Summary of this article
Asset declaration required only if income exceeds Rs 1 crore.
Mother’s holding period counts; gains taxed as long-term.
Gifts between spouses exempt, but rental income gets clubbed.
I purchased a plot worth Rs 25 lakh in March 2025 in my native place but I have not declared it in the income tax return (ITR), which I have already filed for the financial year 2024-25. Is it necessary to show it in my ITR and file a revised ITR?
The requirement to declare certain assets and liabilities is applicable only if the income exceeds Rs 1 crore for the financial year 2024-25. So in case your income did not exceed that amount you are not required to furnish details of the assets, including the plot of land in the AL schedule of the ITR. However, if your income exceeded Rs 1 crore for the year ended 2025 and you have not shown the same in the assets and liability schedule, you can revise the income tax return.
My mother transferred equity shares of a company held by her for several years on October 1, 2024. What will be the tax implications if I sell the shares now. Do I have to pay short-term capital gains (STCG)? If so, then at what rate?
I presume the shares which your mother transferred to you are listed shares. So, any profit made in respect of equity shares which are held for more than 12 months are taxed at 12.50 per cent. If the shares are sold within 12 months, the profits are treated as STCG and taxed at a flat rate of 20 per cent. While computing your period of holding, the period for which these shares were held by your mother is also taken into account.
Since the combined holding period of you and your mother exceeded 12 months the profits will be taxed as long-term capital gains (LTCG) and taxed at 12.50 per cent.
My mother inherited a flat from her father in 2012. She gifted it to my husband in 1995 after paying stamp duty. If my husband gifts the flat to me now, will there be any tax implication? What will be the tax treatment if I sell the flat?
Though there is no immediate tax implication at the time of transferring the flat by your husband in your name, as gifts between specified relatives, including spouse are not to be treated as income of the recipient, but any income arising from assets gifted by one spouse to other spouse is added to the income of the spouse who has made such gift. So, the rent if any earned on such flat shall be added to his income. However, in case the flat is self-occupied there would not be any tax implication as there is no income arising from the self-occupied flat. As and when the flat is sold, capital gains if any realised on such sale over the cost price paid by your mother at the time of the original purchase will be added to the income of your husband.
