Tax questions

Hello, Interest on NRE FDs (Rupee) taxable for RNOR? please tell wrt FEMA & IT 2. Interest on NRE FDs (Rupee) taxable for Resident? please tell wrt FEMA and IT 3. Have multiple residential properties. 1 property was vacant for around 8-9 months and thereafter sold. Will tax be payable on "deemed income" basis for those 8-9 months? 4. My FY16 return not filed yet. If I file now and if I see...

I am currently an Indian National and planning to move to Kigali, Rwanda in January 2017. There are few questions which I had. 1. Would I have to pay taxes to Govt. of Rwanda as well as Govt. of India both ? I read somewhere that India and Rwanda do not have Double Tax Avoidance Agreement. 2. If have an account at a Bank in Rwanda and my employer transfers the money there, could the sam...

I live in a residential flat which is the only property in my name. Planing to buy a residential plot worth 28-30 lacs taking bank loan only for plot, before March 2017 and get it registered in my name. Further, I wish to start construction of residential house on that plot by March 2017 either giving construction contract with material to a third party with agreement or only labour contract to...

Dear sir My grand father has a land in urban area bought on 1960 which is cost amounting to Rs 5000.00 .Now he is alive and we are planning to sell the property sell value as municipal value is Rs 2.4 Cr.we are seven person blood relatives (my grand mother, father ,mother my two uncles and me) among whom the amount will be shared equally. So now my concern are as follows. 1. How to reduce th...

I sold my bangalore property and the capital gain is 35 lakhs during year 2014. i have paid the tds as rs.35000/= to it dept for 35 lakhs during the year 2014.i am now constructing a new house but this property is in my wife's name. since i am investing my capital gain money for this new house construction purposes. important point to note is that the civil contractor wants me to pay only by ca...

I am looking to purchase a apartment in Bangalore, Karnataka on a resale. There are 3 parties involved here. The original buyer, lets call this individual A. Me, the second buyer. Lets call me B. And the Builder of the apartment. Lets call them C. The first buyer, A, purchased it in the year 2012 and has got a sale agreement for the same. The entire money has gone to the builder from ...

I have a scenario where I am getting different feed backs for this case. Consider a case where a joint housing property of husband and wife is rented out. The loan is being repaid by the husband alone which means he can claim income tax benefit under section 24 and 80C. Now that since the property is rented out, it should be shown as a let out property. My questions are as follows 1. Can the...

Section 5 of the ADB Act, 1966 (Act No. 18 of 1966), which deals with "Conferment of status and certain immunities, exemptions and privileges on Bank and conferment of certain immunities, exemptions and privileges on its officers and employees" states that "Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the...

Hello sir/ma'am, I have a query and i am confident enough that you would clarify my doubt. The thing is i recently joined an institution where i had to teach a particular subject, for 3 hours a day. At the time of joining they told me that i would get paid 10,000 rs per subject. I taught the same subject in 3 of their branches so as per the agreement the total amount which had to receive is r...

How to calculate Indexed value of Flat in in 2016-17 in following case as the payments are made in different financial years having different Cost Inflation Index (CII). Whether the legal costs of purchase (registration fee, stamp duty etc) are also to be considered. indexed and if so, how to do that in case given below. 1) Purchased a Flat as first owner from Army Welfare Housing Organisation...

Hi , I bought residential land in Bangalore on 2014 for 60 lakhs. the land was registered as joint property on me and my wife. As me and my spouse are working we got loan of 40 Lakhs from LIC Housing finance. At the time of registration the seller has paid TDS of 1% to the government. i did not disclose the property details in my IT Returns.As i thought the property details are to be discl...

sir, I Bhateri Devi a family pensioner received arrears in FY 2006-07 for past years.I have claimed relief u/s 89 and file ITR in AY 07-08.For AY 08-09,09-10,10-11,11-12 I have not file ITR bcs my income is below taxable income.In FY 11-12 I have received arrears for 05,06,07.I claimed relief u/s 89 but not submit form 10E.Again in FY 12-13 i have received arrears for 06,07,08,09,10,11,12.Aga...

I have surrendered my old property in Dadar to builder for redevelopment in 2012. He didn't gave us alternate permanent accommodation for redevelopment period instead he paid us rent for almost more than 3 year on monthly basis. Now the redevelopment had been done and I have received new house in January 2016 along with occupation certificate after few months. I want to sell my new house for pu...

GoodDay, Kindly assist me with the notice received from IT dept. I am a seafarer sailing in foreign going ships. i started carrier from July 2012. Notice as follows. Non filing of income tax return reg. 1. The income tax department has received information on financial transactions/activities relating to you. A list of some of the information for the financial year 2013-2014 is ...

I am a semi government teacher and for this financial year/(2016-17) applied for refund(My oral cancer detected in feb 16 and operated on mar 16 so applied refund due to deduction under 80DDB). I got a mail from income tax department yesterday that there was some due on previous years so my refund will adjust if i'll not reply within 30 days. When i check attachment then they calculated t...

During year 2009, our Housing Society got the ownership handed over by the Builder (promoter) via Sale Deed (Conveyance Deed), The housing society is a combination of 6 sub-societies, each one having their own Chairman and Secretary In the conveyance deed, it is mentioned that a certain sum of total amount is paid by all flat owners to the Promoter. The conveyance deed is signed by all the S...

Dear Sir, The matter doesn't fall in any of the categories mentioned above. It is basically fraud matter. My Son, a PR & daughter in law, a Canadian citizen, have a financial dispute owing to credit card fraud by her foster parents on her credit of six years before marriage in Canada, not revealed and learnt at home loan application stage, seven months after marriage. Our son asked ...

Hi, I was a designated partner in an LLP firm for the period 15 Sept 11'- 1 Sept 13 with a capital contribution of Rs.50,000. The annual filing of statements with ROC + return filing was completed for FY 11-12 on 30/08/12. I resigned from the firm on 1 Sept 13. I did not get the fair share of my profits / assets on resignation / exit, and further I did not withdraw my capital contributi...

hello, I’m working for an IT company in India who has sent me ( Temporary transfer with local contract) to EU for 2 yrs ( from Dec 2015) , Now my question is I’ll be finishing my two year tenure in DEC 2017 and will return back to India, so will I’ll be treated as tax resident for India in 2017 ?and I need to pay tax in for entire 2017 in India ? as i saw the below rule and is 180 days rule ...

Infosys & SNCF have decided to form a joint venture for providing specialized IT solutions in the Urban and Regional Transport space. SNCF has a deep understanding of the urban, regional and long distance transport business which it brings to the table. Infosys believes it can bring to the table the best in the industry practices from an IT & ITES perspective. It is with this background that th...