I am planning to start a business with a unique advantage in product pricing. I can procure items at ₹88 per unit—₹5-6 cheaper than the average market price—and sell them at ₹94 per unit. This gives me a competitive edge and attracts buyers due to the affordable pricing.
However, despite this pricing advantage, I’m facing a critical challenge: taxation. With a 30% tax on my profits, I find m...
Hi Sir/Madam,
I had purchased a flat worth 3.25 cr in the year 2018,and had paid 85% amount to builder before completion. However due to some internal dispute between builder and land owner,the property was never handed over to me. So in 2022 he offer me a deal where he made a sale agreement that he has purchased the earler flat from me at a price of 4 cr and sell me a new flat at 4.0 cr. that...
I filed my returns for FY23-24 wherein I claimed exemption us 54 for capital gains on redeveloped flat.
I provide below some key dates and questions:
Confirmation Deed between Builder, Society and me allotting flat No.10 is April 10, 2023
Part Occupation Certificate was given to Builder on August 10, 2023
Occupation Certificate given to Builder on November 9, 2023
Possession Letter is date...
Hi
I provide service as a network consultant for a US company.
It is only a service I am offering and no goods are involved. Billing is monthly.
I receive the payment into my savings bank account. Annual income would be around 30Lakhs.
I have registered for GST on my personal PAN and got the Letter of Undertaking for filing GST without tax. I file the GST returns with 0 tax every month.
...
RESPECTED SIR
I hope you are doing well. I am reaching out to seek your guidance regarding my GST application. I am an online seller on Etsy, and I sell print-on-demand products. My print providers are situated in the USA, and I operate from India. However, I do not send any physical products from India, as the fulfillment is handled entirely by the print providers in the USA.
Additional...
I am in the process of purchasing a property in Kolkata.
I made a mistake in reporting the "Amount on which TDS to be deducted" to seller on my Form 26QB. Although I deposited the correct amount of TDS (i.e. 1% of the total paid) when paying the challan, and my 26QB is also showing the the correct amount but the entire amount was not consumed as I have entered less amount.
I submitted an...
It is well understood that if a HUF member transfers assets to a HUF, then the income from those assets is taxable in the hands of the transferror.
However, many websites that 'income from income' is not taxable in the hands of the transferror. Please see find those below. But I am not able to find this in the bare act. So wanted to ask if the taxability of 'income on income' in the hands o...
Dear Sir/Madam,
I've purchased a residential property in Ghaziabad in 2015 and the builder buyer agreement was executed in Oct 2016. I was allotted the apartment unit number as well. Since then the property is under construction and faced several delays. I took home loan as well to fund the demands by the builder and I have never taken any income tax benefit of interest or principal for the ho...
Hi,
My father had purchased a flat in a registered co-operative housing society in Mumbai in 1974, using his own funds. We are 3 brothers (no sisters) and I am staying abroad (NRI).
The house is in the joint names of all 3 brothers. We all are married and my brothers are staying elsewhere in Mumbai. My parents are deceased and no one occupies the house.
I am planning to buy the shares of...
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Dear Sirs,
I hope you can assist me with the following tax-related queries regarding a real estate transaction between my mother and myself.
My mother sold her house in March 2022 in Haryana, and we used the proceeds to purchase an under-construction property in joint names (my mother's and mine) in April 2022 in Haryana. However, before possession, my mother wishes to withdraw her name s...
Dear Group Members,
I hope this message finds you well.
My spouse is the buyer of a property in India. She is house woman and NRI status. In addition, seller was a senior citizen house woman and Indian residence status.
The Property Purchase Details and the related issue as follows:
• Transaction Amount: INR 60 lacks
• TDS Amount Paid: INR 60,000 (1% of the transaction value)
A demand not...
My Wife as a Co Parcener of the HUF transferred some shares ( Worth in excess of Rs 50,000) to the HUF as a Gift. Post Transfer, WE came to know that although there will not be any Gift Tax, but in future, upon sale of the shares by the HUF the Capital Gains will be Clubbed to my wife. We do not want any Clubbing of income.
ON a separate note, We also understand, Gift of shares to Relatives...
I am a NRI. My Wife as a Co Parcener of the HUF transferred some shares ( Worth in excess of Rs 50,000) to the HUF as a Gift. Post Transfer, WE came to know that although there will not be any Gift Tax, but in future, upon sale of the shares by the HUF the Capital Gains will be Clubbed to my wife. We do not want any Clubbing of income.
ON a separate note, We also understand, Gift of shares ...
Dear Sir/Madam,
I am seeking clarification on the taxation of the unutilized amount in the Capital Gains Account upon its premature closure, as per the provisions of Section 54F of the Income Tax Act.
Brief description of the situation:
1. In May 2022, I realised capital gains which qualifies for exemption under Section 54F of the Income Tax Act.
2. In July 2023, I deposited the capit...
Recently DDA announced the scheme to buy flats in Aug 2024.
I am a NRI (based in middle-east) and my wife is in India.
I want to apply for DDA flat in my wife name the primary reason being, I cannot come to India regularly to complete legal formalities like affidavit, stamping, registration or any other procedure required by DDA from time to time.
Now, my question is that my wife is a hou...
We are 3 brothers, all married and 45 year +. Our mother expired in 2001 and post that our ancestoral property was transferred to my yonger brother fully. My father is alive and lives with my 2 brothers. As property is very old, recently it was sold and entire proceeds were received in my younger brother account. Consent of other 2 brothers including Self and Father was taken as part of entire ...
Hello,
My father inherited a house in Kolkata, which he had sold approximately 27 years back and the property got promoted. He got a flat in exchange and some money which he kept in an FD. My father passed away in 2021 and my mother passed in 2023. The mutation of the property to our names happened in October 2023 directly from my father. Now that both of my parents have passed, me and my br...
Hi, I am an India individual, I have a partnership farm . Me and my wife is a partner on this farm. Currently we start selling petroleum oil product of some refinery of United States and gulf. We are getting commissions from those refinery to sell its product. The commissions will be more a million dollar due to bulk quantities of the products. Ans it's will be 8 crore approx in india currency....
I'm an Indian freelancer, providing translation services, working remotely with Centific Global, a US-based company, from India. I have never been present in the US, nor the US taxpayer, or any connection with the US, except working with a US-based company as a freelancer remotely. I have to submit a TAX form. Based on my circumstances, I am either required to fill up W8-BEN or W8233.
If I ...