Tax questions

Capital Gains investment in residential property funded equally by daughter.

I purchased a plot in 2005 paying cheque amounting to Rs 65,800. It was registered in January 2015 indicating the said amount as well as the then current (Jan 2015) market value of Rs 18,59,000. Now I plan to sell the said plot after 3 years of registration and if I get some 20L then plan to invest that total amount in purchase of a flat for some 40L where my unmarried daughter plans to invest ...

Sub agent tour operator

I am a Travel agent in Mumbai. If I purchase a Europe package of Rs.10 lakhs for a family from our supplier in India I will have to pay 5% gst to package tour supplier on entire package ie. Total Rs.10,50,000/- including 5% GST, but when I sell this same package to my client will I have to charge GST from my passenger once again on the entier package amount ie.- 10,50,000/- + 25000 my ser...

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-...

Capital gain tax benefit without registry and only transfer

Dear Team, My father has sold a plot in Haryana (after 8 years of possession) and now to save capital gain tax, he is planning to invest the gain amount in a flat in Noida with me and my wife as partners. There is a property where the builder has dues towards Noida authority and thus the registry is not being done and the owners have just the possession letter with them. As there is no regist...

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...

Gstin

Hi Team I am an individual looking to start a business of buying and selling online and may look to spin of a offline retail store in a year if it is profitable. At the starting point unsure if it is wise to start as a individual or as a registered firm, the reason being I work alone and do not foresee hiring employees or partners at least in the next 2 years. At the same time, I do want ...

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 ...

Gst liability of landowners in jda

Request to please provide reply to my email on the below request. We have entered into Joint Development Agreement (JDA) in Sept '16 and Supplementary Agreement in April '17 with the details of identified flats with Builder with 50%-50% ratio and the possession of flat will be given to us by end of May 2018. Builder is now insisting us to pay GST on our self occupied flats. I need your guida...

GST on the flat booked before GST implementation

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 ...

Sale of property under HomeLoan

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...

What I should do...??

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...

Need clarification in House Loan and Rent Tax declaration

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...

Is it GST mandatory On Dropshipping Business?

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...

Payment of GST on Works Contract

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...

Getting Started with Drop-Shipping in India

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...

NRI selling property in india

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? ...

Tax on Flat received under Court Consent Decree

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...

Export tax advice

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...