Tax questions

TDS with Penalty and Interest

Hi, I am an NRI and I have bought a property in Hyderabad in June 2012, however due to the delay from the builder side I am getting the property next month i.e. Feb 2017. On request from builder I have made the 1% TDS payments on all the installments (home loan and initial payment) to the builder, but the builder at the end decided to deduct TDS payments I made so far from what ever I owe to...

How to save on income tax (fresher)

Hi, I'm a fresher (software professional) working for an IT company in bangalore. I started working since mid July and continue to work in the same company at the same salary. Now the company has asked me to provide investment proofs so that accordingly my tax saving and calculation can be performed. Since I'm a freshers and this is my first job, I have no clue on how to save on taxes. I'm ...

Tax notice - AY 2015-16 - advice required

sir, my mother in law got a it notice through nms for AY 2014-15 for non-filing. i had submitted a response through compliance section of e-portal that her income was below taxable limit as it was so. information i got through compliance section was that a small amount of tds was cut. on the submission of this compliance i did not hear anything from the dept. till now for ay-2014-15. so ther...

HRA and Rental Income from houe properties in same ITR

Dear Sir, I have 2 house properties (1 co owned with my wife but loan portion entirely paid by me) . In same city I have office and my daughter's school in different area so I am staying in rented apartment. Details as below: House property A - Owned - Rental Income - 40K (NET NAV ) House property B - Owned - Rental Income - 110000K (Net NAV) House property C - (Taken on rent for self)...

TDS on NRI Couple selling property to Resident buyer

Property owned by NRI couple Purchased as a semi-finished house in 2010 Sept. for 30 lac, paid 2.2 lac for registration and 4.4 lac for additional construction. owner spent additional 10 lac money to finish the building but all the work was done over period of one year (2010-2011). most of finishing work done by local small time construction workers and paid through cash. Now the same proper...

booking amount taxablity in the hands of an Individual seller

1) Assessee has come into agreement with a Builder for 35% share in constructed flats in exchange of his Land in 2007. 2) After Receiving Allotment letter from Builder , Assessee has received amount as advance against Agreement to sell from ultimate buyers for his 35% allotted flats in single payment of Rs 1.43 crore against 5 (five) Flats in AY 2013-14. During Assessement AO has charged ...

Purchase and sell of Residential plot.

Sir my mom purchase a residential plot in financial year 2013--14. To construct a house for jointly for me and my brother . Planning is done on the basis of to sell a residential plot at same town due to location of old plot is not good. The stamp duty value of land is 71 lakh, our purchase cost is 51 lakh including stamp duty. Our Father is retired persons. We all family members pay the costs ...

Capital Gain on redevelopment of constructed house

Dear Sir, My father purchased Plot of Land in 1979 and constructed house in 1980. Approximate amount of Land was Rs. 27000/- & Construction was of Rs. 200000/-. The whole bunglow was decided to demolish in 2012 and decided to go under redevelopment with a builder. Market value of a plot in March 2012 is Rs.11375500/-. Builder agreed to give 4 Flats in consideration. No any other considera...

agriculture income

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...

Deposit of carried over income in cash

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...

Cash deposit in bank FY 13-14

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...

Joint home loanis beneficial or not?

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...

Service tax to NRI for services provided outside India

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 ...

Section 115jb: book profit - mat

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...

Setup virtual startup company to save income tax

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...

Regular fund transfer to wife/spouse's account

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 ??

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 ...

short term capital gain tax on redeveloped flat

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...

Using Money that I send to Father for 6 years.

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...

Query for Valid Cash Deposit

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...