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Pakistanis can now start filing income tax returns for FY2020-21
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FBR uploads income tax return forms for FY2020-21
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New Delhi: It is that time of the year again when people are ready for filing Income Tax Return (ITR), the annual ritual by individuals and other category of taxpayers.
While the Income Tax department has laid out all the specific rules pertaining to ITR as per the Income Tax Act, there are a few types of incomes which are exempt from the scope of Income Tax. Such type of incomes are known as tax-free incomes.
Here’s looking at 5 major sources of income that are tax free in India
Gift received from relatives
Gift received from relatives are exempt from tax by virtue of Section 56. The following will be considered as relative for the purpose of claiming such exemption.
Tax query: How to calculate capital gains on listed securities without actual cost, purchase date
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I purchased listed securities as investment before January 31, 2018, including the investment in rights and bonus issues. The securities were sold during the current year 2020-21 (AY 2021-22), but the cost and date of purchase is not ascertainable. Is it possible to compute capital gains, without actual cost and date of purchase? If yes, how? Explain how it can be uploaded in ITR.
R VenkataramaniSince the listed securities were acquired by you before January 31, 2018, and sold in the current year 2020-21 and the holding period is more than 12 months, it would qualify as a long-term capital asset under the Act. Where the shares are purchased before January 31, 2018, the cost of acquisition shall be the higher of the following:
Income tax dept introduces JSON utility for AY 2021-22 ITRs All you need to know
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