Tax questions

I have booked flat in Oct 2016 and 80% of payment has been made before July 2017 with 4.5% service tax and 1%VAT. Builder is asking me to pay GST @12% on the remaining base payment which causes me extra burden of approx 60,000 INR on the total cost of the flat. I have got an article from CBEC site(http://www.cbec.gov.in/) for more clarification regarding this in which it is said as builder ...

BACKGROUND: I took possession of "ready to move-in" flat, after registration etc..paperwork and loan, in May 2013. Since then have been claiming benefits of EMI payment i.e.- principal and interest under respective sections up to FY 2016-17. I have left job in 2016 to start business, still being set-up and hence for FY 2017-18 am not going to have any income and thus no claim of benefit on...

Respected Sir, I (54 year old) am a Farmer and are three brother. I have PAN but my income couldn't cross the basic exemption limit of IT in any F.Y., so I never filed ITR. We sold a piece of agricultural land (on which Capital Gain Tax is not applicable) on 25.04.2010 and found Rs. 27,00,000/- ( 09 lac for each) & 15 lac as cash (not shown in sale deed) as sale value . I have submitted ch...

Hi, I am working in a MNC in chennai. I am paying Rent of 18k/month in chennai. I am constructing a home in my home town by taking the home loan. It is a two floor building in which my parents are residing in the ground floor and first floor will be let out for Rent. The property is in my father's name. My father took a home loan of 12Lakh in 2014 to construct the ground floor. Now I a...

Hi my name is shadab khan and i have some questions related to GST. Let me clear my business model first. My business is dropship products from china to any other country except india. Let me give you brief info on that i have a online ecommerce website and i am posting products on my website from chinese website called aliexpress.com which sells product on wholesale rates. I post products on m...

Sir, I am a Government electrical contractor, in the past 3 months back i have taken a contract of Rs.8.64 Lakh of Supplying & erection of pumping machinery for water supply purpose. In this contract, I have purchased Pumps, Motors, Cables, Control panels and starter by paying GST. I have paid GST of 12% for Pump & Motor and 18% for Cables, Control panels and starter. I have feed the details of...

Hey there. I'm an Indian resident, planning to start a drop-shipping business on a niche category by creating an online store. This is my first time trying to sell anything online. I'm also not aware of the legal requirements to setup a drop-shipping store in India. I do not have a registered company, nor a current account or GST registration. Can I still make a store and start selling onl...

HI All, I have a couple of questions around CGT calculations and some procedures. 1. First of all, what is the actual percentage which is to be applied? Mine is a LTCG, over 50 lacs but under 1 cr, so TDS (u/s 195, i think) percentage is 22.88%? Believe me, every site has a different figure. So break up is 20% plus 10% surcharge plus 4 % Ed & health cess makes it 20.88. Is this correct? ...

Dear Experts, Sincere Greetings, My friend owes flat of about 500 Sq. Feet in ownership Co-operative Housing Society since last 45 years in Mumbai. Since last 9 years he is having litigation with builder who has illegally constructed additional floors above existing old building of Society wherein my friend stays. Now, builder has compromise with my friend and filed consent decree i...

Hi, I have got two queries. I am going to start my import /export business this month. I will be using two business models. 1. First, i will be purchasing glass goods from India and exporting these to us and Europe. I have worked closely with other people in the same industry but they do not pay taxes at all. They just buy the goods and send them without paying even a single penny as tax...

Hi, I am planning to buy a property in bangalore from a NRI seller. Recently I heard about the TDS that needs to be deducted while buying property from NRI. When I discussed about this with my NRI seller he gave me the below response "According to my CA/lawyer, my tax liability is expected to be much lower because of negative capital gain (actual loss). So he asked not to take TDS, because on...

Dear Team, Please guide me . I am bit confused about how to take tax benefits against of my home loans. I tell you in Details : In 2014 , me & my brother jointly bought a flat.My brother is main applicant & I am co Applicant on the same property , but the loan is being deducted from my brother account only. But till now ,we both haven't taken any tax benefits on this property. Now last y...

My professional consultancy Income and Management consultant is less tha rs 20 lacs for AY 2018-19, My CA states as under, Pls guide me whether I fall under the presumptive Scheme category being a Management Consulatant/Professional Rgds Santhanam fm Mumbai __________ While yes, there is a presumptive scheme available for professionals with several concessions like NIL documentation and...

Hello Respected CAs, I am launching an ecommerce store which works on the Dropshipping model. A few points: - I don't manufacture anything, I just provide a website for people to place orders - Supplier is based in China - Customers are from across the globe (except India, not a single item will be sold in India) Here is how the order process works: 1. A customer visits my site a...

We own a property held in Joint name of wife (1) and Husband(2). The entire consideration was paid by 1, and in Income Tax filing property is shown as paid by 1. Rent on the property is also recd only by 1. Now when we intend to sell the property ( it is worth more than 50 Lacs), the buyer may insist that he pays the consideration jointly or 50% each to the two regd owners ( i.e. both 1 &2). ...

Hi, I get my compensation after tds & have all my tax returns for all years. In financial year 2010-11 I transferred INR 5 lakh to my parents as they lived in different city & my father was about to retire from a private job. The amount transferred was bank transfer & nothing in cash. My parents made Fixed deposit so that they can run house from the interest. As the interest amount from FDs...

Hi, We are going to launch our LLP business for our drop shipping. Here we act as a mediator between the customer and the wholesalers from china. Please check below info about our business model. Customer from other country such as USA, UK, Germany will place order on our site using PayPal. That amount will go to our PayPal account. Once the order is placed by customer than we will...

Hello, We have a trust that was established in 2014 and 2017; we amended by making it a full NGO. Under the trust, we are running a School for the last 35 years. We are trying to get 80G, 12A & FCRA made for our Trust. Now before applying for the above, we need to get three years audit report filed to IT. As our school is aided school, half of the teacher's salary is from the governm...

Dear Sir, I had bought a house in Mumbai for 77 lacs & paid 1% tds of 77,0000 on traces in March 2015. However the reflection in assessment year 2015-16 shows the transaction in part A2 and I am seen as the seller of the property and seller is seen as buyer & hence I am not able to generate form 16B. The sellers CA was trying all these years to change the same with sellers AO. I was being told...

Dear Sir/Madam, I have made a sale agreement to NRI (through Power of Attorney) on 15th Jan 2018. I paid Rs. 100000/- as token amount. The Sale agreement was valid for 60 days (i.e. till 16th March 2018). Based on above Sale Agreement I applied for Home Loan and Sellar applied for Lower TDS (under section 195/197). Now my home loan was approved on Feb 10th, 2018 but Seller got Lower TDS certi...