sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 RBI-Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
 How senior citizens can avail tax break on interest income under Sec 80TTB a
 Listed companies paid a little less than a third of corporate tax in FY18
 Gifts received from relatives are not taxable
 Income tax return benefits: National Pension System (NPS) also offers this 'hidden' tax relief
 Big 4 audit companies may suffer revenue hit due to conflict of interest norms
 How much tax do you pay on your bond investments?
 Companies rush to reconcile financial results with state wise audit, seek extension of deadline
 Interim budget may include income tax announcements, says report
 All you need to know about tax benefits for senior, super senior citizens
 Where to invest money for the short term

How is long-term capital gain from Nabard bonds taxed?
October, 09th 2018

I am 81 years old and LIC annuities and bank FDs are my only source of income—around Rs 2 lakh per year. In 2018-19, I made long-term capital gains of Rs 6.35 lakh, after indexation, from Nabard bonds. What will be my income tax liability for 2018-19?

Ashok Shah Partner, N.A. Shah Associates replies: Being a super senior citizen, you are liable to pay income tax only if your taxable income exceeds Rs 5 lakh. Longterm capital gains (LTCG), after indexation, from zero-coupon bonds of Nabard are taxable at 20.8% and without indexation they are taxable at 10.40% Therefore, your income in excess of the basic exemption limit—Rs 3.35 lakh—will be taxed at 20.80% and your tax liability works out to be Rs 69,680.

I am a retired central government officer. I have invested Rs 15 lakh in the Senior Citizens’ Savings Scheme (SCSS) in July 2018 for 60 months. Will I get any kind of tax relief?

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies: Any amount deposited in SCSS is eligible for deduction under Section 80C of the Income-Tax Act, subject to the maximum limit of Rs 1.5 lakh. So, you too can claim a deduction of Rs 1.5 lakh from your taxable income in financial year 2018-19.

I invested in a tax-saving mutual fund in February 2016. Will their be any tax liability on capital gains from this investment when I redeem it in February 2019, after the mandatory lock in?
01-10-2018

Rakesh Bhargava Director, Taxmann replies: Earlier long-term capital gains (LTCG) from equity-oriented funds were tax free. But this is no longer the case. Now LTCG in excess of Rs 1 lakh will be taxable at 10% without indexation. So, you will have to pay tax if your capital gains exceed Rs 1 lakh.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions