Anonymous
26 October 2019 at 16:26
R owns self- acquired vacant land of 2400 sft purchased 30 years back. Recently he executed a settlement deed in favour of his wife S and elder brother N for equal share without any consideration.
N owns an old house in another place and his wife & 2 sons are the legal heirs.
Now N due to his age and health he wants to his execute a settlement deed in favour of his younger son P for his share of the land property without any consideration.
Subsequently, if the land is sold jointly by S and P, and P invests his share of sale proceeds for a joint construction of a new apartment after demolishing the old house of his father (in which he is a joint legal heir) –
- What is the CGT implication for N in the current year?
- Will it be treated as Short Term or Long Term gain for P?
Himanshi
23 October 2019 at 19:35
Case law : ABC company has an amount of 2 crs in the name of mutual funds in its balance sheet . the company transferred this amount by cheque to xyz trust which is unregistered as a corpus donation .
Query is :
1. whether corpus donation of the trust be exempt or taxable in its hands. and if yes which head ?
2. reasons for the same .
3. Trust shall file its return in itr form no . ?
please reply as soon as possible .
J B Goel
20 October 2019 at 21:05
I am Indian and have got Green Card of USA (Permanent Residency) recently. During this FY I will be in India for 170 days and rest of the time i.e. 185 days in USA. In USA, I shall be working as a substitute teacher there (purely temporary and without any contract on $80 per day worked in different schools). My wife is also Indian and holder of USA Green Card and shall not be working in USA.. We will have to file tax return in USA and we do not have any Bank account so far in USA.
Please advise what will be status of me and my wife for the purpose of filing Income Tax return in India?
J B Goel
Anonymous
18 October 2019 at 16:33
I have doubt of how / what / what not to claim ITC for Works Contract.
We are a home and office renovation company who take over contracts which involve, construction, demolition, interior designing, plumbing, electrical, carpentry, furnishing, painting, packers and movers, etc.
We are not sure how much to charge GST for customers and what all things can we claim ITC for?
We buy stuff from lot of dealers and pay different GST rates for different items, and we do not want to disclose the purchase price to the customer.
Thank you in advance.
DIGVIJAY SINGH
17 October 2019 at 21:38
I was book a under construction flat in 20 jul 17. The construction is completed now they charge me gst @12% and for extra amenities gst@18%. Please guide me.
Anonymous
16 October 2019 at 16:40
I have some agricultural land inherited from my father after due partitioning between my brothers. It is situated with in 4km from a nearby town, which as of now is a Panchayat but is slated to be upgraded to a Municipality. Even today rain fed crops are grown in that land. I intend to sell this land because the returns from the land are not satisfactory and the price of land in that area is very high. I am not sure whether I need to pay capital gains tax on the sale proceeds or don’t need to pay because it is agricultural land inherited from parents( ancestral as well). I would appreciate a clarification from any learned Lawyer who can provide authentic (legally) information.
Thank you
KSS
supukha
03 October 2019 at 21:50
Hello Experts,
Our CHS has Repairs Funds and Sinking Funds accumulated of which FD is made.
CHS has charged us share of Income Tax to be paid on that Interest Earned. I wish to know whether the Member is liable to pay? The Interest earned is going to society so the CHS must bear the Income Tax is my opinion. Kindly advise.
In case Experts are view of that each member must bear the burden of Income Tax then as a member may I suggest to CHS to keep the funds in Current Account so no burden of Income Tax for each member.
Thank you
Regards
Sagar R Trivedi
01 October 2019 at 12:41
A B & C all are partners in construction firm ABC DEVELOPERS. land are in name of all partners. GST number & exp. credit was taken in FIrm's name(ABC DEVELOPERS). now problem is that, at the time of sale Office, in sale deed saller name will be all partner names Individually. the firms' name not come in any deed or agreement except partnership deed. what should be advice for GST & Income Tax related?
(1) should partners collect GST at the time of sale office??
(2) firm can pay gst credit on behalf of individuals??
Suman Sadhukhan
24 September 2019 at 23:13
My income came under income tax from the Assessment year 2013-2014.but while filing online income tax return by mistake I put the assessment year 2012-13, for which I had zero income and there was no TDS deposited, indeed. Thereafter i received notice from ITD to pay penanty for tax return mismatch but without having much knowledge i paid the amount. Now today on 2019 i how could I recoincile the issue.plz help.
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Power of authority
ntroduction:
We are FMCG manufacturing company having our corporate office in the State of Telangana and Manufacturing units in the State of Andhra Pradesh and we do sell our products in the South India,
Subject:
We have applied for Sale Tax refund and has complied all the requirements that are required under the Sales Tax Act. But the Authority appointed under the Sales Tax Act has disallowed our application on the ground that we have stored our product in the custom private bonded warehouse for which we have not obtained permission from customs authority though the custom private bonded ware house belongs to our company.
Query:
whether the Sales tax authority can simply disallow our refund applicable even after complying the requirements under sales tax act, only on the ground that we have stored the product without proper permission?