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LIVE INDIVIDUAL TAX FILING (INCOME FROM CAPITAL GAINS OR TAX RELIEF UNDER
SECTION 89)
Having Capital Gains from sale of property or need to claim tax relief under
Section 89? File your return with ClearTax experts Live
5
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₹4999
₹7,499 (33% OFF)
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* About This Plan
* How It's Done
* Documents To Be Submitted
* FAQs
* Reviews
FAQs
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About This Plan
How It's Done
Documents To Be Submitted
FAQs
Reviews
About This Plan
How It's Done
Documents To Be Submitted
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ABOUT THIS PLAN
An exclusive service that’s helps you to file income tax Live with highly
experienced & top-rated Experts.
Please Note: As a Capital Gain Income & Salaried individual we required you to
upload Form-16 & Form-26AS (ref. Documents to be submitted ) to get Live Expert
assigned on your order
We request to upload these documents within 24hours of plan purchase to help us
assign & schedule an Expert and file your returns on time.
Dedicated Relationship manager for you to help schedule Live meet via. Google
Meet, Zoom, Microsoft Team, Skype, etc (as per your convenient date & time)
Know more →
SERVICES COVERED
SERVICES
COVERED
* Live Tax filing for Capital Gain individuals & with single or multiple Form
16
* Tax Computations/Due/Refund Status and Filing Confirmation
* Live Expert Assisted Tax Filing (Duration 60 min)
* Tax filing for individuals with capital gains, ESOP or salary arrears
* E filing of form 10e
* Business Hours Expert Support - Email and Phone
Know more →
WHO SHOULD BUY
WHO
SHOULD BUY
* Salaried Employees with ESOP in domestic companies
* Salaried Employees/non salaried individuals with Capital Gains from
Property/Stock
* PSU Employees with salary arrears under OROP, 6th Pay Commission
HOW IT'S DONE
This plan is equipped with end-to-end online fulfillment via our expert. No
hassle, 100% Digital.
1 DAYS ESTIMATE
* Upload documents on vault
* Schedule Live Meeting with expert CA
* Get ITR-V after e-filing
DOCUMENTS TO BE SUBMITTED
Form 16 from your companyAdditional Form 16
Form 26AS Tax Credit StatementAadhaar card
Capital Gain StatementBank statement if interest received is above Rs. 10,000/-
Annual Information Statement
Form 16 from your company
Additional Form 16
Form 26AS Tax Credit Statement
Aadhaar card
Capital Gain Statement
Bank statement if interest received is above Rs. 10,000/-
Annual Information Statement
FAQS
* What is a capital gain?
+
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.
* What is a capital asset?
+
* 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.
* Agricultural land in India in a rural area *Note: for details read Here
* What are long-term and short-term capital assets?
+
* 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 considered long-term capital asset
* How are short-term and long-term capital gains taxed?
+
* 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.
* What is relief under section 89(1)?
+
Tax is calculated on your total income earned or received during the year. If
your total income includes any past dues paid in the current year, you may be
worried about paying a higher tax on such arrears (usually tax rates have
gone up over the years).
To save you from any additional burden of tax due to delay in receiving
income, the tax laws allow a relief under section 89(1). If you have received
any portion of your salary in arrears or in advance, or your have received
family pension in arrears, you are allowed some tax relief under section
89(1) read alongwith Rule 21A. Find the details here
* What is form 10e and when is it filed?
+
* 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 Expert'se, 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. Find the details Here
* What is the due date for return filing for individuals?
+
Individuals need to file their return by 30th September of next year, i.e for
income earned in Financial Year 2015-16, the return has to be filed by 30th
September, 2016.
* What is income from house property and how is it taxed?
+
Income from House Property is possible in these Expert'ses –
* 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. Read more about House property income and its
taxation Here
* What is Capital Gain and how is it taxed?
+
When an asset is sold, the profit arising from such transaction is taxed as
Capital Gain. Such gain can be long term or short term and the taxability
differs accordingly. In General gain on sale of assets held for more than
36months are called Long Term Capital Gain(LTCG taxed at 20%)and when assets
is held for lesser period then Short Term Capital Gain( taxed according to
normal tax slab rates) arises. In case of shares and securities the period is
12 months in place of 36months.
* Can I file a revised return to correct a mistake in original return filed?
+
Yes, return can be revised within a period of one year from the end of the
relevant assessment year or before completion of the assessment whichever is
earlier. Filing of revised return is not part of the plan. Plan buyer is
required to provide full and accurate details to avoid the need for any
rectification in the originally filed return.
* Can a return be filed after the due date?
+
Yes, a belated return can be filed before the end of the assessment year or
before completion of the assessment year, whichever is earlier. For example,
in case of income earned during FY 2019-20, the belated return can be filed
up to 31st March 2021.
* Am I required to keep a copy of the return filed as proof and for how long?
+
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6
years (depending upon case to Expert'se) prior to the current financial year.
However, in certain Expert'ses 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.
* Do I need to attach details of TDS deducted, proof of investments etc?
+
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.
* Are Audit and Financial statements preparation covered in the plan?
+
Audit & preparation of financial statements is not part of the plan.
* Is revised return covered under the plan?
+
Revised return filing on account of incorrect information provided by the
assessee during the original return filing shall not form part of the plan.
* What is the cancellation / refund policy?
+
Refund is applicable only if no Experthas been assigned on the Expert'se, for
detailed policy please visit our terms of use
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Live Individual Tax Filing (Income from Capital Gains or Tax Relief under
Section 89)
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