Tax questions on Income Tax

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%...

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...

CAR loan availed by company but cost has increased - can apply excess amount in capital loss?

Hello I had availed a car loan in 2013 from my employer under Company owned CAR loan with zero interest, road cost and insurance cost for next 4 years will be incurred by the company. Loan has completed in Jun 2017 but at the end company has entered a perquisite value of around Rs. 2.6L in my salary slip as “Assets transferred to employee” due to which my annual income has increased and tax ...

154 order received an email

Mr / Ms / Messrs DEEPAK KUMAR HOLALKERE BASAVARAJAPPA, Please find attached, the order relating to Rectification under Section 154 of Income Tax Act, 1961, for PAN AKJXXXXX2Q with respect to the Income Tax Return filed for Assessment Year 2015-16. The attached digital communication is authenticated by a digital signature obtained from a certifying authority under the Information Techno...

Tax on Compensation awarded by Court

I am 70 yrs old senior citizen. I was fighting a legal battle with my employer NPCIL for last 25 yrs. Now the case is decided in S C. NPCIL wrongly relieved me from service on 16 Sep.1992. I appealed in SB High Court,where order was in my favour,NPCIL appealed in DB High Court, here also order was in my favour for re instatement. Against this order of DB High Court, NPCIL filed SLP, where Supr...

Tax Refund

I am NRI president of a Japanese company. My company filed tax return for 2017-18 by using a CA in Delhi. My company is not registered in India so this company cannot open a bank account in an Indian bank. My CA told me that now I can get the refund in a foreign bank account and he gave my foreign bank account in the forms. https://timesofindia.indiatimes.com/business/india-business/nris-...

Received a notice under section 139(9) for defective returns

I have received a notice from IT department for having filed defective return for AY 2016-17. The notice says: Error Code 86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3) persons carrying o...

Income tax on fixed deposits in the name of Apartment Association

Dear sir, Our Apartment (with 20 flats) is having Association. This Owners Welfare Association is registered and we also obtained PAN number. We have opened a Savings Bank account in "The Visakhapatnam Co-operative Bank"in the name of the Association. The excess amounts available from monthly collections are kept in the SB account. We have also collected corpus fund from all 20 flat owners...

Notice under Sub Section (1) of section of 142 of income tax

Sir/ Madam/ M/s, In connection with the assessment for the assessment year 2016-17 you are required to: a) Furnish or cause to be furnished on or before 24/05/2018 at 02:45 PM the accounts and documents specified overleaf. b) Furnish and verified in the prescribed manner under Rule 14 of I.T. Rules 1962 the information called for as per annexure and on the points or matters specified there...

Regarding Portuguese Civil Code 5a

1) Husband and Wife are governed by Portuguese Civil Code 5A. Husband as a singly-held FD, whose interest in the year amounted to 1 lac. He showed 50000 as interest income in his ITR form, and 50000 as interest in Wife's ITR Form. Interest credited by bank is only seen in form 26AS of only Husband as FD is created in his singly-held bank account. After calculation of Income Tax in ITR, refund ...