I am seeking your expert advice on a specific situation related to House Rent Allowance (HRA) and would appreciate your guidance. My employer is giving me HRA allowance.
Here's my situation:
I own a house in the same city where I am employed in Gurgaon, and my family resides there full-time.
Simultaneously, I have taken a house for rent near by and using it for my office work and staying s...
Dear Esteemed experts,
I had purchased an under-construction property (property A) from a builder in March 2022, for which construction stage-wise payments are still going. In FY 22-23, I had sold another property (property B) and used that money to pay for Property A.
I had claimed exemption of LTCG arising on sale of property B for FY22-23 as I had invested that amount in purchase of pr...
Facts of the case:
A. I the Landowner purchased a property being Land & Building vide Registered Deed of Conveyance in the year 1987.
B. In the year April 2021 I entered into a JDA with a Developer for construction of a Commercial Building on the above mentioned Property.
C. It is agreed that the Developer shall construct and handover to me 50% of the Constructed Premises to be constr...
I work as a teacher in delhi government. I joined School A- In the year 2022 I didn’t received my 3 month salary - Aug, Sep and Oct. But when calculating total gross income for tax purpose, school included the amount of these unpaid salaries. Even in the form 16 it was included.
Now coming to year 2023. I transfered to school B.I received the salary as arrear (Aug Sep Oct 2022)in the month o...
Dear Sir,
I own 2 flats in Bengaluru, 1 flat bought under gram panchayat limit with e Khata ( during Jan 2015) at sale deed price 9,75,500 which is owned jointly along with my wife as secondary owner. The other flat which I bought during 29/09/2021 with sale deed value 53,02,000 value which is single owner on my name. Currently both property on Housing loan SBI and LIC respectively. I am plan...
Dear Sir/Madam,
I had purchased a piece of land in April 1988 for Rs. 10,000.
Thereafter, I spent money on its construction, improvement, extention and addition as under :
1. For construction in1994-95 = Rs. 40,000 from my savings informed to my office
2. For construction in 1995-96= Rs.1,04,500 Withdrawal from GPF/from savings informed to office
3. For construction in 1995-96 = Rs; 2,0...
Hello: I am an Indian citizen and I already own one house.
I am in the process of buying one more house for INR 80L. The sales agreement is expected to be signed in March 2024. It will be financed as: INR 20L Equity and INR 60L Home Loan. My EMI will be INR 50K per month.
To fund the same, I will be using Long Term Capital Gains from Equity and Equity MFs.
The purchase cost in 2019 was ...
We are in the process of establishing an affiliate system where we will compensate our affiliates, who could be located anywhere in the world, including India. Our plan is to make most payments in USD via PayPal, but for affiliates based in India, we are considering the option to pay in INR as well.
Could you provide detailed guidance on the following aspects:
Tax Compliance: What are the...
My parents have bought a property,
and the papers are registered with my mother, father, brother and i as owners including our PAN.
The payment was made in full by my parents, but the property is now showing up as a purchase of immovable property in my AIS and has been flagged by the Tax department .
I received the following message:
Attention XYZ (XXXXXXYXYX)
Income Tax Department h...
Can anyone please guide on below:
(1) Mr. x bought a under construction flat from one of an allottee (original buyer) before possession and conveyance deed for Rs. 60 lakhs in FY 2022-23.
(2) Money was paid to the original buyer / allottee in FY 2022-23 after holding TDS @ 1% amounting to Rs. 60,000/-
(3) The flat was transferred by the original buyer/allottee in the name of Mr. x in A...
Jda signed oct.2012. builder not completed (65% only complete and left august 2017 ) the project. builder proceeded to nclt. association challanged in sc . and finally through mediation under retired supreme court judge , the case settled by S.court order( Sept-2020) to take over the project jointly by the land owners and the association and complete the project with own funds and execute the s...
I'm buying an under-construction flat above 50L.. So far I have paid 9% of Total flat cost to builder and 90% will be arranged through Home loan..
The builder is insisting I pay the 1% TDS on the TOTAL Flat cost which I have already paid in Form 26QB.. But there is a column in the form regarding "Amount already paid/credited currently" in which I have mentioned the 9% value paid in actual s...
Hi,
I read articles on your website which were very helpful. I have some query and it would be really great if you could please help me with your suggestions. Thank you very much in advance.
Background:
I am a salaried employee and I had traded in F&O in AY21-22 (only 2 Large transactions during lockdown) and incurred a huge combined loss of approx. Rs.21 lakhs total. This was reported...
I hope this message finds you well. I am currently involved in a complex property sale transaction and need your expert analysis to ensure that the financial structuring aligns with legal and tax compliance.
Sequence of Events and Payments:
Initial Amount Transferred: A sum of ₹13 lakhs was transferred at the outset of this transaction.
Loan Sanctioned: Subsequently, a loan of ₹87 lakhs ...
I am purchasing a property in Delhi in my mother's name. But since she is a housewife with no source of income, I will be her co-borrower in the home loan that we will be borrowing from a bank.
1) Now, given that I will be a home loan co-borrower for that flat that will solely be in my mother's name, will I be able to claim HRA exemption by signing a Rent Agreement with my mother for the sam...
I am the original owner of a flat we purchased in .1973 Our building was redeveloped, and possession given in Feb. 2023.
We may want to sell our flat now, but need to know if long-term or short-term capital gains would apply? We are not purchasing any other flat in India. We were told to wait 3 years by one CA. To avoid short-term CG, when can I sell?
Also, what do I use as the cost-basi...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...
I am reaching out for assistance in understanding the appropriate ITR form that I should be filing, given my professional status as a freelancer. My work encompasses a range of services, including content creation, digital marketing, web development, and blogging, which I provide to various clients.
The options I am considering are 44ADA, 44AD, or ITR-3. However, I am uncertain which of thes...
Hello,
As there are some arbitrage in cryptocurrency exchanges in USA and INDIA , is it legal to send USD to friend in USA and let her buy bitcoin over there and tell her to send those bitcoin to your wallet and later on sell these bitcoins in India?
Scenario is ,
Lets say I transfer 100$ to her US bank account. She buys bitcoin in US crypto exchange and transfer those bitcoins to my wallet....