gaurav
19 August 2014 at 10:59
unfortunately my father have passed away.
when he was alive he said that he had taken the on lease around 30 years back. he said that he was paying rs 200 rent per month to the landlord.
we still are paying the rent rs 200 per month rent now after his death and we have the receipt of rs 200 rent from the landlord THATS ALL I KNOW ABOUT OUR SHOP.
now we are in urgent need of money.we want to sell the shop at current market value but the landlord( "makaan mallik" in hindi) is asking for 50% of the sale proceed to tranfer the name to a new owner.
WE DONT KNOW WHY HE IS ASKING 50% , WE DONT HAVE ANY LEASE AGRREMENT WITH US EXCEPT THE RENT RECEIPT.
WHY IS HE ASKING 50% OF THE SALE PROCEEDS ??
WHAT IS THE LAGALITY ??
WHAT KIND OF AGREEMNT HAD MY FATHER ENTERED INTO ??
WHAT PROOF WILL BE SUFFICIENT TO DETERMINE OUR OWNERSHIP.
kindly help me out what should we do and what is the legal status
pooja dedhia
18 August 2014 at 20:38
My father has started the construction of 2 nd floor for warehousing purpose . His business covers under audit . He has delivered the all material of construction and make the payment directly to suppliers .he has paid also to proprietor who charges for the labour . my queries are that what are the liabilities of the my father as a service receiver ? is this cover under work contract? pl guide me . which section of vat and service tax and tds cover ?
MOHAMED FIROZ
17 August 2014 at 12:28
A three floor commercial property having eight shops is owned by me, my wife and my major son altogether for the past ten years, and the Property Tax receipt, EB receipt are all in our names together.
We have let out two shops together to four different persons for rent. After rental revision this month these three tenants will pay us as follows: Rs.22000, Rs.16000, Rs.18000 and Rs.35000 totaling to Rs. 91000 per month. All of them were earlier paying below Rs.12000 only. As head of the family the rental receipt and the rental agreement has so far been executed in my name.
All three of us are IT assessees and the rental income is divided by three and declared in our statements and there has been no concealment.
After the revision of rent the new annual rent income will be Rs.1092000. I understand that service tax will be applicable for rental income exceeding Rs. 1000000 per year.
AS regards IT computation, after standard deduction for maintenance @ 30% and deduction of property tax, our rental income will work out to Rs. 7400000 per annum or Rs. 247000 per person for the accounting year 2014-2015.We have no other source of income at all.
As regards this property what is the applicability of TDS, Service tax and Income tax? I am going to enter into new rental agreement with these tenants soon. Am I right in executing agreements and receipts on behalf of my family in my name? Please correct me if I am making mistakes and also advise me as to how to avoid these taxes.
YAGNESH HASMUKH DAVE
16 August 2014 at 13:54
I HAVE PURCHASED SHOP FROM BUILDERS FOR SALE CONSIDERATION OF 3,00,0000/- ON 10.04.2013 AND REGISTERED THE AGREEMENT.
THE VALUE AS PER STAMDUTY REGISTRAR AND MARKET VALUE IS RS 57,00,000/- WHETHER INCOME TAX ACT 43CA IS APPLICABLE TO THIS AGREEMENT OR NOT AND IF APPLICABLE THEN FROM WHICH DATE PL EXPLAIN
Raj
16 August 2014 at 11:48
Dear Professional, Please clarify the following case:
Basic excise duty credit can be utilized for payment of basic excise duty and education cess and secondary and higher education cess.
vinod raina
16 August 2014 at 11:48
We are in the business of manufacturing of industrial chemicals. Our company wants to open Depots all our India. We have manufacturing plant in Dadar and Nagar Haveli. My query is
(1) What are the Documentation requirement - Material movement from factory to the depot, documents to be maintained at depot and documentation for material movement from depot to customers.
Hira Kan
15 August 2014 at 16:55
I am not engaged in any business.
I am filling ITR - 2 since last five years.
Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.
I am regularly filling my wealth Tax return.
The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.
Now, the said investment will covered under 44AB (Tax audit).
Kindly confirm, whether any other provisions applicable due to said investment.
Please guide me.
sneh agarwal
13 August 2014 at 19:57
sir, my mother was the sole owner of our house. we sold the house about two and a half years ago. my mother did have a bank account at that time. my mother is illiterate and prints her thumb instead of putting signatures. also she is paralyzed and it is not that easy to take her to a government office/bank to put her thumb impression. so we asked the buyer of the house to transfer money directly into my account. he deposited cash (the entire cost of the house) directly into my account. no gift deed (a gift of cash from my mother to me) was executed. at that time i did not know anything about capital gains tax. two years later i came to know about capital gains tax from a friend. he told me that such a transfer of cash directly into my bank account without a gift deed was illegal.
was he right? if yes, how can i convert this transfer into a legal one. is it possible to execute a gift deed now two and a half years later?
i used three-fourths of the money to buy a flat( the flat is under construction right now). can i pay capital gains tax on behalf of my mother six months later (three years, since we sold the house, will be completed six months later)?
if i can pay capital gains tax will i be exempted from paying tax on the three-fourth amount that i used to buy a house within three years from selling our old house.
how can i convince the authorities that the money deposited in my account was actually obtained by selling the house owned by my mother?
Vyankatesh Tadgopul
12 August 2014 at 16:02
Dear Sir/ Madam,
One of my colleagues uncles land was acquired by the NHAI for Construction of National Highway.
The sale consideration has been paid by the authority with deduction of TDS @ 10%.
such person is not filled any return till the date. Date of Sale of land is current financial year i.e. after 01.04.14.
How to e-fill the IT return of such TDS deductee.
Please suggest for the minimization of Tax for refund.
Please reply as early as possible.
With Best Regards
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Taxation for one time alimoney and minor one time maintainence
Dear Sir/Madam
My divorce case is being settled by a way of one time payment for me of rs 20lakhs and my minor daughter Rs 10lakhs(4 yrs old and custody with me). My queries
1) is the amount Rs. 20lakhs taxable? If yes in which slab
2) the amt my minor daughter recieves, is it taxable? if yes tax returns to be filed by me as legal guardian?
3) The amount recieved by my daughter shall be put in bank fd with interest payout option. how will the tax be taken care of?