Keep a list of questions and relevant documents handy with you. Make sure you ask specific questions so that our expert can guide you in a precise manner.

Once you purchase our plan, our team will understand the nature of your case and assign a consultant with experience in handling similar matters to address your query.

You can take up multiple sessions. In case you wish to continue your existing session, you can do so on paying at the standard rate.

Under this plan, we only offer advisory services and recommend the right course of action for you. The service prescribed by our experts will not be covered under this plan. Should you choose to avail the service recommended by our experts, the charges for this plan will be adjusted if the subsequent service has a minimum value of Rs. 2000.

Our team will be happy to assist you with custom packages wherein you can book multiple sessions with our experts.

Any profit or gain that arises from the sale of a 'capital asset' is a capital gain. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place.

No capital gains is applicable when an asset is inherited because there is no 'sale', only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.

• Here are some examples of capital assets: land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, jewellery.
• This includes rights in or in relation to an Indian company, including rights of management or control or any other right.The following are not considered capital assets:
• Any stocks or consumables or raw material held for the purpose of Business or Profession
• Personal goods such as clothes, furniture held for personal use.

• A capital asset held for not more than 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset.
• For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
• It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
• Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.The assets are:
• Equity or preference shares in a company listed on a recognized stock exchange in India
• Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
• Units of UTI, whether quoted or not
• Units of equity oriented mutual fund, whether quoted or not
• Zero coupon bonds, whether quoted or not.

When the above listed assets are held for a period of more than 12 months, they are .

• Tax on long-term capital gain: Long-term capital gain is taxable at 20% + surcharge and education cess.
• Tax on short-term capital gain when securities transaction tax is not applicable: If securities transaction tax is not applicable, short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
• Note: Tax on short-term capital gain if securities transaction tax is applicable: If securities transaction tax is applicable, short-term capital gain is taxable at the rate of 15% +surcharge and education cess.

• Starting income tax returns for financial year 2014-15 (assessment year 2015-16), the income tax department has made it mandatory to file Form 10E if you want to claim relief under section 89(1). .
• Taxpayers who have claimed relief under section 89(1) but have not filed Form 10E have received an income tax notice from the tax department with the following lines –
• The relief u/s 89 has not been allowed in your case, as the online form 10E has not been filed by you. The furnishing of Online form 10E is required as per sec.89 of the Income Tax Act.

Income from House Property is possible in these cases –
• Rental Income on a let out property
• Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property)
• Annual Value of the property which is self occupied, which is Nil
• Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.

ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.

Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.