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 You are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. I am 70 and my total income from all sources in a financial year is less than Rs 5 lakh. I earn an interest of Rs 15,000 a year from a NBFC FD. Do I need to pay income tax on this interest? Homi Mistry Partner, Deloitte Haskins & Sells replies: As a resident senior citizen, you are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. Considering you qualify to be a residentfor tax purposes, you will not be liable to pay income tax as your taxable income from all sources including interest on FDs is below Rs 5 lakh. {ad} I purchased a DDA flat in August 2016 for Rs 21 lakh. I took a home loan of Rs 17.7 lakh and availed tax breaks between Sept 2016 and March 2019. In April 2019, I prepaid the loan. I bought this flat from someone who bought it from DDA for Rs 12 lakh in 2012. If I sell my flat today for Rs 21 lakh, what will be my tax burden? How can I reduce my tax burden? Shubham Agrawal Senior Taxation Advisor, TaxFile.in replies: The flat will qualify as a long term capital asset as you have held it for more than two years. If you are selling the asset at the purchase price even after three years, this transaction will result in long term capital loss as the purchase price will be indexed to the cost inflation index. The home loan benefit claimed under Section 80C will be reversed in the year of sale and added to your income if the flat is sold before five years of purchase. The cost to original buyer is immaterial in this transaction. {ad} Since your transaction will result in long term capital loss if sold at purchase price, there will be no taxability. Hence, there is no need to look at investment avenues. If you manage to sell the property at a higher value and that results in a capital gain, you may invest the same in avenues prescribed under Section 54 of the Income Tax Act.
 RBI Central Board meets at Chandigarh
 Revision in Proforma and Reporting of Bank / Branch details under the Central Information System for Banking Infrastructure (CISBI)
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Teleconference with Researchers and Analysts
 Auction of Government of India Dated Securities October 07, 2019
 Expanding and Deepening of Digital Payments Ecosystem
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Press Conference
 Statement by Governor - Fourth Bi-monthly Monetary Policy Statement, 2019-20, October 4, 2019
 Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd
  Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances
 Notification No.72/2019 - Central Board Of Indirect Taxes And Customs

RBI-Remittance of Assets Submission of Auditors certificate
December, 03rd 2014

RBI/2014-15/332
A.P. (DIR Series) Circular No.43

December 2, 2014

To

All Category - I Authorised Dealer Banks

Madam / Sir,

Remittance of Assets – Submission of Auditor’s certificate

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Remittance of Assets) Regulations, 2000, notified vide Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time, which required submission of certificates in the formats prescribed by Central Board of Direct Taxes, Ministry of Finance, Government of India specified in their circular No. 10/2002 dated October 9, 2002.

2. The instructions by Central Board of Direct Taxes (CBDT) regarding submission of certificates have undergone significant changes over the years. Also it is pertinent to note that CBDT vide its notification dated September 2, 2013 has revised the instructions regarding furnishing of tax declarations and submission of Form 15CA and 15 CB.

3. Accordingly, Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014 notified vide Notification No. FEMA. 324/2014-RB dated October 31, 2014, c.f. G.S.R. No. 803 (E) dated November 14, 2014, with respect to submitting certificates on tax payments.

4. In this connection, Authorised Dealer banks may refer to the instructions contained in A.P (DIR Series) Circular No. 151 dated June 30, 2014. The conditions stipulated therein shall be complied with while making remittances.

5. AD Category- I banks may bring the contents of the circular to the notice of their constituents concerned.

6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully

(C D Srinivasan)
Chief General Manager

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