Tax questions

Error Code 311 - ITR 3 - AY 2018-19

I am a doctor having some salaried income and a bigger portion from professional practice. I also have a small income from overseas as a consultant. I therefore filed ITR 3 in AY 2018-19. As I do not maintain books of account, I opted for Presumptive Income from Profession (44ADA) and thus selected the No Accounts Case in ITR 3 (General Section). Under Part A - BS for Balance Sheet, I filled...

Non GST Registered, PAN India technical service provider / goods buyer-seller

I have started a small enterprise (like a freelancer) with 2/3 people to provide technical service and sales to the industries. My enterprise is Proprietary ship, get trade license from local Panchayet and a have company current bank account. I do provide service ( plan to sales) on all over India. I have contacts. I neither have GST registration nor applied yet. And as of now also not in...

C g taxon redevelopment project

I have the redeveloped flat in a co op society at kandivali.. Redevelopment project details is as under Date of paa agreement: 13/2/2013 date of possession: 31/1/201615 date of noc: noc not recd yet date og dev agreement : 13/04/2010 Detail of flat area:- old flat new flat total Carpet area sq ft [deleted] Area for s duty cal' n sq ft 1129.[deleted] (purchased) Area in sq m 104.[dele...

Quaery on Tax residency 2019-20

Hi, I need some details on what will be my residency status for tax for the current FY 2019-20. I have gone through several Indian tax related sites to have an idea on this but got confused after reading. Below are few information : i) Moved to USA in Mar-2017 month for employment on H1B visa. ii) Planning to return to India either during a) Aug 2019 or b) Oct 2019 My queries ar...

Gst

Checking the records for one of our client we came to know the GSTN is of Partnership firm and whereas the client is carrying on the business in the capacity of Proprietorship Firm. Brief Background is that that during the VAT regime the client was registered as Partnership firm. Due to death of one of the partner the partnership firm cease to exist. The other partner took over the business an...

Category of gst

Company is selling single units under row housing to customers Company will sign single agreement with the customer that company will first sell the plot to customer and get the registry done in the name of prospective customer and once the Registry will be done in the name of customer, the construction activities on the same registered plot will begin. Sequence of activities: Company will...

Notice Under Clause(i), Sub-Section (1) of Section 142 of the Income-Tax Act, 1961

In connection with assessment for assessment year 2017-18, you are required to prepare a true and correct return of your income in respect of which you are assessable under the Income-tax Act, 1961 (Act), during the previous year relevant to the assessment year, mentioned above. The said return of income should be in appropriate form as prescribed in Rule 12 of the Income Tax Rules, 1962 an...

US citizen tax liability in India

I am a US citizen. I have been living in India for some time now and have become a Resident Ordinarily Resident for tax purposes for the period April 1, 2018 to March 31, 2019. I am retired and do not have any income from Indian sources. My income is from (a) pension from Teachers Retirement System in USA, and (b) investments in USA. When I file my Income Tax return in India, do I have ...

Exemption in Sec. 54 F on amount incurred prior to sale of original asset.

(a)I have booked a flat in ₹40 lacs in Feb 2015. And agreement made in Feb 2016. (b)The date of completion of project as per my agreement was in Approx 30 months I.e, in August 2018, but the project is still ongoing and God knows when it will complete. (c) I have made a payment of ₹10 lacs in the year 2015 before agreement and 20 lacs from 2016 to 2017 from bank loan. (d) In between I sold a...

GONNA start an business so, i need an answer these for million dollar question

hello, i wanted to start an Dropshipping business under a company registered in India where i will Dropship only to tier 1 countries from other country. Here the goods wont come to or go from India. Pay is accepted from the customer will be via Paypal business account in my website with that amount i will take my profit and place order to the supplier in a website ( light in the box ) where ...

