To calculate your tax liability, please refer to Quicko’s Income Tax Calculator. Here you can enter details about your income, deductions, exemptions and your tax liability will be calculated under both, old and the new regime.
Regarding the home loan, a deduction on interest on the home loan under section 80EEA can be claimed by the person who is paying it, in this case, your father. Read more about it here.
Alternatively, in case of further queries, feel free to write to us here
I have already went through above tool. It requires me to have good knowledge. Hence i do not feel above tool is usefull at all for people who do not want to involve themselves in these Calculations…
I will really appreciate it if you can tell me answers to below questions
We recommend you check with your employer regarding your take-home salary.
You can plan and make tax-saving investments and payments during the year to optimize your tax liability.
Check out this video to help you understand and plan your taxes
So when you tax is on net profit only (I’m assuming it means total profit - total loss), do I calculate this across all 4 of these categories? Or, net only with debt short, or only within debt long, etc.?
And the link said loss can be carried forward for at most 8 years. I hope it doesn’t happen, but in case I am in the situation where one year’s loss is not adjusted by profit/loss in next 8 year, what are the rules for 9th year?
The tax liability is based on the duration so the net shall be separate in the case of Short term debt and Equity and separate in the case of Long term Debt and Equity. However, you can setoff Long term capital gains against the short-term losses, not vice versa.
If the losses are not set off within the next 8 years they will lapse. For further clarification, you can refer to the below article.
Hope this helps
My question is different. I am asking about any tax implication when a mutual fund sells a holding (do mutual funds pay STCG and LTCG when they sell any holding). What you’ve shared is about the tax implication of when someone sells a mutual fund unit.
As per section 10(23D) any income arising in the hands of a Mutual Fund (subject to conditions u/s 10(23D) of constitution of mutual fund being fulfilled) shall be exempt.
So, as per the above provisions, a mutual fund is not required to pay capital gain taxes when they transfer/sell any holding.