BACKGROUND:
1. Husband bought a flat in 2005 in Gurgaon with 100% own funds.
2. The flat was then registered jointly in Husband’s plus Wife’s name.
3. From 2011, the flat was rented out…..Even though the flat was in joint name, all the rent was included in Husband’s tax return every month. This was done since the flat was bought with only husband’s own money. Rent in wife’s name would have...
My Father Purchased a Plot of 5360 Sq.ft in 1995 and made a registered Sale deed on to my name in 06.10.2015.
In the Sale Deed of 06.10.2015, 1.26 Crore was the sale amount mentioned in the Sale Deed. However, there was no real money involved as it was a transaction between Father and Son.
On 15.12.2017, i have entered in to JDA with a builder and have got 6 flats as part of my share and sol...
I purchased a residential property jointly for earning rental income in 2015. My sister is a joint owner in this property. The property purchase was funded by my Dad who is no more now. Since 2016 we are getting rental income and I am managing the property.
For tax purpose, the 100% rental income from this property is declared in my ITR alone for last 3 years since I have been using the entire...
Hello,
I purchased a property from SBI at Rs 90 Lakh and thereafter Sale Certificate was issue to me under SARFAESI Act. I duly paid the stamp duty and registered the property at a market value that is Rs 1.45 cr as on 2018. In the mean time I also paid TDS of 1% that is Rs 90000.
Now I receive notice from Income Tax, stating that I need to pay tax as my purchase price is less than market...
Good day. I sold my 1Bhk flat post 14 years of occupation and brought a 3BHK flat in an under construction property in 2014 on the 42nd floor taking care that the money taxable under capital gains Is invested completely into the new property. During sale the verbal agreement was that the possession would be in August 2017, however when agreement with builder was finally done in 2016 the possess...
Property (one) Bearing Municipal No. 60 (Residential House, in occupation of the owner)
No portion of it has been let-out or no financial benefit was derived
Property (Two) Bearing Municipal No. 7/201/2-3 which consists as following:
Residential Portion (House) Ist Floor, Bearing Municipal No. 7/201(in occupation of the owners) No portion of it has been let-out or no financial benefit was d...
Hi,
I have a web design agency in Rajkot, Gujarat. I have a question related to GST. I know that I don't need a GST number if my annual turn over is less than 20lacs. I'm expecting to reach turn over 20 lacs this year and here is my situation:
1. It is a proprietary firm.
2. I don't have GST number yet. I'm filing regular income tax returns and also pay advanced tax.
3. All my income is...
In March, 2020 because of the COVID pandemic and end of financial year, Ministry of Finance declared that the tax savings for the FY 2019-2020 can be done till 30th June, 2020 w.r.t PPF accounts and other savings instruments. Here is the update from the Income Tax department on this - twitter.com/FinMinIndia/status/[deleted]
Based on the above guidelines, I opened a new PPF account on 30th ...
Booked a flat with a builder in 2010 and he failed to deliver the flat and offered possession after 6-7 years. We had approached the NCDRC and we opted for refund and NCDRC ordered in 2018, Refund of the entire amount with compensation in the form of simple interest @11 (compensation in the form of simple interest ).
Is the interest part which is as compensation in this case taxable.
We have...
Hello,
I live in Bangalore and I am have started a dropshipping business business from my own website www.myWebStoreShopping.com. My target customers are from across the globe, including India. And once the customer places an order from my website I forward that order to my suppliers based in China who then ships the order directly to my customer irrespective of the location. (international c...
Case:
1. I (buyer) am buying a ready-to-move apartment in bangalore from seller (Cost excluding registration - 78L)
2. Seller had sales & Construction agreement for this property with builder when it was under construction in Mar-2016 (Sales Agreement - 20L Approx. & Construction Agreement - 60L Approx.). He has deducted 1% TDS for the same against builder.
3. There is only sales & construc...
I have foreign income from US via salary and my tax got deducted in US.
I stayed in India for more than 182 days , so I am resident. I need to file ITR with Resident Status.
While calculation of US tax credit can be consider the Federal and State Taxes deducted and get credit for them in India?
I see some confusion in the rules regarding the Tax credit for State Taxes in United states...
I’m an employee of a Public Sector Undertaking in India and on foreign assignment since 31st March, 2017 NRI and stayed abroad for more than 182 days in FY 2018-19/AY 2019-20 and not stayed in India for more than 30 days at a stretch in India (Working abroad on 60 days duty and 30 days off pattern)
I’m receiving my monthly salary abroad in foreign currency. As part of my salary I’ve received E...
I was a proposal engineer working in the marketing division of a private firm which undertakes execution of turnkey mineral processing projects. I used to do necessary proposal engineering and BOQ/Cost estimation while quoting for such projects during tendering stage.
I superannuated in 2016 but was contracted by my company in 2018-19 as a consultant, to do the same proposal engineering work ...
Hi,
I am Pranshu Gupta, regularly filing my tax returns, I'd some doubts and wish to clear the same from your experts. Please find below my scenario & query-
Home loan sanctioned/ disbursed on 14th November 2014 from HDFC to my builder: Rs. 30 lakh
EMI started on my home loan after 1.5 years e.g. 01 April 2016 (as per my payment plan NO EMI TILL POSSESSION): Rs. 26661 per month
Howeve...
Ours is a co op Hou society in Thane Registered since past 40 years. We are owners of full land as per conveyance deed. Part of the land is ground and Thane Municipal corporation ( TMC) occupied it for many years without any documents of possession
Area of ground is 1800 sq mtrs and market value of the land is around Rs 6 crores
TMC agreed to give us 1 T D R FSI
OUR SOCIETY AGREED TO PAR...
I am a doctor having some salaried income and a bigger portion from professional practice. I also have a small income from overseas as a consultant. I therefore filed ITR 3 in AY 2018-19. As I do not maintain books of account, I opted for Presumptive Income from Profession (44ADA) and thus selected the No Accounts Case in ITR 3 (General Section).
Under Part A - BS for Balance Sheet, I filled...
I have started a small enterprise (like a freelancer) with 2/3 people to provide technical service and sales to the industries. My enterprise is Proprietary ship, get trade license from local Panchayet and a have company current bank account.
I do provide service ( plan to sales) on all over India. I have contacts.
I neither have GST registration nor applied yet. And as of now also not in...
I have the redeveloped flat in a co op society at kandivali..
Redevelopment project details is as under
Date of paa agreement: 13/2/2013 date of possession: 31/1/201615
date of noc: noc not recd yet date og dev agreement : 13/04/2010
Detail of flat area:- old flat new flat total
Carpet area sq ft [deleted]
Area for s duty cal' n sq ft 1129.[deleted] (purchased)
Area in sq m 104.[dele...
Hi,
I need some details on what will be my residency status for tax for the current FY 2019-20.
I have gone through several Indian tax related sites to have an idea on this but got confused after reading.
Below are few information :
i) Moved to USA in Mar-2017 month for employment on H1B visa.
ii) Planning to return to India either during
a) Aug 2019 or
b) Oct 2019
My queries ar...