This 12 months I’ve incurred non permanent capital losses. I additionally make long-term capital features. Can I spark off the non permanent loss in opposition to long-term features?

—S R Madhav

The quick-term capital loss will also be spark off in opposition to long-term capital acquire. If the features aren’t sufficient to fulfill the losses, such loss will also be carried ahead for 8 years straight away succeeding the 12 months wherein loss is incurred.

* I will be able to promote my flat for round Rs 70 lakh which I purchased for Rs 20 lakh together with registration 10 years in the past. How will I calculate the capital features tax? For what number of years do I’ve to take a position the cash in Segment 54 EC bonds for the tax get advantages?

Additionally learn: Democratising the Bond Marketplace to gasoline the next move in India’s expansion adventure

—Suraj Bhasin

Capital features will probably be computed after decreasing listed price of acquisition calculated on Rs 20 lakh (together with registration charges). The quantity of capital features will have to be invested inside of six months from the date of switch of flat in bonds laid out in Segment 54EC, for a lock-in duration of 5 years for tax get advantages.

* As I’d be retiring subsequent month and can withdraw 60% of my NPS corpus, do I’ve to turn the volume whilst submitting ITR subsequent 12 months?

—A Okay Bains

The revenue which is exempt from tax is proven beneath Agenda EI – Exempt Source of revenue agenda within the income-tax go back shape. Accordingly, the volume withdrawn will probably be proven as exempt beneath Segment 10(12A) beneath Agenda EI.

* I had filed ITR for AY2021-22 inside of due time within the previous regime and were given a reimbursement of Rs 4290. Later I opted for the brand new regime and filed a revised go back. A checking account now not previous added was once additionally added whilst submitting the revised go back. Now I’ve gained a requirement of Rs 60,000 (because of financial institution passion on FD) beneath the brand new regime while within the call for understand tax beneath the previous regime continues to be NIL. Is there an way to transfer the regime now?

Additionally learn: Asset allocation in 2023: Get started your funding adventure with this ever-green technique

—Swarnalatha Pai

There’s no way to transfer regimes after evaluate beneath Segment 143(1). You could transfer regime within the next 12 months equipped you wouldn’t have any industry revenue.

The author is director, Nangia Andersen India. Ship your queries to [email protected]