You need to file rectification of return.
Filed ITR-2 for long term capital loss, but received an intimation 143(1)(a)
I filed for a long term capital loss, but instead received a 143(1)(a) showing mismatch. i think i missed to fill any box in section B4 of long term capital gains. i will send you that B4 section as well as intimation 143(1)(a) mismatch details so you can tell me what i need to fill and file a revised return. thanks
Asked 5 years ago in Capital Gains Tax
Dear Sir,
Hope you are doing well !!
You need to revise the ITR now with complete information.
Please share the copy of notice with us.
We may assist you with the revised filing.
Hello,
Yes, you need to revise youe return with complete information.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hi,
Once you share the intimation and files itr, we will be able to tell you the way forward.
Yes you can directly contact me over phone consultation and share the notice on the email mentioned over there and I may help you in revising your return,
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Can i rent a property that i don't own ? From last 2 years, a flat (in my mom's name) is rented to my friend but he transfer the rent in my account and i show it in my ITR ! Is this right or i can get in trouble ?
Asked 5 years ago
Clubbing provisions would be applied and this income should be taxable in your mother's hands.
It is wrong, rent will be taxable in the hands of your mother on the basis of clubbing provisions.
Yes you can rent a property by sub letting the property but then you need to show that income as income from business or other sources and you cant show it as income from house property.
No thats not right to include it in your return of income also by doing that you must be paying more tax as your mom would be in a lower tax bracket than you.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
No,it is not right.
It would be taxable in the hands of your mother due to clubbing provision.
On such an arrangement, the rental income is taxable for your mother. If you want to receive the rents in futures, prepare a rent agreement with your mother. Your income would be of sub-letting then. There could be difference in rent received from tenant and rent paid to your client.
However, a proper tax planning and cost benefit analysis has to be done before executing such agreements.
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