Tax questions

Whether long term or short term capital gain tax or no tax

Hi Sir, I have one query regarding capital gain tax. A 60 mtr. Plot in Rohini, Delhi Plot was allotted thru draw of priority nos on June 2012 and Allotment-cum-Demand letter was sent on [deleted] for payment of premium of Rs. 15 Lac which is paid by me in three instalments (June, March & May 2015). The physically possession of plot was given to me jointly with my house wife on [deleted] after 3...

Is this true in case of pvt. placement of shares

Hello, Earlier, under old Companies Act regime, many companies accepted share application money under private placement and utilized the same for the business purpose even without allotment of shares. Only Schedule VI of the Old Companies Act provided the manner to treat the same in the Balance Sheet of the Company. I read in some blog that Now, Section 42 of the Companies Act, 2013 puts ...

After withholding to non-resident @ 20% without PAN, no receipts?

USA company that has issued Indian company (payor) their USA Certificate of Tax Residency, did not want to apply for a PAN and be liable for tax returns etc in India (understandable). USA company is asking for the tax withholding receipts based on the amount Indian company withheld and paid, so USA company can offset the amount they lost or that was withheld from India as a Foreign Tax Credi...

Non-Filling of income tax return - letter from IT Department

Sir, I am a farmer(61 yr old) and have agricultural income, my son is abroad who generally send money to my bank account to support family expenses. Yesterday I received letter from income tax department sub "Non-Filling of income tax return" with details like income tax department has received information on financial transactions/activities relating to you and you do not appear to have...

What do I owe

Hello, Thank you in advance for helping me. I am an online freelance graphic designer and I have a few Filipino employees. I do freelance designing for candidates from the US and Europe. I have full control over the pricing of the designs. I am a sole proprietor and receive payment of let's say $2000 a month in my paypal account. Here is what happens after that: => Paypal deducts it'...

Do i have to pay tax on income which i transferred to india

Hi Team, Thanks for your support always. I don't have much knowledge about taxation rules. This if my first onsite assignment. I have been deputed to client location Denmark (Copenhagen) on 25th October 2015. I have been getting indian salary without deducting tax and onsite salary+allowances both into danish bank account in DKK. The onsite salary which i get is after deducting all the...

Income Tax Advise wrt Property / Capital Gains Tax / Loss from Pr

I have my residence in Noida taken 10 years back and I am planning to close the housing loan of the same immediately. The property is in joint name of myself and my wife and we have been claiming the deduction of 1.5 lacs each for interest paid on this property. My wife has taken another residential property nearby and possession of the same has been taken 3 years back. Since she had taken loa...

How to maximise income tax deduction on home loan interest?

My name is Sandeep Mallya. I live in Bangalore. I have purchased an under-construction apartment in Bangalore. I have taken a home loan, which was sanctioned in oct 2012. First disbursement happened in Jan 2013. There has been delay from the side of the builder in handing over the possession of the apartment. I will be getting possession in July 2016 or later. In 2015, I purchased a plot in ...

Notice from Income tax department for non-filling income tax

Dear Sir, I have received notice from Income tax department for non-filling income tax return for AY 2013-2014. My employer had deducted TDS on salary & there is no taxes due. Information summary mentioned: 1. TDS-192A TDS Return - Salary to Employees (Section 192A) 2. TDS-192B TDS Return - Salary to Employees (Section 192B) I had Gross total income of Rs: 4,76,265 for financial year 2...

levy of service tax on construction of flats by builders

Issue of classification of service whether work contract or construction of complex service:- The assessee is engaged in construction of a complex having common area, parking space, swimming pool, airconditioned gym, community hall, separate lounge for staff at stilt level, garden, park and common elevators intended for sale to prospective buyers. The assessee has entered into agreement with ...