Tax questions

Sale of residential property

Sir. I want to sell my res prooerty purchased in 2002 in joint name of me and my wife. And in 2010 i transfer the same in my wife name as famiky gift. Now she is 100% holder. My question is since the sale proceed will go to her bank account. Whether the LTCG can be calculated with full indexing on 100% of purchase cost from 2002 to 2018. Or it will be splitted between me and my wife for the 50%...

NSE Investment under Parents Name - Tax implication and limits

Hello, I am an NRI hence I cannot purchase NSE or any Post office products, my wife stays along with me hence cannot purchase under her name as well. I would like to know if I can purchase NSE (National Savings Certificate) under my mothers and in-laws (Wife Parents). I understand that there is no limit on NSE certificates purchases so they can purchase. Please let me know if there is a cap...

Investment of capital gain of two properties in purchase of 50 % share of residential property

Sir The issue is whether exemption u/s 54 is applicable if one residential property is bought on sale of two properties ( Commercial & Residential ) and what precautions ( i.e drafting purchase deeds ) are to be taken at the time of registration I intend to sell residential property now and sold a commercial property one year ago as per following details {Commercial Property Sold in Sep 2...

Home Loan Repayment

Myself Rahul and my wife Pooja purchase total 4 numbers Residential flats through 4 nos Home Loans and Details are - 1- Purchased 1st 3 BHK 1235 Sq ft through 20 Lakh Home Loan from HDFC Ltd and Home Loan main applicant is Pooja and Co applicant is Rahul but Property is in name of Pooja Only. 2- Purchased 2nd 2 BHK 1220 Sq ft through 26.30 Lakh Home Loan from ICICI Bank Ltd and Home Loan ...

Direct purchase of sand from khadan

Dear sir my client purchase sand, stonechips direct from khadan , he does not get any gst bill from khadan, but when he sells this sand and stonechips to big construction project he charges gst and generate gst bill by adding 5% gst and regularly deposited the gst amount to the goverment as out put tax. as he dos not get any gst input tax from khadan he deposited only the output tax. my ques...

TDS on Purchase of flat from NRI

Dear Sirs / Madams, A flat purchased in December 2017—in Kolkata by my father aged about 80. He is retired and bought the flat from his savings. Sellers – the co-owners ‘Husband and wife ‘..who happen to live/work in Kuwait. Flat purchased value – 23 lakhs , full payment made in cheque, and registration done in December’17. During the negotiation and Registration we only knew that TD...

Clarifications on Margin Scheme.

In Notification No. 10/2017-Central Tax (Rate) New Delhi (dated 28th June 2017) Govt. notified Margin Scheme for relief to the dealers deals in Second Hand Goods from cascading effect of Tax. I have some queries regarding Margin Scheme. 1. Input Tax Credit on purchases made by dealer who opts Margin Scheme 2. Input Tax Credit to the buyer who buys goods from a dealer opted Margin Scheme. 3...

Gift from father and capital gain tax on undre construction property

Dear Sir, Query No 1 - My Father has sold Inherent property of INR 10.20 Lakh in August 2017 and he paid whole amount in my home loan to clear my debt and it is already shown in my Father ITR for AY 2018-2019 and now my question is that total my father repay part payment of my Home Loan of INR 11.00 Lakh from that amount and I want to show that whole amount in my ITR as exempted income ( G...

LT Capital Gain Exemption Section 54

Hi We have made an agreement to sell our ancestral house. The property stands in my and my grandmother's name. The sale will entail significant long term capital gains for which we plan to take exemption under Section 54 of IT Act. We plan to purchase a plot and then build a house within one year so Section 54 will certainly be triggered. Both me and my grandmother only own one residential p...

GST for dropshipping

Hi have created my online webstore . I had linked with some 10-15 suppliers. I also made fb insta and Whatsapp groups and sell through them. When I receive a order in my website or on my social media groups I forward it to my supplier/wholesaler/manufacturer and make full payment. My supplier/ manufacturer ships the product to my customer.I usually sell a Rs 100/- more than the price I got/ the...