Tax questions

HRA claim on sublet

I have the following query regarding sublet of property.  A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA. 1. While C is claiming HRA, whose PAN card needs to be furnished for ...

Defective Return - Rectification of defective return after due date

I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them. "Dear Ta...

E-campaign - Compliance message

Hi, I've received the below message Attention xxxxx (PAN XXXXXxxxxxX) Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...

Property rental income vs tds

Property Rental Income Vs TDS Hi, I am an Indian Non-Resident. I have only rental income and interest from my NRO Account. (I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; & (ii) Interest income from NRO account is between R...

Mother selling land and buying another land, family members contribution.

Mother sold land bought in 1999 at a gain of 15,08,000 in 2022. The amount is placed in a capital gains account for exemption from capital gains. Assumption: it can used only for construction in the next 3 years or buying house in next two years under 54F. Intends to use it fully for construction from April 2023 till Dec 2023. Now, mother is buying land for Rs. 13,50,000 consideration pric...

Schedule FA filling

Sub : Filling Schedule FA for AY 2022/ 23 facts in brief are as under 1 . my daughter got married and she went outside india to UK on 27/09/2021 . 2. her stay in India during previous year 2021/ 22 was less than 182 days BUT her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days . 3. she has a foreign bank account in UK. 4. when she went outside In...

Applicability of Tax - Engineering consultancy services

I was an employee till July-22 and from Aug-22 have started Electrical Engineering Consultancy services firm with a sole proprietor. I am expecting my (as an individual) income to cross 20 Lakhs (April to July 4 Months salary and consultancy fees) for FY 22-23. As I understand GST is not mandatory if your turn-over is less than 20 Lakhs. Since, I do not anticipate turnover of my consultancy ser...

Gst for hostel services

As per recent notification from GST, the hotels are required to charge 12% if the room rent is less than 1000 per day. https://www.cnbctv18.com/economy/gst-council-meet-hotel-rooms-below-rs-1000-per-day-to-attract-12-percent-tax-13971862.htm For Hostels & PGs for Students, and Working Professionals, we would like to clarify the following scenarios. Our business - We take properties on ...

Crypto taxes for nri (usa visa holder)

Hi there, I am Raja, a NRI (USA Work visa holder) and I would like to know my income tax obligation in the below scenario I am a cryptocurrency a.k.a virtual digital asset (Bitcoin, Ethereum and etc.,) trader in USA. 1) Buy the crypto currency (Bitcoin, Ethereum) in USA. 2) Send the digital currency to my Bitcoin wallet in India. 3) I sell the digital currency (Bitcoin) from my Bitcoin...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

If carry forward losses, is audit required or not

Equity Taxpnl Statement for Equity from [deleted] to [deleted] Realized Profit Breakdown Intraday/Speculative profit 1912.6 Short Term profit -211.7 Long Term profit 0 Turnover Breakdown Intraday/Speculative turnover 1912.6 Charges Account Head Amount Integrated GST - Z 38.9189 SEBI Turnover Fees - Z 1.2614 Clearing...

Tax implications on a Sale of a Joint Property with GPA

Myself and my sibling hold a joint property in Bangalore in our names. My sibling is currently not in India and may not be in India while selling our joint property hence has made a registered GPA (for sale) appointing me as a lawful attorney. The GPA allows me to receive my sibling's 50% share of sale proceeds too, in my name. We both wish to gift the entire sale proceeds immediately ...

Capital Gains on Resale of Apartment bought through Assignment

Party A (Seller) bought an Apartment directly from Party B (Builder) for Rs.70 Lacs during pre launch 8 years ago in 2014 in Bangalore and Party A deposited 1% TDS in the name/PAN of Party B for this transaction. After completion of construction of the Apartment in 2021, Party A did not register his property and sold the Apartment to Party C (Buyer) for Rs.1.4 Crore through Assignment Agree...

Regarding GST rate applicable

Dear Sir/Madam, I had booked a plot of land measuring 1150 sq ft with a builder at Rs 150000/- in August 2019. He was to build a duplex in the said plot of land with built up area 2061 sq ft( Ground Floor- 837sq ft, 1st Floor 837 sq ft and 2 nd Floor 387 sq ft) and sell the duplex along with the piece of land to me. The total consideration amount agreed was Rs 6500000/-, out of which Rs...

Tax

Currently my age is 56 yrs and have my investments with unrealised capital gains in both short and long term equity shares of stable big companies and paying towards a home loan (only one house) with annual interest repayment above Rs 2 lakhs and Section 80C savings Rs 1.5 lakhs. Other than house I have only equity and bank SB interest income of around Rs 20000 and no other income. Currentl...

Form 12B Queries

Hi, I have query regarding form 12b. I have recently swicthed organization. I am having difficulty in filling up columns 6,7,8 of the form. Also, I don't understand the annexure form. What should be filled in annexure A and annexure B if I am required to do so. Tax computation sheet was provided to me by my previous employer. Below are few of the components of the salary breakup. ...

Capital gains

I joined a housing society in 1987 bought a 1650 sq feet flat by instalments from 1988 to 1992 in delhi.which date will be considered for purchase.or date of possestion or date of draw will be considered for income tax purpose. My total purchase price was rs 640000 n 1992.I am paying rs 3000 per year as house tax to municipal corpration with receipt. I am spending rs 4000 on electricity rs 300...

GST for resale flat without flat completion certificates from authority.

Hi, I am planning to buy resale flat in Pune. This building and said flat has not received completion certificate. Partial completion certificate is received for some flats and those flat owners received possession from builder. Society is also formed by those flat owners. First owner has not received the possession letter from builder. This building is joint venture between first owner (...

Advice on Capital Gain Tax savings while selling Landed property

Dear Sirs, I am having a landed property in Thrissur ,Kerala. As the same is not getting sold , we are planning to start a joint venture with a builder. There will be a huge capital gain tax burden when we sell this property. To avoid that we are planning to buy another small property with a house and remaining amount to invest in Government bonds. But we came to know that maximum in ...