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.
RAJESH CHOPRA
20 August 2018 at 03:28
Sir
After the demise of my mother in law in 2012 my father in law took consent of his 3 daughters via relinquishment deed ( as father in law was the joint owner with my mother in law in the property bought in 1986) and constructed 4 floors in Nov 2013 with help of builder and gifted one floor each to his 3 daughter's keeping one floor with him.
My wife was also the beneficiary of one floor via gift deed dated 1st Oct 2014 . In May 2018 my wife sold her floor at a consideration due to financial requirements . Kindly advise if the proceeds are taxable as per law since the property was inherited.
If yes at what rate it will be taxed & is there way to save tax .
also while calculating tax will she get indexation benefit.
Thanks
Anonymous
11 August 2018 at 22:59
I filedmy IT return on 24/6/18 and same day I e verified it. My e verification was successful and was accepted on 27/6/18. I received my assessment order and refund by email on 3/8/18 .Order and refund date was 28/7/18.But on 7/8/18 I got mail saying that my ITR V is rejected , reason -Poor quality. I was surprised to receive the mail because my return is processed and refund is credited to my bank account. I enquired with my tax consultant ,he said ,he had also sent ITR V to Bangalore as general practice , Now that ITR V has been rejected on 23/7/18 and mail has been sent on 7/8/18 ,
Now since ITR V rejection mail is sent 4 days after ITR processed mail ,So now my ITR status is -" ITRV rejected", instead of "ITR processed" .. Now what should I do? Please advise
BRIGADIER RM SHARMA
31 July 2018 at 16:07
Dear Sir,
I & my wife own a residential house purchased in 2003 out of my income. Not inherited. Now we are selling it and buy another house with the sale proceeds plus loan. I understand that buyer will deduct TDS @ 1% and deposit against my PAN number. I will do the same for the house that I purchase. My questions are:-
1. Should this TDS be deposited in my and my wife's PAN account @ 50% each to avail of exemption available if sale proceeds are utilized to purchase another property?
2. Is there any special provision for senior citizens?
3. How should the sale proceeds of old property and purchase price of new one be treated in ITR?
Thanks and regards
Brigadier RM Sharma
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clubbing of income
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