Home Top News and Stories Business News Headlines Your Queries (Income Tax): Gains on gilt funds are long-term if held for more than a year

Your Queries (Income Tax): Gains on gilt funds are long-term if held for more than a year

0
   

Your Queries (Income Tax): Gains on gilt funds are long-term if held for more than a year

By Chirag Nangia

Now that RBI has opened a gilt securities market for retail investors and NCDs sold after one year are categorised under LTCG, will the same rule apply for G-sec trading also? What will the capital gain category for gilt securities sold after one year?
—Dinesh Goyal
Gilt funds are essentially debt funds which invest in bonds and fixed interest-bearing securities issued by the state and central governments. For listed debt funds, gains are classi-fied as long term if held for a period exceeding one year, else the same are treated as short term. Similarly, gains from sale of unlisted debt funds are categorised as long-term if the debentures are held for more than 36 months.

I filed my ITR1 for AY 2021-22 on 30.09.21 and got an intimation under section 143(1) on 21.10.21. Now for TDS mismatch, I have to file a rectification request. But under the rectification menu, I find no option to file the same. Rectification can only be done till AY 2020-21. What can I do?
—Gopal Chandra Patra
Presently, rectification is available only for orders passed by CPC u/s 143(1) read with 154 till Assessment Year 2020-21 and not for other orders passed by Assessing Officers including Appellate Orders. Hence, taxpayers will be able to submit rectification requests only in respect of reprocess of return, additional information for 234C interest and return data correction (Offline) for Assessment Year 2020-21. Under the “Services” tab> Rectification>New Request, it has been specifically provided that the other Rectification Request type will be made available soon. Thus, wait for a short while until such a provision is made.

My annual income is Rs 3 lakh, which is from my savings and FDs which is originally from my parents who are now no more. Will I face any trouble if I do not submit ITR in future?
—Arindam Chaudhuri
An individual is required to furnish return of income compulsorily only if his/her gross total income in a financial year exceeds the basic exemption limit. The exemption limit for AY 2021-22 for an individual below 60 years is Rs 2.50 lakh. As your income exceeds Rs 2.5 lakh, you must furnish the ITR. As your net income does not exceed Rs 5 lakh, you can avail rebate of 100% of income-tax up to Rs 12,500 under Section 87A.

The writer is director, Nangia Andersen India. Send your queries to fepersonalfinance@expressindia.com

   

Follow us on Instagram

[instagram-feed]