Tax questions

TDS on property transferred

Hello Keerthiga I bought a Flat through a resale before registration and construction in 2014 and I have now completed all my payments to the seller and also to the builder. Earlier, the seller had made milestone payments to the builder for which the builder has been deducting TDS and paying to the Govt and the same goes for me. So when the transfer was made to me, a tripartite agreement wa...

Redevelopment of property

Hi My father had purchased a flat (condo) in an Apartment building for a total consideration of INR 1 Lac in Pune in 1983. 2 years ago, all the owners of the block of condos got together and commissioned a builder to redevelop the flats. At that time, the value of the flat was around INR 70-80 Lacs. During the redevelopment, all tenants received a sum of INR15K per month as compensation...

Home Loan by Son for bridging deficit amount from Capital Gains

Dear Sir, My Father (aged 67 years) sold the joint property co-owned by his brothers since last 50-years. The amount received through this Sale is 100% Taxable due to Profits under Capital Gains (Gains is 100% taxable due to property appreciation in last 50-years as per Government declared land Prices in that local SRO.) These funds received through this sale is partly (60% of funds) used ...

Guidance regarding transmission of Demat account

Dear Sir/Madam, I am not sure if this is the right forum to raise this but I need advice and guidance regarding a question I have about transmission of shares in a demat account in the event of death of the sole account holder and the nominee. My grandfather held a demat account in his solo name, he had included my father as a nominee in the said demat account. My grandfather passed away a...

Property sale registration

Sir, Query related against about property registration. One of my close relative and friend as well, he wanted to sell his property, worth Rs.19lacs, since he is unemployed. Having too much family pressure and daughter's education, he had debt almost crossed 8 Lacs, he has been paying 12K for that exist borrowed money for more than 6 years. Property worth Rs.19 lacs. He asked full cash b...

Is service tax payable for development service to foreign clients

Hello, I work as freelance webdeveloper working from Home and I have all my clients outside India. Basically there are two different types of work I perform: I use to sell my softwares on Australian Based Digital Marketplace named Envato (www.envato.com). My softwares are listed on Envato Marketplace and customers from all over the world download the application from that marketplace. ...

Query on Let Out properties

Hi Team, I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay t...

How to claim retention bonus tax refund?

I was given a retention bonus lets say Rs X (post Tax received approx 0.7x) in Dec 2015 (FY 2015-16) with the condition that if I leave the organization during the next two yeras I would need to return the amount. i'm moving on from my organization in March 2017 and I need to now return the pre tax amount to the company. The organization is saying that since this is in the next FY they will n...

Questions for an informative interview assignment.

Hello, I'm doing a informative interview assignment for a course towards my Bachelors in Business Administration with a focus in Accounting, and I was hoping you could answer some questions for me. I only have ten to ask, and I'd appreciate it if you would be able to take the time to answer them. Question #1: Tell me about a typical day? Question #2: What do you do? What are the duties/fu...

Income from Sharing trading not disclosed so far

Hi, I am a salaried person. So far, I have been filling my income tax basis the form-16 from employer. At the parallel, for past 5/6 years I have some bit of direct investment in share market. I have never reported this income/loss from share investment in my annual ITR. Somehow, the annual assessment from department has been positive all the time. Now, how to get this straight since this...

Tax rebate for the losses in the Ponzi schemes

I have invested a sum of around Rs. 10 Lakh in this FY in couple of campanies (Ponzi schemes). But I only got some of the returns from those companies and rest is all loss. So, Is that possible if I can show that investment or payments towards those companies as capital loss or Theft loss in this FY. I have invested this 10 lakh in mine and my family members name. So, we all got some amount ba...

Service tax and miscellaneous

My father, a former PSU employee, a retired pensioner currently, wants to start domaining (buying and selling domain names).Here are some links regarding domaining for your reference: Link 1: http://www.sitepronews.com/2014/07/08/beginners-guide-successful-domaining/ Link 2: http://www.dnoai.com/ 1) From the initial research that I have done on the internet, it seems that domain name (withou...

Buying of property from capital gain fund

Dear Sir/Madam, Our family had long disputed property which has been settled out of court recently from which I received sum of Rs 28 Lakh . When enquired about re-investing I realize that I can utilize these fund for buying property only until then I should park this sum in capital gain account in nationalized band and use it for buying properties in next two years or I should buy gove...

Gift tax

Hi I am living in USA. My wife's sister and her husband has bought some property last year. Now they are in need of showing their income, but as per their tax filing last year, they didn't mention sufficient income. Hence, they are asking me to help them by giving them a gift letter that I gave some 30 lakhs, with which they want to project as they have bought the property with that money....

Property Holding tax to Rourkela Municipal Corporation

It may be kindly noted that the property holding tax pertain to holding no C.269 which has been massively excess billed to so many holds which is not at all any fairness in assessment to property holding Id C.269. As per the substantial verification and reconciliation into the revenue record at Rourkela Municipal Corporation office, the same may be verified that the adjacent holding 50 properti...

Service Tax Exempt or not

I have a private limited company and my turnover is around Rs. 24 L annually. My 80% of this income is derived from websites like elance and odesk, where I bid for projects. Payment received through PayPal, clients pay in USD, PayPal deposits in my bank after converting into Rupees through CitiBank NEFT. In PayPal it shows both these transactions clearly, what client paid in USD and what they t...

TDS on salary not deducted

One of our clients has received Intimation under section 200A of the Income Tax Act, 1961 regarding short deduction of Tax on Salary paid to one of his employee under Section 192. However the amount of short deduction was paid by the employee on self assessment while submitting his own Return of Income. Our client have intimated the ITO TDS that the amount of short deduction has already been pa...

Tax deduction from Medical reestablishment

I am an employee of CMPDIL, RI-I, Asansol, a subsidiary of Coal India Limited. My yearly Income is Rs. six lakes. Due to continue treatment of my wife, its required reestablishment medical bill nearly Rs. 40,000/- per month which prescribed by Medical Officer of Coal India Limited, i.e. at ECL Central Hospital, Kalla, which is under Coal India Limited. as per Sl. No. 24 Section Proviso to secti...

Capital Gain tax on flats sold through development agreement

Hi, I(landlord) have entered into a development agreement with a builder on 1st-June-2015.During filing returns for AY 2016-17 i have showed the long term capital gain arising out of the transfer of undivided share of land to builder(Calculated using the share i received in sft * Construction cost per sft) and paid the corresponding long term capital gains tax. As per this year budget any...

Trc

Sir, good morning,i want to know regarding trc. i am ( nri ) indian passport holder staying in kuwait more than 20 years. i have account in icici bank. i have some policy in icici bank............now icici bank asking me to trc but in kuwait no tax and kuwait government not issue TRC also. I checked with the local authorities here ( Kuwait Ministry) as well as with the Indian Embassy in Kuw...