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Your Queries – Revenue Tax: You possibly can disclose capital features from mutual funds and shares in ITR-4

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By Chirag Nangia

I’m an ayurvedic practitioner and replenish c-4. Can I present earnings from NFO mutual fund and listed shares in ITR-4 underneath Part 44 or I ought to fill ITR-3?
—Vishwanath Gaur

ITR-4 could be filed by people with earnings as much as Rs 50 lakh from enterprise or career and have opted for presumptive taxation scheme. As a medical practitioner, it’s possible you’ll provide the earnings to tax underneath Part 44ADA, i.e., presumptive foundation whereby taxable earnings is deemed to be 50% of gross receipts, with no requirement to keep up books of accounts. No extra deductions in respect of any bills will probably be allowed. Additional, earnings from NFO mutual funds and listed shares shall be capital features and it may be disclosed in ITR-4. People deriving earnings underneath the heads ‘Salaries, Enterprise/ Career and different sources’ are required to file  ITR-3.

An assessee had acquired the tenancy rights by way of an affidavit executed in her favour by her grandmother, previous to her demise. No cash  was invested in buying the rights. The assessee transferred her rights to a 3rd celebration for Rs 20 lakh however didn’t spend money on any tax-savings bond. What’s the tax implication?
—Ananth Narayan

Tenancy rights are capital property and give up of tenancy rights quantities to switch. The price of acquisition can be both the price of buy worth or in different circumstances, it could be taken as Nil, excluding acquired by succession or inheritance. Consequently, revenue arising from this switch is long-term capital features (LTCG) as tenancy rights had been acquired greater than three years previous to date of switch, and taxed at 20% past primary exemption i.e., Rs 5 lakh in your case, being a resident senior citizen.

Additional, since tenancy proper in a residential home isn’t identical as a residential home, she will’t avail exemption underneath Part 54 by investing the listed capital features however should make investments the web consideration to avail exemption underneath Part 54F. Since tenancy proper is neither land nor a constructing, she will’t avail the tax exemption by investing in capital features bonds underneath Part 54EC.

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

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