Tax Queries: Capital Gains, Royalties, and Home Loans

The article answers common tax questions.

First, it explains how capital gains from a jointly owned property are divided when the ownership shares aren't specified.

The tax authorities look at who paid for the property and other factors.

Second, it discusses how royalty income from patents is taxed, with options for a lower tax rate or deductions.

Lastly, it clarifies that even if you have a home loan, you can still choose the new tax regime, but you won't get certain deductions for your home loan interest unless it's a rented property.

It's important to compare both tax regimes to see which one benefits you more.