From 01.04.2025:

1. Building Rent per month is INR 40000. If I pay 16 months rent, i.e., INR 640000 during the FY 2025-26, I don't need to deduct tax.

2. Building Rent per month is INR 55000. If I pay 1 month rent, i.e., INR 55000 during the FY 2025-26, I need to deduct tax.


Am I wrong?

Hi All,

A property was acquired jointly by an assessee in FY 2000-01 along with her husband with each having 50% share. (Rs. 10 lacs each)
The husband passed away in the year 2020-21 without any will. Consequently, the assessee and her two sons inherited 1/3rd share of 50% of the property (husband’s share in property).
In FY 2024-25, the two sons signed a Release Deed in favour of the assessee (their mother) and transferred their share of 16.66% each to the assessee.
A month after the release deed was registered, the assessee sold off the property for 80 lacs.
My questions are
1. Will the capital gain for the share (of around 34%) acquired by the assessee through release deed be held as STCG or LTCG?
2. What will be taken as cost of acquisition for the share (of around 34%) acquired through release deed?
3. If LTCG, the will indexation benefit be available for the share (of around 34%) acquired through release deed?
4. What would be the base year for the indexation benefit for the share (of around 34%) acquired through release deed ?

Thanks
Niki

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