Under certain circumstances, long-term or short-term capital gains tax to be paid can be significantly reduced. It is not routinely possible and therefore important to recognize this possibility if and when it arises. This post stems from a discussion at Facebook Group Asan Ideas for Wealth, started by Subrat Dash, with the circumstances explained by Ashal Jauhari and contributions by Harrsh Ankola.
Finance Bill 2017 was passed in the Lok Sabha on 22nd March 2017. Several amendments were introduced just before it was passed. Some of the key amendments involve the Aadhar card. In this post, I discuss why linking Aadhaar to PAN is not necessary for filing AY 2017-18 Income Tax Returns.
The amendments: (1) After 1st July 2017, all income tax returns and all PAN applications will require the Aadhar card number to be mentioned. (2) The govt will soon require PAN cards to be linked to Aadhaar card, failing which PAN cards will be invalidated.