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...
In today's fast-paced academic landscape, where coursework and assignments are increasingly reliant on digital resources, the ability to efficiently retrieve and recover low school grades can make all the difference in a student's success. This is where Web Bailiff Contractor emerges as a game-changing tool, empowering students to regain control of their academic journey. This innovative softwa...
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 ...
One Hosing Society has been registered under West Bengal Apartment Owners Act,1972.The Association has applied for TAN and the same has been allotted to the Association.The Association's annual receipt is approximately Rs1900000.00.The Major payments incude Rs350000.00 and Rs346000.00 for Elevator AMC and SecurityAMC respectively. The fourth letter of the PAN is A,i.e., the society is considere...
Hi,
I bought an under construction apartment in 2006 directly from a local builder and paid via installments (a total of 22.5 Lakhs) for which an agreement for sale was executed and installments were paid based on construction progress, I was also able to finance a part of the purchase via home loan from bank using the AFS as basis for 17 lakhs which I was able to repay with interest in arou...
Received this notice from Income tax
Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which ...
Sir, I had e-filed my ITR-1 for Assessment Year 2020-21 u/s 139(1) on 05.09.2020 which was submitted successfully and e- verified.The Income tax department asked me to file form 10E to get relief u/s 89 which I had submitted on 08/09/2020. I got the less Refund Order 13/12/20. The department sent me SMS on 19/12/20 and 'regretted that inconveniently your claim u/s 89 was not processed and revis...
Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate for...
Respected Sir/Madam,
I hope this message finds you well. I seek your guidance on filing my Income Tax Return for the financial year 2023-2024. Here are the details of my situation:
Nature of Income:
I am engaged in creating and selling online courses on Udemy, a US-based e-learning platform.
My total income from Udemy for the FY 2023-2024 is approximately ₹3 Lakh, with no other sources ...
I have booked a flat in a multi-storied complex (being constructed by a builder), for 1 Cr. in joint name with my spouse (say, in names “A” & “B” with 50-50% holding each as per agreement). Installments are linked with the construction stages spread over 3 years and payment commenced from January 2023. By now, 6 installments have been paid in the past 18 months corresponding with 65% constructi...