sanjeevkhandelwal
01 May 2015 at 20:53
Dear Members,
please tell us simple procedure for changing juridiction of ITO.Suppose one assesee filed his return in Hydrabad and his ITO juridiction are Hydrabad now he was settle in Mumbai, and filed his return mentioning Mumbai Address without changing his juridiction (Assesee filed e return )
( NOW HE WANT ANY FUTURE CORRESPONDANCE WITH MUMBAI ITO)
V.Srikantan
28 April 2015 at 22:07
Please clarify the following –
As per Indian Tax laws, does gifts received by me- Indian resident - from my cousin ( her mother and my mother are own sisters) attract gift tax at my end?. I was told that they will come under my lineal ascendants or descendants and hence gift tax is not payable. Will you please clarify?.
There is a difference of opinion on this issue – namely one tax consultant said NO gift tax is payable and the other one said tax is payable as cousin is not considered part of lineal ascendants or descendants . So I will be thankful for your esteemed view.
RAJEEV VARMA
14 April 2015 at 15:21
Clarification needed in respect of allotment of PAN in the name of executor of a registered WILL. Fact of the case:-
Mr. A executed a registered WILL giving all his assets to his four childrens.
In the registered WILL. He made Executor of the WILL to his brother till the date childrens attend majority as at the time of death as well as till date all the four childrens are minor.
And also the income arising out of the deceased estate and the tax is to be paid by the executor till the date younger son attains majority. In the system we are unable to file any provision for allotment of PAN in the name of executor or (Representative Assesses) Please clarify us.
Thanks & Regards
sureshkumargoyal
14 April 2015 at 11:38
A NRI now living in USA owning a plot of land in Kolkata and now he wants to sell the plot and I am the prospective buyer of the plot. Is any permission from any IT or RBI authorities required by him or by us before registration of the plot.
What will be our liabilities regarding purchase of the land from a NRI.
cs
10 April 2015 at 10:24
10-April-2015
Hello Experts,
I bought a new house in September 2011 against a bank loan in my name. I got the possession of the house in January 2012. All these years, I have been paying its EMI. An amount of Rs X still needs to be paid.
This year, my wife's father passed away, without leaving a will. My Mother-in-Law wants us to take an amount of Rs Y from the savings left behind by my Father-in-Law.
I and my wife have decided to take this amount Rs Y, not as an inheritance, but as a 2nd loan from my Mother-in-Law. After adding some of our own saving, we will use this 2nd loan (Rs Y) to repay and close our first loan (Rs X).
I will be making a promissory note, and making all transactions with cheques. We want to pay a monthly amount equal to our current EMI to my Mother-in-Law, to help with her monthly expenses for the next couple of years (till my wife's brother becomes independent).
Paying back the entire loan principal to my Mother-in-Law is not compulsory.
In this entire arrangement, our aim is to:
- Get rid of our house loan (I prefer paying taxes rather than pay expensive interests)
- To provide a steady monthly cash inflow to my Mother-in-Law.
If, in addition to these benefits, I can continue to claim house-loan interest for tax benefits, then we will treat this 2nd loan as an interest-bearing loan. If not, then we will treat it as an interest-free loan.
As per my limited understanding :
(a) A loan from family is tax-empted.
(b) If the loan taken from family is interest-bearing, then only the interest component (not the principal component) is exempted from tax, provided the loan is a house-loan(not a personal loan).
(c) Interest accrued/paid on the 2nd loan (from family) to repay the 1st loan (house loan from a financial institution) is allowed as a deduction.
With this background, please advise:
1. Is my understanding correct so far?
2. If I am allowed to claim interest paid on the loan taken from family, what should be the interest rate? What documents will be required?
3. I am aware that my Mother-in-Law will have to pay income tax for the interest received from me against the loan. Is there a way to legally avoid/minimize this?
Thank you in advance!
Regards,
CS
yagnesh dave
03 April 2015 at 20:06
I HAVE FILED MY RETURN OF INCOME TAX AY 2008-09 ON 29-09-2008 WHICH IS COMPLETED U/S 143(1) BY DEPT.NOW THE DEPT HAS ISSUED NOTICE U/S 148 DT 26/03/2015 WHICH IS RECIVED BY ME ON 29-03-2015 WHETHER THE SAID NOTICE IS VALID OR NOT PL EXPLAIN
sreedhar musipetla
05 January 2015 at 22:04
whether parking areas in a commercial complex constructed under development agreement from Agreement-cum-GPA is amenable for taxation (capital gains) or value of car parking area cannot be assessed for assessing capital gain for owner of property?
manishjohn
05 January 2015 at 14:59
My parental house is in Delhi on land measuring 180 sq yards which my father bought in 1976. Originally, it was in my father’s name and a General Power of Attorney was made in 1982 with valuation shown at 3 lacs. Later, in order to get the property registered, a sale deed was made in 2009 and my mother was shown as buyer. The sale deed showed that the property was sold to wife for 13 lacs in 2009 (as per prevailing circle rates). The property was thereafter registered in my mother’s name. No financial transaction took place, either cash or cheque as the sale deed was prepared just for the sake of getting the property registered as my father could not do it in his name because GPA was in his name, hence a sale was shown. During this time, he was a pensioner with no tax liability.
On the other hand, the registrar office sent the sale deed details to income tax department as it was bound to do so. We have now received a notice from IT Dept. in the last week of December 2014 wherein it has raised an issue that sale of property took place in 2009 and the tax return had not been filed for that particular year, indicating that my father had earned capital gain of 10 lacs from 1982 to 2009 by selling the property. A valuable advice is kindly requested as to how we should convince the IT Dept. that the sale deed was made just for the purpose of getting the property registered and no financial transaction took place. Stamp duty was duly paid at that time. My parents still live in the same property.
aadityaaggarwal
01 January 2015 at 12:15
Dear sir,
I am owner of a commercial pickup vehicle which i use to provide transportation services of letters,parcels of courier from point A to point B(300 km apart) to two major courier companies who have hired my vehicle on contract basis for movement of their load to different stations between point A and point B(i am only giving the courier load to the franchise in different towns not delivering them personally to the final customer). My question is regarding the determination of my tax liability.
NOTE : I am not running a goods transport agency(which deals with various clients and issues consignment note).
If both courier company pay me a total amount of Rs 1,30,000 per month to carry out transportation of load(letter,parcels and other courier material) and my expenses amount to Rs 1 lakh(including fuel expenses,driver salary,barrier toll tax etc) and my monthly income becomes Rs 30,000, than -
1. Am i liable to pay any service tax on my service provided to the courier company or should the courier company pay it(i read something about reverse service tax mechanism) as i am only a small service provider and they are a big company.
2. IF no service tax is payable by me, do i have to pay income tax to government on income of rs 30,000 per month.
If any detail or required information is missing kindly reply and ask for it. Help will be appreciated.
Thanking you
Aaditya aggarwal
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Tax
My Grandfather has a joint account with my father. The first name is of my grandfather and second name is of my father. Grandfather has made 2-3 Fixed Deposit(FDs) of Rs 2 lakhs. On FDs also names of both of them are written.
Now my grandfather has expired.
Just wanted to know the Tax liability of this amount on my father. Does he need to pay Income Tax on the entire amount ie. Rs 2 lakh + interest on the FDs ? Or only the Interest earned will be taxable.
Regards,
Abhishek Gupta