Tax questions

Capital Gains Tax or Business Income on Sale of Property

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...

Capital Gain claim on selling joint property

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...

Purchased property under sarfaesi act

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...

Concerns in Buying a new house

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...

House property

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...

GST for turn over > 20lacs where income is from non-Indian clients

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...

New ppf account and covid guidelines from govt

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 ...

Compensation as interest ordered by NCDRC

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...

Gst

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...

TDS applicability for Property Assignment Case

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...

Foreign Tax Credit for US Income and Tax - Federal and State.

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...

Nri

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...

Itr form applicable

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 ...

Home loan - Tax related query

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...

Tdr. transfer of development right valuation and income tax calculation

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...

Error Code 311 - ITR 3 - AY 2018-19

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...

Non GST Registered, PAN India technical service provider / goods buyer-seller

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...

C g taxon redevelopment project

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...

Quaery on Tax residency 2019-20

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...

Gst

Checking the records for one of our client we came to know the GSTN is of Partnership firm and whereas the client is carrying on the business in the capacity of Proprietorship Firm. Brief Background is that that during the VAT regime the client was registered as Partnership firm. Due to death of one of the partner the partnership firm cease to exist. The other partner took over the business an...