Tax questions

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...

Category of gst

Company is selling single units under row housing to customers Company will sign single agreement with the customer that company will first sell the plot to customer and get the registry done in the name of prospective customer and once the Registry will be done in the name of customer, the construction activities on the same registered plot will begin. Sequence of activities: Company will...

Notice Under Clause(i), Sub-Section (1) of Section 142 of the Income-Tax Act, 1961

In connection with assessment for assessment year 2017-18, you are required to prepare a true and correct return of your income in respect of which you are assessable under the Income-tax Act, 1961 (Act), during the previous year relevant to the assessment year, mentioned above. The said return of income should be in appropriate form as prescribed in Rule 12 of the Income Tax Rules, 1962 an...

US citizen tax liability in India

I am a US citizen. I have been living in India for some time now and have become a Resident Ordinarily Resident for tax purposes for the period April 1, 2018 to March 31, 2019. I am retired and do not have any income from Indian sources. My income is from (a) pension from Teachers Retirement System in USA, and (b) investments in USA. When I file my Income Tax return in India, do I have ...

Exemption in Sec. 54 F on amount incurred prior to sale of original asset.

(a)I have booked a flat in ₹40 lacs in Feb 2015. And agreement made in Feb 2016. (b)The date of completion of project as per my agreement was in Approx 30 months I.e, in August 2018, but the project is still ongoing and God knows when it will complete. (c) I have made a payment of ₹10 lacs in the year 2015 before agreement and 20 lacs from 2016 to 2017 from bank loan. (d) In between I sold a...