Tax questions

Sir/Madam meri mother key naam sey 10 acer kirsi bhoomi hai meri mother income tax return file karti thi unki koi dusri income nahi thi mera business hai mey bhi file income tax mey subbmit karta hu mera younger brother bhi hai jo apna pvt kaam karta hai lekin income tax file nahi karta hai PAN card sabkey pass hai meri mother ka dehant 2011 mey ho gaya unki file mey 7-8 lakh rupya cash in h...

I am a fifty nine years old lady living with my husband and son both earning and taking care of all house hold expenses. All of us are IT assesees with no tax liability since our income is below the limit. I personally own a house which I have let out for a rent of Rs.Thirty thousand per month and keep the rent received in cash for the past two years in my house, amounting to Rs.Seven lakhs i...

Hi, I am a salaried employee in FY 13 - 14 and I had deposited around 3.25 lac rupees in cash in bank account which is in the name of mine as first holder, my father as a second holder, and my grandmother as a third joint holder. This cash deposit consits of Rs. 10000 deposited in each month from my salaried income which is 225000 gross and there was one high value cash deposit of Rs 175000...

Hello There, We are another working salaried couple in bangalore. My wife comes in 20% tax bracket and i comes in 10% bracket(almost touching 20% IT bracket) And going to buy our first property worth 33L. Doing upfront 20% down payment and availing 80% home loan from SBI. Our goal is to obviously save income tax and also create another source of income by letting out this property. Queries/do...

Dear team, Requesting for your guidance here. I am Non-Resident Indian. I have booked tour with Indian tour company and I have requested for their services outside India. i.e. I am taking their services in London and leaving their services in Rome without touching the ground of India. I understand, I am NRI and rendering services of Indian company outside India, in such case I am not ...

Dear Friends, Under Section 115JB of IT Act 1961, in order to Compute Book Profit, the following is to be reduced from Profit/Loss as per Companies Act 2013: (i) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account. Explanation.-For the purposes of this clause,- (a) the loss shall not include depreciation; (b) the provisions of thi...

Hey all, sorry if i'm asking any irrelevant question to you. Please help if you can. I'm a guy from Chennai doing software development and earning about 25Lakhs per annum. I am a single person working from home and getting paid from a foreign country. They send me in USD and I receive as INR in my local saving account. There is a fixed monthly income of around 2L. It will be a big amount fo...

Hi Team, Hope you are doing good. I need to understand few simple rules and procedures about my questions (cases). 1. I have a partnership form and we are 3 partners working, but no employee. We are earning around 1,20,000 Rs. per month. So each of us get around 37,000-38,000 Rs. after paying all the expenses for the firm. Earlier I was not in a tax slab, but now I am, so I will pay th...

Anyone help me I had given loan to a person for interest? Now he is giving back my money, The amount is 10 lakhs do I need to pay tax? I given this loan in 2013 , I hardly worked for more than 6 years to earn that money , I saved a lot to earn that money , I had given 3.5 lakh as NEFT transfer from my bank a/c,Due to some reasons I had sent rest 6.5 lakh in the form of cheque from my relatives ...

Ours is coop hsg. soc.situated in south mumbai.we have redeveloped the society on our own by giving private contract instead of appointing any builder under rule 33/7.Extra FSI was taken by existing soc members only by contributing the funds as per rate decided for per sq ft basis.the work started in 2008 & completed in 2015.possession given on March 2015. The original area was 290 sq ft c...

Hi Sir Me and my wife are salaried individuals. I have been working since 6 years and my wife since 4 years. We are filing ITR every year. My wife transfers some amount every month to my bank account . I add them to my savings and transferred amount every month to my fathers account. We are doing this since 6 years to accumulate money to purchase a home. My father withdrew that amount every m...

Hi TaxFull Team, This is Vishal. I have a query on the cash deposit in the banks. Since there are multiple messages are circulating recently due to demonetization step by our PM, which is great step. But there are some confusion and rumors as well regarding cash deposits. So my query is: From USA where i work, I have transferred amounts to my father for buying a plot since March 2016 i...

WebGoogle+GmailCalendarmore ? Sent Mail Search Yesterday me Superannuation benefits Sir, My father was a government employee who retired from services wef 31.10.2015. Subsequently he received Leave Salary money, Gratuity, Provisional Pension and PF Settlement amount deposited into his Oct 21 me, Pantel 9 DTDC C/No.V32363438 Inbox Dear Sir, Thank you for contact us. We have dispatch...

Dear Sir, mera name Jayesh Patel he. Me Ahmedabad se hu.Mera question ye hain ki mene abhi ek flat kharida hain. Uski loan amount hain 15 Lac. Loan to pass ho gayi hain aur uska check bhi aa gaya hain. 8,50000 ka check builder ke name par hain aur 645000 ka check mere name ka hain. Mene ab tak 14 Lac Rs pay kar diye hain. Flat ki price 20 Lac hain. Ab builder ka kehna hain ki muje baki ke 6 L...

Dear Sir / Madam, I am a individual resident and tax payer of India. I file my returns regularly every year since 1995 and all my assessments have been completed uptill AY 2016-17 and refund paid to me. I am a retired teacher and living on my savings income which is total slightly less than 5 Lakhs. Since 2013 I have been filing IT returns online to get me TDS refund. And my TDS refund has b...

I am from Kerala and working in Central Government Autonomous Body. My father-in-law gave Rs. 5.00 lacs to buy house in 1999. That time we were in Ghaziabad, UP. Due to some family problem, we sold the house in 2007 with an amount of Rs. 13.50 lacs. We constructed house in my land in Kerala using the money of my wife’s. She is housewife. From every month salary I sent money to her account after...

Hello, Interest on NRE FDs (Rupee) taxable for RNOR? please tell wrt FEMA & IT 2. Interest on NRE FDs (Rupee) taxable for Resident? please tell wrt FEMA and IT 3. Have multiple residential properties. 1 property was vacant for around 8-9 months and thereafter sold. Will tax be payable on "deemed income" basis for those 8-9 months? 4. My FY16 return not filed yet. If I file now and if I see...

I am currently an Indian National and planning to move to Kigali, Rwanda in January 2017. There are few questions which I had. 1. Would I have to pay taxes to Govt. of Rwanda as well as Govt. of India both ? I read somewhere that India and Rwanda do not have Double Tax Avoidance Agreement. 2. If have an account at a Bank in Rwanda and my employer transfers the money there, could the sam...

I live in a residential flat which is the only property in my name. Planing to buy a residential plot worth 28-30 lacs taking bank loan only for plot, before March 2017 and get it registered in my name. Further, I wish to start construction of residential house on that plot by March 2017 either giving construction contract with material to a third party with agreement or only labour contract to...

Dear sir My grand father has a land in urban area bought on 1960 which is cost amounting to Rs 5000.00 .Now he is alive and we are planning to sell the property sell value as municipal value is Rs 2.4 Cr.we are seven person blood relatives (my grand mother, father ,mother my two uncles and me) among whom the amount will be shared equally. So now my concern are as follows. 1. How to reduce th...