Hi i gave an advance amount of 10 lakhs in Nov 2013 and got allotment of the villa with villa number from the builder I paid another 30 lakhs in may 2014 and some installments every few months however the Agreement for sale and construction agreement was franked on 10 Mar 2015 . i got Possession of the villa in November 2018 and moved into the villa after the interior was done in may 2019., i s...
Hi , i am a partner in a firm
In which we have UNSECURED LOANs Taken from our family members , but last year my uncle died suddenly by heart failure , the firm had 26 laks rs as an unsecured loan taken from him , now I wanted to know that how can I repay that loan beacuse he is no more and can't accept and transfer money via his bank account ,
but as per his last will the loan on his na...
I am an E-commerce exporter having account with ICICI Bank and bank has given me a facility wherein I can login to my ICICI bank account and use Trade online software which shows all Pending Imports and exports submission. Trade online has started showing me List of CSBV shipments starting from 1st April 2023 ( see attached) Now, the Problem is that how do I Match the funds with Digital Firc's ...
Hi. I came from lndia to lreland in March 2021. My husband, a German pensioner resided since several years in lreland. He passed away in March 2023. During the course of marriage he transferred money to lndia as family maintenance and after his death l transferred 50% of his pension savings to my lcici bank resident account. Recently l opened my NRO and NRE account with lcici bank in lndia. Bit...
I booked an under-construction flat at the cost of approx 1 Crore in Nov 2021. I have allotment letter dated Nov 2021. As of today, the offer of possession has been made by the builder and now I have paid ALL the amount to builder i.e. 1Cr. Flat registration is not yet done and physical possession not taken YET.
Now, if I intend to sell the flat. Let's say I sell the flat for 1.50 Cr. My query...
Hello,
I receive foreign shares in the form of ESPP (half yearly once) and RSU(quarterly once) from my company.
1. The perquisite value shown in form 16 will be declared in the salary component.
2. The dividend received (after tax with-holding in USA) is shown under Other source of income.
3. Form 67 is submitted.
4. Schedule FSI is submitted as I have sold few shares (purchased from 20...
Hi,
I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my...
Querist
XYZ Developers, a registered partnership firm, doing real Estate Development having address in Thane (W) – 400601.
Facts -
1. The Querist is the owner of a big land parcel in Thane. The land is the business asset of the entity held as stock in trade.
2. The Querist would like to enter into a joint development agreement with a Developer to develop the said land.
3. The con...
I am a government Employee.
I wish to start a Business in my wife's name. For this I am taking a personal loan of Rs 18 lacs from bank on the pretext of hone renovation and other personal expenses which I wish to pass on to my wife's bank account as a gift amount to my wife.
That amount will then be transferred to the firm's account in the name of which my wife will do the Business after GS...
Hi Swarup here ! Kindly guide regarding our case of JDA capital gain.
Purchase -INR 2,00,000 ,in march 1997 .
2001 FMV - 3,20,000.
Registered JDA date : March 2015 , but due to some issues area share was revised and reduced . From 4500 sq feet to 3700 sq feet.
JDA revised ( amendment) date - Oct 2018.
Completion date: 31.03.2022.
Actual Possession received by builder - 25.08.2022.
To...
Hi,
I have an entertainment website that generates revenue from display ads.
Few points:
1. The business is not registered yet.
2. Income comes in dollars from a US-based company.
3. Revenue is less than 1 crore.
3. Need help regarding 44 AD and If GST registration is needed.
My doubt:
1. Can I file 44AD without registering the business which means directly from the PAN account wher...
I have the following query regarding sublet of property.
A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA.
1. While C is claiming HRA, whose PAN card needs to be furnished for ...
I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them.
"Dear Ta...
Hi,
I've received the below message
Attention xxxxx (PAN XXXXXxxxxxX)
Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...
Property Rental Income Vs TDS
Hi,
I am an Indian Non-Resident. I have only rental income and interest from my NRO Account.
(I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; &
(ii) Interest income from NRO account is between R...
Mother sold land bought in 1999 at a gain of 15,08,000 in 2022. The amount is placed in a capital gains account for exemption from capital gains.
Assumption: it can used only for construction in the next 3 years or buying house in next two years under 54F.
Intends to use it fully for construction from April 2023 till Dec 2023.
Now, mother is buying land for Rs. 13,50,000 consideration pric...
Sub :
Filling Schedule FA for AY 2022/ 23
facts in brief are as under
1 . my daughter got married and she went outside india to UK on 27/09/2021 .
2. her stay in India during previous year 2021/ 22 was less than 182 days
BUT
her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days .
3. she has a foreign bank account in UK.
4. when she went outside In...
I was an employee till July-22 and from Aug-22 have started Electrical Engineering Consultancy services firm with a sole proprietor. I am expecting my (as an individual) income to cross 20 Lakhs (April to July 4 Months salary and consultancy fees) for FY 22-23. As I understand GST is not mandatory if your turn-over is less than 20 Lakhs. Since, I do not anticipate turnover of my consultancy ser...
As per recent notification from GST, the hotels are required to charge 12% if the room rent is less than 1000 per day.
https://www.cnbctv18.com/economy/gst-council-meet-hotel-rooms-below-rs-1000-per-day-to-attract-12-percent-tax-13971862.htm
For Hostels & PGs for Students, and Working Professionals, we would like to clarify the following scenarios.
Our business - We take properties on ...
Hi there,
I am Raja, a NRI (USA Work visa holder) and I would like to know my income tax obligation in the below scenario
I am a cryptocurrency a.k.a virtual digital asset (Bitcoin, Ethereum and etc.,) trader in USA.
1) Buy the crypto currency (Bitcoin, Ethereum) in USA.
2) Send the digital currency to my Bitcoin wallet in India.
3) I sell the digital currency (Bitcoin) from my Bitcoin...