Anonymous
20 September 2018 at 18:43
Dear Members,
Assessee is an employee of Goverment of India Enterprise for last 37 years and still serving in the said sector, He is regularly filing his Return of Income by showing income under the head salary,
Annual Salary of Assessee Total Income (after deduction Under Chapter VI-A) as per Form 16 comes to the tune of Rs.7,98,270.
Assessee was in receipt of notice U/s.143(2) of the Income Tax Act, 1961 regarding cash deposit during demonetization period F.Y.2016-17 showing cash deposited during demonetization period Rs. 12,47,500.
You are requested to guide me that a Salaried Employee of Government of India can maintain cash on hand and can a Assessing Officer treat his cash on hand as Income From Undisclosed Source of Income
Ajay Agarwal
20 September 2018 at 08:01
My Query -
If a land owner (husband) transfer/gift this property to his wife (house wife) without any consideration . And his wife sell this property to anyone with consideration. Further wife gives this amount (sales consideration) as loan to husband and receives interest on it.
Questions - 1. sales consideration taxable in hands of wife or husband.
2. can wife give sales consideration amount to her husband as loan.
3. If yes, interest taxable in hands of wife or husband
4. If no, can wife give sales consideration to her husband as a gift.
5. can wife give this sales consideration to her son as a loan and receive interest on it. 6 then interest received from son taxable in hands of wife ir husband.
Thanks
Anonymous
12 September 2018 at 17:18
A well settled Hindu family of over 11 generations from West Bengal engages internally in an annual religious festival for 240+ years. Over the years, as the family grew, the finances passed down from previous generations got distributed and at present were derived from interest incomes on normal fixed deposit accounts distributed among several family members so as not to affect individual tax liabilities(A mutual agreement). Due to the complexities of present time and involvement of a lot of members, the arrangement has proved extremely unmanageable to maintain with the required integrity by the current generation leading to various disagreements and problems diluting the actual intentions.
A motion was proposed among the stake holders to liquidate the existing distributed arrangement and form a centralized arrangement for effectively managing and sourcing funds. The income of this setup will be through internal contributions/donations among the family members and interest income from that. What options are available for the stake holders to legally operate only for the said religious purpose and what tax liabilities will be imposed.
Surendra
04 September 2018 at 16:10
Query on GST:
What GST would be charged – CGST + SGST or IGST, in following scenarios:
1.
Person having immovable property – registered in Maharashtra, having place of business in Maharashtra.
Location of the immovable property – Karnataka
Person who has taken the property on rent – registered in Maharashtra, having place of business in Maharashtra.
2.
Person having immovable property – registered in Maharashtra, having place of business in Maharashtra.
Location of the immovable property – Karnataka
Person who has taken the property on rent – registered in Karnataka, having place of business in Karnataka.
Partha Chattopadhyay
04 September 2018 at 08:48
Sold an ancestral house at the market price with no loss no gains concept. Whether zeo Capital Gains under ITR2 is to be recorded?
shine
01 September 2018 at 10:40
SIR, WE ARE THE REGISTERED TRUST. WE ARE SUBMITTING THE INCOME TAX RETURN FOR THE FINANCIAL YEAR 2016- 17 , ASSESSMENT YEAR 2017-18, ON 31.10.2017, (ONE MONTH EXTENSION FOR SUBMIT), WE ARE GETTING A NOTICE FROM THE INCOME TAX OFFICE (ASSISTANT OFFICER) UNDER SECTION 143(2) FOR SCRUTINY(NOTICE DATE: 10.08.2018,WE RECEIVED ON 18/08/2018), OUR NATIVE PLACE IS KERALA, DUE TO THE RECENT HEAVY FLOOD, WE LOST ALL THE DOCUMENTS ON THAT, FOR THIS GRIEVANCE WE WROTE THE LETTER AND SEND IT THROUGH REGISTER POST TO THE ASSISTANT OFFICER INCOME TAX DEPARTMENT, NOW WHAT WE DO NOW? IS THIS NOTICE ELIGIBLE FOR US OR NOT, PLEASE PLEASE CLARIFY OUR QUERY THROUGH E-MAIL. THANK YOU
Anonymous
26 August 2018 at 14:18
Sir One of my client has TDS A.Y.-2018-19 and his Income is below 250000/-. can he file IT Return A.Y.-2018-19 after 31.08.2018 and claim refund ?
Anonymous
25 August 2018 at 18:33
R (aged 71) has a vacant plot measuring 2400 ft in West Chennai which was purchased in 1975.
N (79) his elder brother has a residential property of 2600 sft with built up area of about 1500 sft in East Chennai. It was purchased in 1974 and 50% of the property was settled in favour of his wife L in 2015. They want to demolish the house and construct apartment building there.
Now, if R executes a gift deed of his vacant plot to N and afterwards N sells it and reinvests the proceeds for construction of 4 flats in the premises jointly owned by N and L what will be the implications of Capital Gain Tax for N.
Whether N will get exemption of the construction cost of all the 4 flats or for one flat only?
Whether Settlement deed is preferable to Gift Deed?
What will be the obligations of R as donor under IT Act?
What are the other charges /expenses that may be involved?
Anonymous
20 August 2018 at 20:09
Buyer1 booked the flat in Aug 2016 for 58 lacs from builder in Bangalore (he has sale agreement b/n him and builder),
Now flat is ready for registration and buyer1 sold the flat to buyer2 (i.e. me) for 64 lacs (I have sale agreement b/n me and buyer1, I also have Nomination Agreement where buyer1 transferred all his rights of Flat to buyer2 (i.e me), all three parties signed)
1) Buyer1 paid 46 lacs to builder already.
Buyer1 had already paid TDS of Rs.51K (i.e. 1% of 51 lacs, No TDS for 7 lacs GST)
(In Form 26QB, He mentioned seller as Builder and buyer as Buyer1)
2) Buyer2 will pay 12 lacs to builder
3) Buyer2 will pay 52 lacs to buyer1
My question is,
1) Whether one more Form 26QB should be filled in name of Builder (As Seller) and Me (As Buyer) for the amount Rs.51K?
2) Whether another Form 26QB should be filled in name of Buyer1 (As Seller) and Me (As Buyer) for the amount Rs.64K?
3) Both of above should be done?
4) Or any other ways which accurately covers TDS for both sale considerations i.e. i) b/n buyer1 & builder and ii) b/n buyer1 and buyer2 (i.e.me)
Requesting you for support. Thanks.
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Sell of property redeveloped in 2017 -tenancy to ownership
Respected Sir
I have a resident property in mumbai , previously it was a trust property I were tenants and now the property is redeveloped and i have received Passion in year 2017. now if i have to sell the said home and buy new home , what is the waiting period to save tax on sold property
and buy other property against that amount.....