Tax questions

GST on under construction flat

Dear Sir/Mam, Thank you for contacting CBIC Mitra Helpdesk. The reference number for this interaction is Dear Sir, I booked a 2BHK under construction flat in Patna (Bihar) on September 2018 with carpet area 850 sqft (Super built-up area 1060 sqft). As per government it is coming in affordable housing and As per government GST was for affordable housing is 8% in September 2018 but builder is...

Code of ethics for chartered accountants

Actually my question is related to "Code of ethics for chartered accountants" I was not able to find suitable category to post my question so I have posted it in Income Tax Category, So I am sorry about that, but please answer as the answer is of much more value to me Question * I am a 43 yrs men, my elder brother is 46, my mother expired in 2018 (3 yrs back), my father went missing in 1994 (...

Income from Business and Profession - Presumptive Profession (Section 44ADA)

I am a web developer, working as a FREELANCE, and all my payments are digitally transferred to my account directly. I filled my return on ClearTax Website FY2019-2020, where I filled following details: Nature of Business: 14001 - Software Development Section 44 ADA Details: Gross turnover or Gross Receipts= Rs501816/- Total Income as per your calculation= Rs 250910/- Now I got an...

Question regarding Property Registration

I have decided to purchase a apartment worth 71,35,150 which is the amount in agreement cost. I received the below mail from builder and confused which option I should go with and whether either will have any legal implications when I try to sell the apartment later point in time. "With regard to the minimum value and full value amount towards sale deed registration, the details are as follows...

Question regarding GST and Income tax for freelancers working for international clients

I am a freelancer and I have multiple streams of income: 1) I get paid for designing websites for international clients. I receive money on paypal. 2) I am also working as a virtual assistant for an international client and receive payment on paypal. 3) I have a print-on-demand store on teespring and they pay me through paypal. Basically what happens in this type of income is that th...

JDA related - all taxes

Base Info: Landowners: 3 brothers, 2 are Indian citizen one is foreign citizen Land in Metro city: 10000 SFT, inherited by all brothers from parents who expired 20 years ago Land original Purchasse price: Unknown, but very low. JDA Agreement likely to be signed in June 2021 Total estimated value of land @ Rs 20 Lacs per 1000 sft = 2 Crores (20 lacs x 10000 sft) Total Estimated saleabl...

Capital Gains Tax ( sale of house property)

A flat was booked by me in Nov 2006 and a buyer agreement was executed. As per the agreement the builder was to deliver the flat within 36 months.The payment was linked to construction. But the offer of posession was made in october 2016 after receipt of OC from the authorities. Because o considerable delay a case was filed in the consumer court in 2014 demanding penalty as per the agreement...

Vsvs query

A closely held assessee company received share premium during AY2009-10. Its return was processed u/s 143(1). Later in 2015, AO reopened assessment u/s 147. Made addition of Rs.2 crore. CIT(A) confirmed the addition in 2016. In 2nd appeal,assessee challenged addition u/s 68. During hearing before itat, assessee also took additional ground for the first time that notice u/s 148 lacks rea...

Tds

We are NRI and sold our apartment which was more than Rs 2 cr. The deal was signed in End Nov’20 It was sold to a company which decided to take a Bank Loan. They deducted TDS with details as below :- 1. 1% under section 194 2. 22.92% under section 195 This was a mistake but they advised will rectify this issue with the IT department and will notify us so we donot face any issue when we will ...

Tds on buying nri property

I am planning to buy a property from an NRI seller. The consideration amount is INR 50,01,000/-. Seller bought property in 2013 and is selling it now. NRI seller does not intend to avail benefits of any lower TDS. The property will be registered in my wife's name (to save registration charges @ 1% of the consideration). My questions are: 1) What will be the TDS % rate applicable my payment? 2) ...

Sale of joint property...Splitting of Capital Gains

BACKGROUND: 1. Husband bought a flat in 2005 in Gurgaon with 100% own funds. 2. The flat was then registered jointly in Husband’s plus Wife’s name. 3. From 2011, the flat was rented out…..Even though the flat was in joint name, all the rent was included in Husband’s tax return every month. This was done since the flat was bought with only husband’s own money. Rent in wife’s name would have...

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...