ITR -3 is applicable in your case.
If you want, I can help you on that
If you have been in service more than 5 years its not taxable
Need to know which ITR Form to fill FY 2022-23 and AY 2023-24
Hello Re: Which ITR Form to fill FY 2022-23 and AY 2023-24 I am retired in the year 2021 and have no salary income. I have some income from the Interest Earned from Fixed Deposits. I also sold an apartment in the FY 2022-23. Interest from Fixed Deposits is around 4 Lakhs for FY 2022-23 and Capital Gains from sale of apartment (based on Capital Gains Calculator) is Nil. Apartment bought in the year 2008 (15-Jul-2008) for Rs. 16,81,000/- (Rs Sixteen Lakhs and Eighty-one thousand only) and sold in the year 2022 (05-Jul-2022) for Rs. 39,30,000/- (Thirty-Nine Lakhs and thirty thousand only). I have withdrawn the PF (Full amount) around 12 Lakhs, during the FY 2022. Is PF amount withdrawn taxalbe ? Thanks, Vincent Menezes
Asked 1 year ago in Income Tax
ITR-2 is applicable in your case
If you have rendered continuous service of 5 years or more then PF withdrawal is exempt. Further check Form 26AS for any TDS deduction on such withdrawal
For detailed discussion you may opt for phone consultation
Based on the information provided, here's the summary of the relevant details for filling the income tax return (ITR) for FY 2022-23 (AY 2023-24):
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Retirement Income: As you mentioned that you have no salary income, you don't need to report any salary-related income in your ITR.
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Interest Income from Fixed Deposits: You have an interest income of Rs. 4 lakhs from fixed deposits. This income will be considered as "Income from Other Sources" and needs to be reported in your ITR.
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Capital Gains from Sale of Apartment: Based on the information provided, the capital gains from the sale of the apartment is Nil. Therefore, you don't have any capital gains to report in your ITR.
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Withdrawal of PF: The withdrawal of the full PF amount (Rs. 12 lakhs) during FY 2022 is generally taxable. However, PF withdrawals can be exempt from tax if certain conditions are met, such as continuous service for a minimum number of years. It's recommended to consult a tax professional or refer to the specific rules and exemptions applicable to PF withdrawals to determine the taxability of your PF withdrawal.
Based on the sources of income mentioned, you will likely need to file ITR-2 (Income Tax Return form 2) for FY 2022-23
Hello,
If you have rendered continuous service of 5 years or more, then the withdrawal of your PF balance would be exempt from tax. It's important to review Form 26AS, which provides details of tax deducted at source (TDS), to confirm if any TDS has been deducted on the PF withdrawal.
Regarding the ITR form,ITR-2 is applicable in your case. ITR-2 is used for individuals and HUFs (Hindu Undivided Families) who have income from sources other than business or profession. Since you have income from fixed deposits and capital gains from the sale of the apartment, ITR-2 would be the appropriate form to file your income tax return.
Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.
Thank you.
Shubham Goyal
I think you would be covered under ITR 2.
You can read more here: https://www.taxontips.com/itr-2-is-now-available-on-e-filing-website-for-fy-2022-23-i-e-ay-2023-24-file-itr-with-experts-on-taxontips/
If you have a loss in property then also disclose it in ITR or else you will receive Notice.
PF shall be exempt if you have a continuous service of 5 years.
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Thank you.
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