Tax questions

Purchase of immovable property (SFT-012)

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...

TDS on resale of under construction property

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...

Calculation of the Cost of the New flats for the Land owners

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...

Form 26QB related payment in Installments or Lumpsum

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...

Carry Forward Loss

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...

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Legal Opinion Needed for Tax Strategy on Property Sale with Loan Discrepancy

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 ...

Questions surrounding house purchase

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...

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NRI Flat Owner May Sell in Dec. 2023 which received in Feb. 2023 by Redeveloped Property

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...

NRI Flat Owner May Sell in Dec. 2023 which received in Feb. 2023 by Redeveloped Property

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...

NRI Flat Owner May Sell in Dec. 2023 which received in Feb. 2023 by Redeveloped Property

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...

Penal interest by court on income tax authorities - taxable or not?

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...

Income Tax Refund On Orders of High Court along with penal interest and cost of case - Taxable?

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...

44ADA or 44AD or ITR-3 for Digital Marketing Services (Freelancing)

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...

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Is it legal to buy cryptocurrency in USA and sell in India?

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....