Tax Queries by Jayesh Dadia, Chartered Accountant

Tax queries by Jayesh Dadia Chartered Accountant 

I am an individual. The Indian Railways had acquired my land situated in my native village for a total consideration of ₹10 crore as compulsory acquisition. Although the compensation was determined in 2016 I received the same in the current financial year along with interest of ₹2 crore.

I am an individual. I own four residential houses.

Tax queries by Jayesh Dadia Chartered Accountant

In the current financial year I have signed one sale agreement as a power of attorney holder on behalf of the property owner. The sale consideration was received in my name and was credited to my bank account which subsequently I have transferred to the account of the owner.

Tax Queries by Jayesh Dadia Chartered Accountant

In the latest Olympic Games India’s performance was at an all-time best.

I am an individual. For the financial year 2020-21, TDS has been deducted on my rental and interest income.

Senior citizens above 60 years of age and very senior citizens above 80 years of age are entitled for various benefits under the Income Tax Act.

Conveyance allowance will also be considered as a perquisite. However, it is exempt to the extent of amount actually spent.

I am a senior citizen of 62 years and my wife is 58 years old. We both have earned long-term capital gain on sale of shares and old ancestors’ property. We also have regular interest income. Kindly let us know whether we are liable to pay advance tax for the financial year 2021-22 and if yes, then what is the time limit?