| I have sold some units of UTI Bond Fund during September and incurred long-term capital gains. After the changes brought about in the budget, please advise if the capital losses carried over from the previous years can be set off against the gains. |
Amarendu Choudhury, Guwahati |
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| The budget notification on securities transactions came into effect from October. As you incurred the long-term capital gains in September, you can set off the carried-over capital losses against it. |
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| Signs of maturity |
| I have invested in LIC Jeevan Shree policy and paid a single premium in two instalments spread over two years. Also, I have invested in LIC Bima Nivesh and paid a one-time premium. Will the maturity amount be taxable? |
Hironmoy Biswas, Calcutta |
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| If the premium amount paid by you is more than 20 per cent of the sum assured in any year, then the maturity proceeds will be taxable. |
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| Feeling ?loanly? |
| I have purchased a flat with a loan of Rs 5 lakh and let it out on rent. Will I get income tax benefit on loan repayment? |
Siva Ram Prakash, Calcutta |
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| You will get income tax benefit on the repayment, while the rent received by you will be included under income from house property. |
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| House that? |
| I invested around Rs 10 lakh in the equity market during the last financial year and incurred short-term capital gains. May I invest the amount in constructing a house? |
P. K. Ghosal, by e-mail |
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| Although you may invest the amount in constructing a house, you cannot claim tax exemption for that. You will have to include it in your income tax returns and pay the applicable short-term capital gains tax on the amount. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001. |