How to submit documents to IT department for returns filed

Respected Sir/s, I have submitted my IT return for FY 2017-2018 on 31st Dec 2018, this was late filing of tax, with penalty. I have shown Interest of Rs 2 Lakhs and Principal of Rs 74000 for the entire FY 2017-2018. The property was taken possession of in June 2017, though they had started giving possession in March 2017. I did not claim other category for property below 50 lakhs , since I ...

Cost of improvement tobe added in indexed cost of valuartion

I SOLD PROPERTY ON 08/05/2015. After keeping proceeds for stipulated period I am on my way to pay tax.While calculating taxable property,in indexed cost of valuar based price ,I added improvement cost ,viz.addition of stairs in [deleted]/,changes and additions in house at the time of shifting in house on retirement of husband from Govt, house to this house 200000/ in 1996-97, STRUCTURAL CHANGE ...

Joint venture agreement and income tax

1) plot no 01 bought on 22-12-03 for price of 2,22,230 (which includes all costs) - by owner no 1 2) plot no 02 bought on 6-8-04 for price of 2,22,000 (which includes all costs) - by owner no 2 on 27-12-13 both owner no 1 & owner no 2 came in joint venture agreement with builder. for 22.5% & 22.5% total of 45% amount/price from sale of flats/units. other than land nothing is done or p...

Tax refund for buying a car

In the month of Feb 2018 I brought new Maruthi Brezza car of worth 12lakh from one of the Maruthi Suzuki showroom in Bangalore. I had taken a car loan and paid the full amount then. While filing my income tax returns in April, under the TDS section I noticed that a tax of 10,000rs was paid from Maruthi Suzuki dealer , I didn't understand it then and went ahead and filled my tax returns. In i...

Sale of residential property

Sir. I want to sell my res prooerty purchased in 2002 in joint name of me and my wife. And in 2010 i transfer the same in my wife name as famiky gift. Now she is 100% holder. My question is since the sale proceed will go to her bank account. Whether the LTCG can be calculated with full indexing on 100% of purchase cost from 2002 to 2018. Or it will be splitted between me and my wife for the 50%...

NSE Investment under Parents Name - Tax implication and limits

Hello, I am an NRI hence I cannot purchase NSE or any Post office products, my wife stays along with me hence cannot purchase under her name as well. I would like to know if I can purchase NSE (National Savings Certificate) under my mothers and in-laws (Wife Parents). I understand that there is no limit on NSE certificates purchases so they can purchase. Please let me know if there is a cap...

Investment of capital gain of two properties in purchase of 50 % share of residential property

Sir The issue is whether exemption u/s 54 is applicable if one residential property is bought on sale of two properties ( Commercial & Residential ) and what precautions ( i.e drafting purchase deeds ) are to be taken at the time of registration I intend to sell residential property now and sold a commercial property one year ago as per following details {Commercial Property Sold in Sep 2...

Home Loan Repayment

Myself Rahul and my wife Pooja purchase total 4 numbers Residential flats through 4 nos Home Loans and Details are - 1- Purchased 1st 3 BHK 1235 Sq ft through 20 Lakh Home Loan from HDFC Ltd and Home Loan main applicant is Pooja and Co applicant is Rahul but Property is in name of Pooja Only. 2- Purchased 2nd 2 BHK 1220 Sq ft through 26.30 Lakh Home Loan from ICICI Bank Ltd and Home Loan ...

Direct purchase of sand from khadan

Dear sir my client purchase sand, stonechips direct from khadan , he does not get any gst bill from khadan, but when he sells this sand and stonechips to big construction project he charges gst and generate gst bill by adding 5% gst and regularly deposited the gst amount to the goverment as out put tax. as he dos not get any gst input tax from khadan he deposited only the output tax. my ques...

TDS on Purchase of flat from NRI

Dear Sirs / Madams, A flat purchased in December 2017—in Kolkata by my father aged about 80. He is retired and bought the flat from his savings. Sellers – the co-owners ‘Husband and wife ‘..who happen to live/work in Kuwait. Flat purchased value – 23 lakhs , full payment made in cheque, and registration done in December’17. During the negotiation and Registration we only knew that TD...