Prabh
13 December 2022 at 18:19
Dear sir
We have formed owners apartment association managed by the members ( Owners ). we collecting monthly maintenance and incurring expenditure to meet apartment expenses like security housekeeping and other maintenance works
apart from this we had Corpus fund which we converted into Fixed deposit and we are getting interest income.
every year when we are filling return I noticed we are paying income tax on interest income at the rate of 30% + surcharge
whether tax is applicable on apartment association or lower rate of tax or it should be treated like individual and should be entitled for basic exemption of Rs.2,50,000
Anonymous
28 October 2022 at 21:21
The Reserve Bank of India's guidelines in this regard are a bit confusing and have changed over the years. I need a definite answer if such a transaction is allowed or if RBI permission is required.
I am willing to pay for a detail answer with specific authority cited. There is no litigation or anything of that kind so I am not looking for any judgment but rather some authoritative explanation from the RBI. The following links provide conflicting information. The facts in my case are that both the OCI and the Indian citizen are residing in India which is not covered in the links below:
http://www.legalservicesindia.com/article/2562/Borrowing-And-Lending-Money-By-Residents-of-India-To-NRI.html
https://rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=11441
https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10191#C13
Anonymous
30 September 2022 at 09:34
Sir, I’m residing in Mumbai Suburban. I have a query wherein during redevelopment of a pvt society during Development Agreement with the developer, the developer pays stamp duty and gst for the society. What is the calculation/ rules for the same.
murali swayambu
15 August 2022 at 03:57
Earlier three partners promoted one firm and done business it is a registered firm. Every year compliance part is taken by 1 partner 2 financial by another 3 business by 1. Post three years business went on loss and partners moved out but now I came to know from email that income tax return not filed and other two partners are not reachable at my level. Now demand under section 147 is issued can I pay my portion of demand and can ask department to find other two partners or since they absconded whether I need to pay all dues. Since demand is 1.3 crores I can discharge by liability of 1 third.please advice
Dinesh Kandpal
30 July 2022 at 18:05
Hello sir,
Income tax department has raised queries on capital gains so need your suggestion.
1) They say allotment letter issued by the builder on their letter head doesn't have a seal so it cannot be recognised as valid allotment. The allotment was from April 2015 and property registered in May 2016 so they claim 2016-2017 ready reckoner as market rate for capital gain.
2) Source of Payment - As the funds are directly paid from Mothers account, so can we show the bank statement of the mother as payment proof? They don't consider receipt issued by the builder as evidence. Please guide.
Regards
Dinesh
gurinder singh
27 July 2022 at 14:34
e way bill expired due to a sudden storm on hills as vehicle had to take shelter for few hours for storm to pass. VAT officer intercepted and asking to deposit tax and penalty. I asked trader to pay tax and I will pay penalty as he will get his tax refund, adjusted subsequently. Trader is not agreeing. He says his CA has advised him that he will not get his tax amount back. This seems illogical to me as govt will logically not take tax twice on same goods. Am I right or the trader is right?
Read more at: https://www.lawyersclubindia.com/forum/penalty-under-vat-for-expired-e-way-bill-225228.asp
kishorchandra p mehta
14 July 2022 at 12:58
RESPECTED SIR,
I AM HAVING SAVING ACCOUNT IN MY NAME WHEREIN THE INTEREST OF MY WIFE IS BEING CREDITED. THE FIXED DEPOSITS STAND IN JOINT NAME WHEREIN FIRST NAME IS OF MY WIFE.
IN THIS REGARD, PLEASE LET ME KNOW, FOR FILING INCOME TAX RETURN, THE SAID INTEREST SHOULD BE TREATED AS MY INCOME.
KINDLY GUIDE IN THE MATTER.
THANKS.
K.P.MEHTA
Anonymous
07 July 2022 at 13:25
I am a member of a Co-operative Housing Society in West Bengal. I paid to the Society in instalments, the proportionate cost of land and cost of construction of the building during construction of the building. After completion of construction, the Society transferred the ownership of my apartment to me by a deed of conveyance. The stamp duty value of the apartment is the circle rate, which is higher than the construction cost paid by me to the Society.
My question is whether Income tax act section 56 (2) (X) (b) will be applicable for the transfer of ownership of the apartment by the Society to me?
Asim Das
30 June 2022 at 22:08
Sir,
A developer constructed multi storied building under joint development agreement . now this building contains various flat some having carpet area more than 60 sq mt some units less than 60 sq. mtr.
So while selling flats /residential units having carpet area less than 60 sq. mt. can he impose 1% GST and for those having more than 60 sq. mts. carpet area 5 % , the price limit being within the prescribe limit as per Gst law.
Please guide me.
Regards
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Taxation of share of immovable property
Immovable property received without consideration by the assessee, as per family settlement memorandum is taxable under section 56(2)(vii)(b)(i) of the Income Tax Act,1961
. Query.. Does the same Law applicable to WILL & Gift deed in respect to immovable property.