Tax questions

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...

GONNA start an business so, i need an answer these for million dollar question

hello, i wanted to start an Dropshipping business under a company registered in India where i will Dropship only to tier 1 countries from other country. Here the goods wont come to or go from India. Pay is accepted from the customer will be via Paypal business account in my website with that amount i will take my profit and place order to the supplier in a website ( light in the box ) where ...

How to submit documents to IT department for returns filed

Respected Sir/s, I have submitted my IT return for FY 2017-2018 on 31st Dec 2018, this was late filing of tax, with penalty. I have shown Interest of Rs 2 Lakhs and Principal of Rs 74000 for the entire FY 2017-2018. The property was taken possession of in June 2017, though they had started giving possession in March 2017. I did not claim other category for property below 50 lakhs , since I ...

Cost of improvement tobe added in indexed cost of valuartion

I SOLD PROPERTY ON 08/05/2015. After keeping proceeds for stipulated period I am on my way to pay tax.While calculating taxable property,in indexed cost of valuar based price ,I added improvement cost ,viz.addition of stairs in [deleted]/,changes and additions in house at the time of shifting in house on retirement of husband from Govt, house to this house 200000/ in 1996-97, STRUCTURAL CHANGE ...

Joint venture agreement and income tax

1) plot no 01 bought on 22-12-03 for price of 2,22,230 (which includes all costs) - by owner no 1 2) plot no 02 bought on 6-8-04 for price of 2,22,000 (which includes all costs) - by owner no 2 on 27-12-13 both owner no 1 & owner no 2 came in joint venture agreement with builder. for 22.5% & 22.5% total of 45% amount/price from sale of flats/units. other than land nothing is done or p...

Tax refund for buying a car

In the month of Feb 2018 I brought new Maruthi Brezza car of worth 12lakh from one of the Maruthi Suzuki showroom in Bangalore. I had taken a car loan and paid the full amount then. While filing my income tax returns in April, under the TDS section I noticed that a tax of 10,000rs was paid from Maruthi Suzuki dealer , I didn't understand it then and went ahead and filled my tax returns. In i...

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%...

NSE Investment under Parents Name - Tax implication and limits

Hello, I am an NRI hence I cannot purchase NSE or any Post office products, my wife stays along with me hence cannot purchase under her name as well. I would like to know if I can purchase NSE (National Savings Certificate) under my mothers and in-laws (Wife Parents). I understand that there is no limit on NSE certificates purchases so they can purchase. Please let me know if there is a cap...

Investment of capital gain of two properties in purchase of 50 % share of residential property

Sir The issue is whether exemption u/s 54 is applicable if one residential property is bought on sale of two properties ( Commercial & Residential ) and what precautions ( i.e drafting purchase deeds ) are to be taken at the time of registration I intend to sell residential property now and sold a commercial property one year ago as per following details {Commercial Property Sold in Sep 2...

Home Loan Repayment

Myself Rahul and my wife Pooja purchase total 4 numbers Residential flats through 4 nos Home Loans and Details are - 1- Purchased 1st 3 BHK 1235 Sq ft through 20 Lakh Home Loan from HDFC Ltd and Home Loan main applicant is Pooja and Co applicant is Rahul but Property is in name of Pooja Only. 2- Purchased 2nd 2 BHK 1220 Sq ft through 26.30 Lakh Home Loan from ICICI Bank Ltd and Home Loan ...

Direct purchase of sand from khadan

Dear sir my client purchase sand, stonechips direct from khadan , he does not get any gst bill from khadan, but when he sells this sand and stonechips to big construction project he charges gst and generate gst bill by adding 5% gst and regularly deposited the gst amount to the goverment as out put tax. as he dos not get any gst input tax from khadan he deposited only the output tax. my ques...

TDS on Purchase of flat from NRI

Dear Sirs / Madams, A flat purchased in December 2017—in Kolkata by my father aged about 80. He is retired and bought the flat from his savings. Sellers – the co-owners ‘Husband and wife ‘..who happen to live/work in Kuwait. Flat purchased value – 23 lakhs , full payment made in cheque, and registration done in December’17. During the negotiation and Registration we only knew that TD...

Clarifications on Margin Scheme.

In Notification No. 10/2017-Central Tax (Rate) New Delhi (dated 28th June 2017) Govt. notified Margin Scheme for relief to the dealers deals in Second Hand Goods from cascading effect of Tax. I have some queries regarding Margin Scheme. 1. Input Tax Credit on purchases made by dealer who opts Margin Scheme 2. Input Tax Credit to the buyer who buys goods from a dealer opted Margin Scheme. 3...

LT Capital Gain Exemption Section 54

Hi We have made an agreement to sell our ancestral house. The property stands in my and my grandmother's name. The sale will entail significant long term capital gains for which we plan to take exemption under Section 54 of IT Act. We plan to purchase a plot and then build a house within one year so Section 54 will certainly be triggered. Both me and my grandmother only own one residential p...

GST for dropshipping

Hi have created my online webstore . I had linked with some 10-15 suppliers. I also made fb insta and Whatsapp groups and sell through them. When I receive a order in my website or on my social media groups I forward it to my supplier/wholesaler/manufacturer and make full payment. My supplier/ manufacturer ships the product to my customer.I usually sell a Rs 100/- more than the price I got/ the...

Gst on maintenance charges

I have purchased a flat in Khativali Village of Shahapur Taluka in Thane District and got possession in 2013. As per agreement for sale I was liable to pay maintenance charges @ 1686/- per month for three years from the date of possession of the flat. Even after three years the builder continued the maintenance charges on the pretext that the Co-operative Housing Society would be formed when th...

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...

Issue in transferring Service Tax Credit in GST Regime OR Claiming Service Tax Refund

We were having Service Tax Credit of Rs. 64,090/-. We were wishing to carry forward this credit into GST when GST has been made applicable from 01/07/2017 through GST Trans-1. We have filed Original Service Tax Return of Q1 of F.Y. 2017-18 on 27/07/2017. In the Original ST Return credit figure of above sum has been wrongly shown in utilized cell by mistake. Later on at the time of filing Trans...