Tax questions

Retirement benefits

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...

income gain

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...

Penalty and tax on depositing Rs 500 old notes into my saving A/c

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...

Request for doubt

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...

Interest on nre fds (not rfc) for a person who is RNOR & others

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...

Taxes for nri

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...

Capital gain on house property

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...

Sale of land

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...

How to show it about capital gain investment & also claim rs.35k

I sold my bangalore property and the capital gain is 35 lakhs during year 2014. i have paid the tds as rs.35000/= to it dept for 35 lakhs during the year 2014.i am now constructing a new house but this property is in my wife's name. since i am investing my capital gain money for this new house construction purposes. important point to note is that the civil contractor wants me to pay only by ca...

Applicability of Service Tax and VAT on resale of Property before

I am looking to purchase a apartment in Bangalore, Karnataka on a resale. There are 3 parties involved here. The original buyer, lets call this individual A. Me, the second buyer. Lets call me B. And the Builder of the apartment. Lets call them C. The first buyer, A, purchased it in the year 2012 and has got a sale agreement for the same. The entire money has gone to the builder from ...

Tax deduction on co-owned let out housing property and rental inc

I have a scenario where I am getting different feed backs for this case. Consider a case where a joint housing property of husband and wife is rented out. The loan is being repaid by the husband alone which means he can claim income tax benefit under section 24 and 80C. Now that since the property is rented out, it should be shown as a let out property. My questions are as follows 1. Can the...

Salaries and emoluments paid by Asian Development Bank

Section 5 of the ADB Act, 1966 (Act No. 18 of 1966), which deals with "Conferment of status and certain immunities, exemptions and privileges on Bank and conferment of certain immunities, exemptions and privileges on its officers and employees" states that "Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the...

Tds

Hello sir/ma'am, I have a query and i am confident enough that you would clarify my doubt. The thing is i recently joined an institution where i had to teach a particular subject, for 3 hours a day. At the time of joining they told me that i would get paid 10,000 rs per subject. I taught the same subject in 3 of their branches so as per the agreement the total amount which had to receive is r...

Query on calculation of Indexed cost of property

How to calculate Indexed value of Flat in in 2016-17 in following case as the payments are made in different financial years having different Cost Inflation Index (CII). Whether the legal costs of purchase (registration fee, stamp duty etc) are also to be considered. indexed and if so, how to do that in case given below. 1) Purchased a Flat as first owner from Army Welfare Housing Organisation...

non pan transactions

Hi , I bought residential land in Bangalore on 2014 for 60 lakhs. the land was registered as joint property on me and my wife. As me and my spouse are working we got loan of 40 Lakhs from LIC Housing finance. At the time of registration the seller has paid TDS of 1% to the government. i did not disclose the property details in my IT Returns.As i thought the property details are to be discl...

relief u/s 89

sir, I Bhateri Devi a family pensioner received arrears in FY 2006-07 for past years.I have claimed relief u/s 89 and file ITR in AY 07-08.For AY 08-09,09-10,10-11,11-12 I have not file ITR bcs my income is below taxable income.In FY 11-12 I have received arrears for 05,06,07.I claimed relief u/s 89 but not submit form 10E.Again in FY 12-13 i have received arrears for 06,07,08,09,10,11,12.Aga...

Tax implications on selling of redeveloped property.

I have surrendered my old property in Dadar to builder for redevelopment in 2012. He didn't gave us alternate permanent accommodation for redevelopment period instead he paid us rent for almost more than 3 year on monthly basis. Now the redevelopment had been done and I have received new house in January 2016 along with occupation certificate after few months. I want to sell my new house for pu...

query related to IT notice

GoodDay, Kindly assist me with the notice received from IT dept. I am a seafarer sailing in foreign going ships. i started carrier from July 2012. Notice as follows. Non filing of income tax return reg. 1. The income tax department has received information on financial transactions/activities relating to you. A list of some of the information for the financial year 2013-2014 is ...

Tax notice due to wrong Pan card detail

I am a semi government teacher and for this financial year/(2016-17) applied for refund(My oral cancer detected in feb 16 and operated on mar 16 so applied refund due to deduction under 80DDB). I got a mail from income tax department yesterday that there was some due on previous years so my refund will adjust if i'll not reply within 30 days. When i check attachment then they calculated t...

Income tax notice for housing society regarding conveyance deed

During year 2009, our Housing Society got the ownership handed over by the Builder (promoter) via Sale Deed (Conveyance Deed), The housing society is a combination of 6 sub-societies, each one having their own Chairman and Secretary In the conveyance deed, it is mentioned that a certain sum of total amount is paid by all flat owners to the Promoter. The conveyance deed is signed by all the S...