Looking for some clarity around capital gain taxation on sale of property in case of JDA and landlord selling the share before OC.
Please consider the below series of events
1st July [deleted] syrds land procured on for a value of Rs.10Lakhs
2nd July [deleted] syrds land given to a devloper on JDA and in return taking a 200 syrd villa (land cost 10L + Building cost 15L)
20th Oct 2022 - D...
1) Assessee expired with a WILL.
2) Two persons are named as EXECUTORS.
Question: As per sec. 168 of the Income tax Act, i guess they will have to apply for a separate PAN as AOP, since 2 executors..and they will be assessed as AOP. Kindly confirm.
3) Now, the nominee has received the Mutual funds and they have sold it also and proceeds are lying in the bank. This is the money of the Estate...
I need clear guidance on handling my tax affairs under Section 44AD and its implications for my investment strategy.
My gross income is approximately 45 lakhs, with actual expenses and personal expenditures totaling around 15 lakhs. However, I'm encountering conflicting advice from Chartered Accountants regarding the application of Section 44AD:
-One CA suggests showing actual profits. Af...
I had purchased a flat jointly with my spouse (housewife) in year 2018 and sold it in year 2023. The funds from sale of property were deposited equally in my and wife's account.
Recently I have booked a flat which is under construction and whose possession is in June 2025. The agreement to sale is already done in Feb 2024 and capital gain received from sale of previous flat is transferred to...
Dear All CAs,
I booked an under-construction flat in the Navi Mumbai with a Realty Developer firm in Aug. 2023, starting with the initial booking amount of ₹2 Lakhs and then followed by regular payments at certain intervals of the progress of the construction of Plinth @5% of Agreement Value (AV) and then each floor @2% per floor slab. The Agreement for Sale was registered in this month for a ...
Hi,
I had filed original return for AY 19-20 basis which I had received a refund of 51,880. I had filed a revised return declaring foreign income & foreign tax deducted basis which refund of Rs. 4180 was expected. However, the department did not consider the credit of foreign tax deducted as Form 67 was missed to be filed & department raised a demand of 2,31,800 (which included the refund of...
I am stuck in a difficult situation. Please give me your brutal honest opinion on my situation. Here is my brief story of how I got into this situation.
I got an inheritance of 10 flats in an upscale society in Noida in 2013. Once the flats were handed over to me, I rented out all 10 flats. I received rent for all those 10 flats in cash. I never declared this income. In total I received rent...
1. There is one Company A in whom a group of individuals and a group of Corporates is holding Equity Share Capital
2. Company ‘B’ is one of the corporates holding shares, who is holding 44% stake in Equity Share Capital in the Company A
3. Current Market Value of the company’s existing shares is Rs 155 per share
4. The Board of Directors passed a special resolution to bring a Rights ...
I am British citizen married to Indian citizen and I hold an OCI card as his wife. I have NRE and NRO accounts in India. I have moved money from UK to my Indian NRE accounts wanting to invest in mutual funds and buy property at some point.
We are mostly in India so my tax status is resident only but I have so far not filed as I am not working and have no income in India.
I have a PANCARD and ...
*Sub: Purchase of a flat in Chennai, Tamil Nadu.*
1. A residential flat is purchased at ₹. 49 Lacs and Sale deed registration is done at Govt guidance value which stands at ₹. 32 Lacs. The difference in sum ₹. 17 Lacs (₹. 49 Lacs - ₹. 32 Lacs) is paid by way of cheque to the seller’s relative.
2. The receiver (seller) is willing to file income tax returns for both payments (Guidance valu...
Hello,
I'm a professional software engineer who recently experienced a layoff from a multinational corporation based in Delhi. For the FY2023-24, I worked with this company for the initial 9 months, following which I transitioned into a role as a software consultant with a Turkish company. While taxes were duly paid to the government for the first 9 months of my employment, I understand that...
1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
I am Raghavendra from Bengaluru. I have purchased an under-construction Flat from a Developer in Bengaluru. RERA possession date is December 2027. I completed payment of 10% booking amount(first installment) on 22nd July 2023. Please find below details of 10% Booking amount payment for your reference:
a) 2 Lakh Rs token advance paid on 29th June 2023
b) 713179 Rs - remaining part of 10% boo...
Mr. A purchased residential property from builder in Noida, through regular BBA and allotment letter in July 2016.
Mr A sold the under construction property to Mr. B through builder transfer process i.e. the property got endorsed to Mr. B in Aug.2022 (meaning BBA and allotment letter got endorsed, but no change in allotment)
Mr. B sold the property to Mr. C in Jan.2024, through same endorseme...
I was whole time director for last 6/7 years (our compoany is in West bengal . Rs200 month were deduced as professional tax from my salary for so long years
Now a mail has come from WB tax department asking me to regiter there and pay RS 2500/ year wef from 2020 onwards.
Please advise what to do
regards
J Bhaumik
querry was as under
Sir/Madam,
It appears you are a director (holdin...
Hi,
As a new mobile game development company, we are interested to know how the revenue from the following 3 platforms is treated for the purpose of GST:
1) Apple App Store
2) Google Play Store
3) Google Ad Sense
If anyone has any experience with this, I'd like to know the following:
1) Do these companies give the option to make payments in USD to Indian companies or INR only?
2)...
Hello All,
I have recently started print on demand business for t-shirts in India and planning same for USA, and Canada.
Process Followed For India
1: I am planning to sell through Website to Indian audience within India except few states in North. I shall add designs printed on t shirt and sell it through website
2: When someone orders, t shirt online, it would be passed to vendor who ...
I am an independent consultant in IT working from home in Maharashtra with an income over 50 lakhs.
Firstly, do I need any trade licenses like shop license (shop and establishment acr), PTEC, PTCR?
Secondly, I did not raise invoice with GST for my clients till I was about to cross the threshold of 20 lakhs. Now if raise an invoice, I will be crossing the threshold of 20 lakhs (total woul...
I am a seller based in India sending goods to amazon USA for sale. Since the goods are going on consignment basis to their FBA warehouse in USA, and I realise the payment from Amazon when actually sale happens to individual customers through Amazon USA portal, I am unable to determine the value at which I should create invoice, at the time of shipping. The sale price fluctuates due to discounts...