Here is Portfolio page of Pankaj, with questions-asked's work

Is family pension is taxed under salary?
Jul. 03, 2018
Pension from your employer is chargeable under head salary. However family pension shall be chargeable as income from other sources.
I have sold a building for Rs 2000000 but value determined by stamp valuation authority is Rs 2500000. Which value should I consider for calculating capital gain?
Jul. 03, 2018
Your sale value for the calculation of capital gain shall be the value determined by stamp valuation authority ie. Rs 2500000.

Section 50C states that if sale consideration received by a seller on sale of land or building or both is less than the value adopted by stamp valuation authority, value adopted by stamp valuation authority would be the sale consideration received or accruing to the seller.

Therefore, capital gain shall be calculated as per stamp valuation authority. So here capital gain would be Rs 2500000 less cost/indexed cost of acquisition.
I am salaried employee in Japan and non-resident in India. I have a house property in my name in Haryana which is let out. As I am non resident, Is it necessary to deduct tds on rent?

Jul. 03, 2018
Yes,
As per section 195 if any person receiving rent is non resident then 30% TDS is deducted.

In addition, tax on rent from house property is payable by the owner or deemed owner of that house property.

Income tax act further states that tax on rental income from house property by the NRI is calculated as if he is resident and tax is payable on such calculated income.
Is indexation benefit available on the sale of short-term capital assets?
Jul. 03, 2018
No
Indexation benefit is adjustment of inflation on a value of assets. This is available only on the sale of long-term capital assets.

Since short-term capital assets are held for immediate purpose or for the short period of time, you can not take the indexation benefits for calculation capital gain.
What are the items of income chargeable under head capital gain?
Jul. 03, 2018
If you have acquired any capital assets and sold them, any gain from such capital gain shall be chargeable under head income from capital gain.
I received house property from my father in 2016. Now, I want to sell this house. How should I calculate capital gain?
Jul. 03, 2018
In order to calculate capital, the first step will be determining a cost of acquisition and period of holding.

As per the income tax act, if the person receiving the capital asset by way of gift, will, etc. subsequently transfers such asset, capital gain will arise.
In such a case, the cost of acquisition of the capital asset will be the cost of acquisition to the previous owner and the period of holding of the capital asset will be computed from the date of acquisition of the capital asset by the previous owner.

Since you received the house property as a gift, cost of acquisition shall be the purchase/construction cost incurred to that house property by your father and period of holding shall be accounted from the date of acquisition from your father.

Further, if the sale of capital assets results in short-term capital gain then you have to pay 15% tax on gain.

If your sale constitutes a long-term capital gain in the following manner.

Sale price XX
Indexed cost of acquisition (XX)
Indexed cost of improvement (XX)
-----------
Gain or (loss) XXX
What is marginal relief under the income tax act?
Jul. 03, 2018
The primary reason behind the introduction of marginal relief is to facilitate relaxation from levy of surcharge to a taxpayer when the total income exceeds slightly more than Rs. 50 lakhs or Rs. 1 crore or 10 crores as the case may be.
When surcharge is levied?
Jul. 03, 2018
Surcharge is an additional tax levied on the income tax if total income of taxpayer exceeds specified limit on the Income Tax Act.

Surcharge is applicable considering the total income and different rate is applicable for different types of taxpayers.

Individuals, AOP, BOP, HUF, Artificial Judicial person

10% if the income exceeds 50 lacs but less than 1 crore.
Surcharge shall be 15% if income is 1 crore

Domestic companies;
having total income more than Rs.1 crore but less than Rs.10 crores- 7%
having total income more than Rs.10 crores: 12%

Foreign companies
If the total income is more than Rs.1 crore but less than Rs.10 crores: 2% on income tax
If the total income income more than Rs.10 crores: 5% of income tax

Firms, local authorities and Co-operative society
Total income exceeding the 1 crore -surcharge shall be 12%.
I am non-resident individual having total income not exceeding Rs 350000. Can I claim rebate u/s 87A?

Jul. 03, 2018
No
Section 87A allows the deduction to a resident taxpayer if the total income during the year is not more than three lacs fifty thousand.

As you are non-resident, you are not eligible for the deduction u/s 87A though you have a total income within the prescribed limit.
I have not filed income tax return till this the date as I have not any income before. This year I have a total income of Rs 400000. Can I claim my personal expenditure from this income?
Jul. 03, 2018
No, you can not claim your personal expenditure while calculating tax liability.

Any amount expended to realise income are eligible to deduct from such income. There are various expenses that are eligible for the deduction provided under the act and only such expenditure are allowed to deduct from the income.

Further, income tax is levied on the income that your earn. How much you have saved does not matter for calculating tax liability.

Here is business page of Pankaj, with all his work

About Portfolio

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Hi Thakurani,
I want to deposit in my account
Thanks,

Here is business page of Pankaj, with all his work

About Portfolio

Do you want to subscribe ? I would give you a free coupon to help you start calling.

Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,